Recently while scrolling through my Facebook newsfeed I came across a post from the crypto financial service provider Bankera, indicating that they have launched their new business accounts especially suited for crypto service providers.
As an operator of Crypto Cashback Coin Ltd, which is a Limited Company registered in the UK I have decided to open an account with them. This was primarily motivated by the fact that I have struggled to open a business account for the crypto service with a number of other SME banks, which I won’t name on here.
While I have not yet received the confirmation if my application with Bankera has been successful, I wanted to focus on my experience with their remote client onbaording, especially Know Your Customer part.
Bankera Client Onbaording
Bankera website, their graphical design, branding and overall marketing team has always impressed me. Their website is sleek, modern, the illustrations are youthful, full of colour and easy to remember and identify with the brand. Stock imagery is not how I would describe the brand. By the way they also offer personal as well as business bank accounts.
I was disappointed that the blog post I came across on Facebook did not have a CTA (Call-to-Action) to open the crypto business bank account, or even the link, and it was hard to navigate from the blog sub website into the main website. But eventually once I found my way onto the homepage the CTA to sign up was there, after scrolling past a few infographics.
Click Open Account on the homepage lead you to the short sign up box. With typical questions;
- Company Name
- Representative Name
- Representative Surname
- Email Address
Last click to Sign Up – leads you to Check Your Inbox confirmation page:
This is where the client onboarding either makes or breaks financial services, because a user friendly experience can make it a streamlined process and increase with user acquisition. However, a badly designed registration and verification process could lead to drop off and your marketing budget as well as cost per user acquired go through the roof.
Bankera has chosen to use AutoKYC for verifying not only individuals for personal accounts but also businesses for their due-diligence process. As I clicked within the email to OPEN ACCOUNT, I was lead into kyc.autokyc.com website. It did well to notice that my laptop’s camera was of low resolution and requested my sign in via another device, aka a smart phone using a QR code, this was a streamline and good user experience. As most smart phones have a QR code, and the cameras on them are much easier to operate than a clunky laptop. Furthermore, I have also noticed that AutoKYC is predominantly run off unique URLs provided to different users onboarding.
The part where I had to take the picture of my passport’s front cover and inside page was already hard, as the screen where it had to fit was not mobile optimised and neither was the button to click ‘take the screenshot. I had to place the passport within the frame and then with another hand scroll down while holding the phone steady to click on the button to the screenshot.
The third part which involved me taking a selfie while holding the passport was really backwards, or I missed some button during the client onboarding. Because I had to do that without being able to revolved my screen, this means I had to ask my girlfriend to take a picture of me holding the passport, because there was no actual selfie function available. During the first take my girlfriend again did not find the ‘take a selfie’ button immediately and only realised that the button was below the frame and had to scroll slightly. The picture looked awful, but they are not always perfect and hopefully Bankera won’t judge if to open the account on picture alone.
Know Your Business
The last part was numerous, numerous questions, I had to type my legal name, which until even now I was not sure if they asked me for my company’s legal name or my own legal name on the passport.
Second, there was no Limited Company, aka Ltd, there was LLC but that is a United Stated version for a limited company. There was also a Limited Partnership, but Crypto Cashback Coin is not a limited partnership. I did choose other, there I added Ltd, below it it asked for registered number, which I presumed it’s the company’s number but yet again this could be different things in different countries.
I had to add my address minimum twice, I presume once for my company and once for my own personal address, as that of Managing Director. I was also asked if registered and trading addresses where different, which they are not, but this could of meant I had to add potentially up to four different addresses.
I did again got lost on the type of business question options, that is Crypto Cashback Coin, eventually I added it under ‘other’ as an Online Shopping Club.
Potential Explanation for this
While Bankera has its banking licence in Lithuania for e-money and payments, it also has separate registered company in Malta as Era Finance Ltd, hence Limited Company or Ltd, which is a similar company registration structure to the one in Britain. However, as anyone who has followed Bankera more closely it has also acquire a Pacific Private Bank Limited in British Virgin Island, which could explain why their focus is more Caribbean, US company registration structure focused rather than European or British. This is purely just a speculation, and it could be that they have chosen a US focused AutoKYC company.
I did eventually managed to complete their client onboarding process, just in time for my slightly late supper. Out of 10, I would give the client onbaording experience a five at best, the selfie taking process was terrible. If I did not have a second person with me, there was no way I could of manager to get my selfie picture taken.