In today’s globalized world, where businesses span across borders, the efficiency of banking services can play a pivotal role in the ease of doing business. Recently, SeamFlex had the opportunity to experience two drastically different banking processes in two countries for the same objective: opening a business account. One process exemplified exceptional service, while the other exposed the challenges that outdated systems can impose on businesses. Here’s a tale of two account openings and the lessons we can learn about the power of exceptional service.
Country A: A Masterclass in Efficiency
Opening a business account in Country A was a seamless experience from start to finish. It began with a simple online booking for an appointment. During the virtual appointment, we provided the incorporation details, including the incorporation number. Within a minute, the bank confirmed the corporate search—a step that often takes days in many places.
We were then prompted to send the incorporation documents via a secure email, which was met with an immediate response. The efficiency didn’t stop there. Within just 25 minutes, we received the account details. By the 45-minute mark, mobile and internet banking had been fully enabled, making the account fully operational within a total of 50 minutes.
The experience left us in awe—not just of the speed but of the bank’s ability to make the process feel effortless. Every touchpoint was designed with the customer in mind, leveraging technology to streamline processes and eliminate bottlenecks.
Country B: A Lesson in Frustration
The process in Country B, however, was a stark contrast. It started with downloading account-opening forms and spending 45 minutes filling them out manually. This was followed by providing two corporate references—a task that in itself added layers of complexity.
Weeks went by without progress. It took three weeks to receive account details, and even then, the account wasn’t operational. The bank debited our account ₦8,640 for a corporate search that, two weeks later, still hadn’t been completed. Adding to the frustration was another debit of ₦50 for an “Account Opening Stamp.”
Nearly two months after initiating the process, the account remains non-operational. The time, energy, and cost invested stand in stark contrast to the swift, customer-centric process in Country A.
Key Takeaways: The Power of Exceptional Service
The disparity in these two experiences underscores the critical importance of exceptional service in banking and beyond. Here are some key takeaways:
Efficiency Builds Trust
Country A demonstrated that with the right systems, even complex processes like corporate searches can be handled in minutes. This instills trust in the bank’s ability to support businesses.
Customer-Centric Design Matters
By leveraging secure digital communication and streamlined workflows, Country A minimized customer effort. In contrast, Country B’s reliance on manual forms and lengthy procedures caused unnecessary delays.
Transparency and Communication
In Country B, the lack of updates and unclear charges added to the frustration. Transparency at every step is vital to maintaining customer confidence.
Technology as an Enabler
Country A’s approach shows how technology can transform banking, turning a potentially tedious task into a seamless experience. Digital tools, automation, and secure platforms aren’t just luxuries—they’re necessities in today’s fast-paced world.
The Bigger Picture
Exceptional service isn’t just about speed—it’s about understanding the customer’s needs and designing processes that deliver value with minimal friction. In a competitive global landscape, businesses will naturally gravitate towards service providers that empower them to focus on growth rather than bureaucracy. For banks, the lesson is clear: adopting a customer-first mindset and investing in technology isn’t just good for customers; it’s a competitive advantage. The gap between Country A and Country B’s processes highlights how far the banking industry still has to go in certain regions—and the opportunities that lie ahead for institutions willing to innovate.
Bringing it Home...
Opening a business account should not be a test of endurance. As businesses expand and look for trusted banking partners, exceptional service will increasingly become the deciding factor. Our experience in Country A serves as a benchmark for what’s possible when customer-centricity and technology converge. On the other hand, our ordeal in Country B is a reminder of the work that remains to be done in modernizing banking services across the globe. The question every financial institution should ask itself is: Are we enabling businesses to thrive, or are we standing in their way?
As we move towards a more interconnected world, the need for efficient and customer-focused banking solutions has never been greater. If you’re a decision-maker in the financial services industry, now is the time to reimagine your processes, invest in innovative technologies, and prioritize customer-centricity. The future of banking depends on it—and so does the success of the businesses you serve. Contact us today, let’s start a conversation about how we can shape a better banking experience for all.
