DocFox: Automated Business Account Opening for Financial Institutions

Ryan Canin


“With DocFox, banks, credit unions, and fintech of any size can empower business account opening to be easy, frictionless, and compliant, regardless of complexity.”

Vendors have overcome the difficulty of customer account opening during the previous decade. Many options allow a business to set up a consumer account in minutes. Individual Identity and Verification (ID & V) systems, which underpin these consumer account creation methods, have matured to the point that they are being commoditized. On the other hand, opening accounts for enterprises and other complicated organizations like trusts, not-for-profits, MSBs, or foreign people, on the other hand, still necessitates manual processes and lengthy account opening times. Business account applicants and financial institution workers receive previously manual activities, resulting in a more efficient onboarding experience for banks. While huge corporations may afford multimillion-dollar specialized solutions, the majority of businesses lack these resources. DocFox fills the gap by providing best-in-class workflow automation for any institution, spanning the account opening process from the first encounter to account creation.

A cloud-based SaaS platform, DocFox combines a customer-facing application with a back-end interface for banking and BSA/compliance officials. With over 250 financial institutions, including banks, cryptocurrency firms, fintech, and credit unions, using it, DocFox is the world's top provider of business account opening software. Business account applicants and employees can now automate previously laborious activities for both business and personal accounts, resulting in a more efficient onboarding experience for financial institutions. "Best-in-class account opening experiences have historically been limited to consumer accounts only," explains DocFox CEO Ryan Canin. "With DocFox, banks, credit unions, and fintech of any size can empower business account opening to be easy, frictionless, and compliant, regardless of complexity."

Banking companies may be difficult and intimidating, and they come with extra BSA regulations that may increase prices unnecessarily. But because members frequently own small businesses, they should be able to provide these services. DocFox addresses this issue with a software platform that reduces expenses and streamlines compliance procedures, allowing members to prioritize purchases at lower prices. The DocFox BSA solution is a white-labeled platform that can be customized to match a company's logo, ensuring that the members get individualized care throughout the application review process. Their web tool is simple to use since papers may be submitted by photographing them with a smartphone camera, and a response is sent in seconds. Faster account openings, happier members, and BSA compliance are all made possible by automating document collection, minimizing document chasing, and delivering rapid verification.

Recently, InBank chose DocFox to streamline account onboarding for its corporate clients. InBank offers a comprehensive spectrum of commercial, corporate, and personal banking options throughout the Colorado Front Range, southern Colorado, and northern New Mexico areas, with a focus on personalized service, technology, and local decision-making. InBank is managed by a devoted and experienced team of banking experts and executives, all of whom are well-versed in the complexities of business and recognize the importance of their economic influence. DocFox was chosen because of its ability to establish streamlined, simpler procedures for every sort of business the bank experiences, no matter how complicated. InBank's banking and operations teams appreciated the ability to automate document analysis and the powerful integration capacity to further simplify and streamline procedures. "Providing best-in-class service is critical to growing and establishing your bank as an innovative force," explains Canin. "With the automated, streamlined business account opening workflows in DocFox, InBank can continue to lead the business banking market in delivering on its promise, no matter how complex the account."

The complexity of company accounts – from offshore trusts to beneficial owners to massive multinational corporations – necessitates adaptation and flexibility in the onboarding and review procedures. Due to automation, white-labeled processes in DocFox are set to the organization's standards, enabling for speedy examination of any client information for any complicated entity. Banking MSBs and other high-risk accounts can bring with them a lot of complexity, danger, and administrative effort. DocFox offers modules for cryptocurrencies, online marketplaces, fintech, crowdfunding, online gaming, and any other cash-intensive enterprise. DocFox may be completely customized to enforce the regulations in place. The company's objective has always been simple: to make it easier for financial institutions of all kinds to enroll business clients.

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