Neobanking Experience for SMBs & Entrepreneurs

On this edition of the podcast, we’re joined by the co-founder and CEO of Xpence; Saad Ansari.  Xpence itself is a neobank that caters to SMBs and freelancers, in order to streamline the process of banking for business. We delve into the fintech space as a whole, what it feels like to work around myriad regulations, and how Xpence began its life as a consumer neobank, before shifting gears to cater to enterprise!To broaden your understanding of the fintech space, and learn more about Saad’s journey, tune in now to listen to part 1! Neobanking is a kind of bank that is completely digital, there are no branches and it is completely managed by a digital interface. The Neobanking industry as of 2020 was valued at around $34 billion dollars and it is expected to grow at a rate of about 48% CAGR going forward. So this is a huge industry and I think it’s a very interesting domain to kind of be in. The most important piece of designing the UX for Xpence was onboarding. And the funny thing is that a customer will only go through it once. But onboarding is capturing information and its primary use is to assess the risk of a customer before you allow them into the platform. That's why we're asking for so much information. And each piece of information gets risk assessed. So you know, how old your company is, where it's registered, what your nationality is, these are all things that we are constantly assessing about a customer to determine what risks they pose on what risks they can possibly pose. So it is that in its own right, that onboarding is a huge, huge module of what we are doing.