UK-based challenger bank Tide has teamed up with UK fintech DueDil to further improve its account opening experience. The partnership will reportedly see Tide using DueDil’s company intelligence platform, providing insights on over 50 million companies worldwide, to speed up mandatory Know Your Customer (KYC) checks, and provide a quicker and more seamless process for small businesses to open a Tide account.
“Tide is working to transform the SME banking market, using the latest technology to offer quick, smart and integrated services to small businesses. Traditionally, it can take weeks to open a business account, with some banks still holding face to face meetings to verify customers. Tide prides itself on allowing business owners to open an account in minutes, and is continually working to improve the onboarding experience.”
Tide will implement DueDil’s integrated solution to automate the customer onboarding journey by providing rich company information instantly through its API. Speaking about the collaboration, Justin Fitzpatrick, Co-Founder and CEO of DueDil, stated:
“Since their founding, Tide has put UK SMEs at the center of everything they do. Their journey to date is a testament that this message is resonating. By partnering with Tide at this important time for the market, we’re committed to showing that regulatory compliance and customer experience can go hand in hand. Now more than ever, SMEs need financial partners that understand their business and can provide them with flexible support.”
Laurence Krieger, Chief Operating & Product Officer at Tide, concluded:
“We are delighted to be entering a partnership with DueDil to improve our account opening process and offer an even better experience to our members.”
Tide has more than 150,000 members and also claims a new Tide account opening every 8 minutes. The company recently formed partnerships with Mambu and Mastercard