When the co-founder and CEO of DocFox, Ryan Canin, set out to build a software development company specializing in financial services, he couldn’t have known that years later that company would become DocFox. But, as that company grew, they found opportunities to build custom software for some of the world’s largest banks and were exposed to how they work, saw what challenges they face, and learned what technology could best solve those challenges. It was during that time Ryan first stumbled upon the challenges related to opening commercial accounts.
While every bank has unique problems, it was clear that the problems related to commercial account opening were completely different from the retail banking world. He knew that if they could solve for the most complex of commercial account opening use cases, then they could open accounts for any type of business. Six months later, with just a prototype in hand, the development company shut down to focus exclusively on DocFox.
Since incorporating in the United States in 2016, DocFox now counts over 50 financial institutions in the U.S. as customers, with a continued focus on commercial banking. Both banks and business customers alike rely on DocFox’s software to help them solve the challenges of commercial account opening and get to business banking quickly.
But why commercial banking?
Going back to the founding of the company, DocFox recognized that commercial accounts are different. Unlike individuals, who often have very similar account opening needs, every business is unique with different shareholding, product needs, number of signers, and operational requirements.
So when a business is picking a bank as a partner, it’s a big decision. These choices are largely relationship-driven, and require bankers to be out in their communities with a high level of personal touch. At the same time, opening a commercial account requires a lot of back-office work, with a multitude of forms, documents, and information that all need to be entered into a variety of different systems.
So how do banks juggle this balance, between maintaining close, up-front relationships with their business clients while also providing a smooth back-end process? For too many bankers, they end up as shock absorbers between their clients and operations team. While trying to create the best client experience they can, they spend much of their time manually verifying and inputting information into systems they may not fully understand, while customers spend their time and energy completing painful PDFs and emailing documents back and forth in communication with the bank, often waiting days and weeks for gaining access to their new accounts.
DocFox As A Solution
From a banker’s perspective, DocFox offers a single place for requesting and viewing all the information necessary to open and manage a commercial account. No more fillable PDFs, and no more emails back and forth in a shared drive. With DocFox, bankers can look at all of the data and information available, see what’s missing, and request it right from the app.
And for the clients, DocFox offers a modern, branded experience that can be accessed over a laptop or mobile device, with no need to go into the branch or send a fax (yes, some banks still rely on faxing).
Once clients have uploaded their documents and entered their information, DocFox automatically and intelligently analyzes and verifies the information. Our systems provide immediate feedback if there are any issues with the uploaded documents, and can look for and alert both bankers and clients to concerns such as expiration dates, information not in view, or incorrect dates. No more waiting on someone to look at your email and get back to you — clients can address these issues immediately and gain access to their accounts faster.
Faster, you say? With DocFox, it’s not unusual for clients to complete their applications in a matter of minutes. Accounts that used to take weeks to open now take days, and days can be cut into hours. Not only does it save the bankers time, it saves customers the time and frustration of waiting for the accounts they need to do business to open.
When it comes to commercial account opening, everyone wants one thing: to get to business. With DocFox’s commercial banking software, businesses can access their accounts quickly and easily, and bankers can build their relationships on a solid foundation of a seamless and smooth account opening experience.
If you’d like to speak with someone about adding DocFox’s software to your commercial bank’s offerings, please reach out to our team today!
CEO & Co-Founder at DocFox