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Are you unhappy with the level of customer service you're getting from your bank? Probably.
What are Challenger Banks?
The good news is that challenger banks are coming. Xinja, Judo Capital, 86400 are just examples of a new group called challenger banks. Obviously, because they're challenging the current solutions.
These businesses are very lean, they're led by tech and they've got a focus on customer service. These businesses are different to FinTech lenders like Moolah, Banjo Loans, or Prosper. The key difference is these guys are gonna have a full banking license, meaning they'll be able to offer you debit cards, credit cards and transactional banking as well as business lending.
If you're unhappy with your bank, here are two great tips.
When is the best time to change banks?
When's the best time to change banks? We all know it can be a massive pain. Lots of form filling, lots of time and lots of interviews so that a bank can understand that you understand your business.
Our tip? Start now. It's never too late to try to find a better deal. And, when these challenger banks come back in six to 12 months, you're gonna want to be ready so you can jump on any promotional offers that might be available.
Get a relationship with your bank
Our second tip about choosing a bank encourages you to look beyond fees and interest rates. A banking relationship can be a big part of fuelling your business growth and having the right products to match the uniqueness of your business, can be the difference between you taking advantage of your next opportunity or not just by being able to access capital.
Accessing capital is one of the biggest differences between big businesses and small businesses, so make sure you've got accurate records, accurate plans, so that when you go to the bank, you're ready. Check out our guide on how to get banking finance.