Ask HN: Founders (and CFO's) – what do you wish your bank did better?

11 points by krel 6 years ago | 11 comments

What are your main issues dealing with your company bank, and what do you wish they did better?

To give some context: We're now trying to set up a company bank account and it's a terrible experience. As a user, you feel ignored in a way that reminds me of how most enterprise software companies acted 10+ years ago.

I want to know if this is an outlier or the tip of the iceberg and the experience just gets worse from here.

(Please state if you're located in Europe. Thanks!)

BjoernKW 6 years ago |

I'm located in Europe. I wrote about this here in the wider context of accounting: https://bjoernkw.com/2016/04/03/accounting-in-2016/

Not much has changed since then. I still can't have my accounting software automatically import bank statements from my business account. I need to manually log in to the online banking app, download a CSV export file, convert that to an MT940 file (using https://github.com/msc01/soacsv2mt940 ) and finally import that into my accounting software.

So, my main issue is with APIs and data availability - or rather lack thereof.

twunde 6 years ago | |

This seems to be true in the US as well. Getting exports is a pain, in fact I think during our first finance audit, we had trouble getting monthly exports past a certain date. I know for a fact that our current bank doesn't work with our expensing software, so that has to be done manually

BjoernKW 6 years ago | | |

> we had trouble getting monthly exports past a certain date

Same here. Quite frankly, I think this is outrageous. Every ordinary company has to keep accounting records for a certain number of years (10 years in Germany, where I'm located). Banks, however, apparently get away with what essentially amounts to throwing away records after 6 months or so.

zhte415 6 years ago | |

Given you're in Europe, are you seeing any change from PSD2? New service providers offering the service you outline?

PSD2 background: https://www.finextra.com/blogposting/12668/psd2---what-chang...

BjoernKW 6 years ago | | |

The main difference customers are seeing due to PSD2 is revised 2FA for online banking apps, which for the most part is good because the new measures arguably are more secure.

However, in terms of data access they create another obstacle because while previously you could at least do screen scraping for automatically retrieving data that option is no longer available either because a human being has to interact with the bank-issued 2FA device / mobile app.

The bank I use actually provides an API now: https://developer.commerzbank.com/en

I'll have to delve further into the documentation to see if it suits my needs.

Thanks for pointing that out. Maybe, there's hope yet after all :-)

TaylorGood 6 years ago |

So what I take from your post and comment is that the issue is based on your needs and the bank you chose. Where is the disconnect between both sides?

In the state of California I've setup a few business checking accounts, all through Chase. Primarily LLC's and or Corps. Zero issues simply by bringing required items listed on their website. On average ~30 minutes to setup checking account - and I have checks in hand with a debit card being sent.

herendin2 6 years ago |

Suggest could you start the conversation by saying more about your own experiences and requirements?

krel 6 years ago | |

Sure, I didn't want to make the whole topic around my narrow use case but good idea.

Right now, I'm still unable to open an account in the bank I choose. So my current needs are just to be able to open an account within ~48h or so. My application was flagged for reasons still unknown and its now almost 4 weeks since I applied.

Once set up, my current requirements are pretty basic — I need an account where I can put funds from VC/angel, ideally split up in a checking and savings account, with the possibility of creating additional accounts for specific needs. Making payments should be easy and relatively cheap.

Down the road, I'd love if the bank could give me a clear overview of runway and projections, integrations with accounting software, etc. And be able to easily pull from the bank all the data they have on my company.

And the bank should scale with my needs — I rather not sign up for a "freelancer" neobank and be forced to switch as soon as my needs go beyond that.