Oxygen Implements Automated, Compliant Business Account Opening with DocFox
Digital banking platform streamlines and simplifies onboarding for business customers.
SAN FRANCISCO, Calif., Jan. 25, 2022 – Oxygen, the modern financial platform designed for the 21st century, today announced it has implemented DocFox to automate and streamline account opening for its business customers.
Oxygen provides seamless digital banking experiences for both individuals and businesses. As the company grows, manual processes like business account opening become increasingly challenging, as they do not naturally scale. Unlike consumer accounts, the regulatory and compliance requirements associated with more complex accounts make it more difficult to provide a low-friction experience for new customers. Seeking to provide great journeys without sacrificing compliance or increasing costs, Oxygen turned to DocFox.
DocFox provides workflow automation for business account opening. By interfacing with existing systems at Oxygen via API integration, DocFox provides advanced document analysis combined with exception handling. This facilitates scalable, compliant onboarding journeys for even the most complex business accounts Oxygen encounters.
“Oxygen is powering a new wave of small businesses that will be the growth engine of the 21st century economy. We cater to a specific small business –creators and solopreneurs – who have seen torrid growth since the onset of the pandemic. We needed a business banking solution to keep pace with our own hyper growth.” says Hussein Ahmed, Oxygen CEO. “We chose DocFox because of its ability to validate documents quickly and compliantly, and for the personalized journeys we could build to deliver the most forward-thinking experience for our business customers.”
“Growing your FinTech business isn’t possible without being able to scale both onboarding and compliance in tandem,” explains DocFox CEO Ryan Canin. “With the customized workflows and powerful integrations DocFox delivers, Oxygen can deliver on providing best-in-class onboarding for any business customer, regardless of complexity.”
DocFox is the leading provider of digitized business account onboarding software. Used by over 200 financial institutions worldwide including banks, credit unions, and FinTechs, its application uses intelligent automation and highly-customized workflows to empower institutions of any size to effortlessly onboard business accounts. DocFox has offices in Boston and Miami, USA and Johannesburg, South Africa.
For more information about DocFox and to request a live demo, click here.
Oxygen is a modern financial platform designed for the 21st century economy – providing digital natives, creators and entrepreneurs pushing everyday boundaries a banking partner that understands how they live and work by offering a seamless user experience for both personal and business accounts in a single application. Available on iOS and Android, Oxygen users enjoy early direct deposit, simple transfers, cashback rewards and robust savings options in addition to everyday retail and travel benefits. Businesses can start and scale their operations with simple, integrated solutions like nationwide LLC incorporation and custom invoicing. Reject ordinary. Banking for the Extraordinary.
nCino acquired DocFox in March 2024. Learn more about our capabilities in the commercial onboarding and account opening space here.
Committed to continuously improving technology and customer experience, Customers Bank is partnering with DocFox for a faster, easier, and more secure business account opening process.
VeraBank, a community bank headquartered in Henderson, TX, partnered with nCino to modernize lending processes and streamline employee and customer experiences.
The Bank has taken a full-platform approach as it continues to focus efforts on partnering with technology vendors like nCino to bring quality of service to customers and employees, while having a mindset aimed at growth and stability for the future.
Since 1930, VeraBank has grown to over 500 employees and 40 locations. VeraBank’s mission aims to grow the Bank and to serve as deeply as they can the communities in which they do business. “We want to continue to be known for quality of service and innovation,” says Brad Tidwell, President and CEO at VeraBank. To support this mission and vision, the Bank partnered with nCino to in Spring of 2021 to overhaul lending processes and streamline the employee and customer experience.
By leveraging nCino’s state-of-the-art technology to transform its services, Santander UK has been named the winner of the Celent Model Bank Award for Commercial Lending. The Bank’s initial implementation of the nCino Bank Operating System is just the start of its roadmap with nCino, and it plans to continue to grow the partnership in the future.
We are thrilled to announce that Santander UK has been named the winner of the Celent Model Bank Award for Commercial Lending. This award comes after the bank underwent a digital transformation by utilizing the nCino Bank Operating System and other enabling tools. In partnership with nCino and other technology companies, the bank was able to replace 13 disparate systems and over 60 end-user computing systems with a cloud-based ecosystem.
“The Model Bank Awards recognize how banks are using technology to change the face of banking," says Patricia Hine, CTP and Head of Corporate Banking at Celent. She says:
In recent years, German banks have been facing several challenges, including changing customer demands, regulatory changes, and changing socio-economic trends. As a result, the German banking sector is undergoing a period of rapid transformation, and banks are having to adapt in order to remain competitive and profitable in the future.
The banks that are best equipped to emerge and succeed in an uncertain future are those who are embracing an innovation mind set and embedding flexibility and a positive attitude toward change into their organizational fabric. One bank leading the way is Hamburg Commercial Bank (HCOB).
With representation across Germany’s metropolitan regions and in select markets in Europe, HCOB is a Hamburg-based commercial bank and specialty financier, serving commercial clients and financing projects in the real estate and shipping sector, as well as in the renewable energy and infrastructure industry.
Recently, HCOB became the first lender in Germany to implement nCino’s cloud-based platform. Since going live with the technology, HCOB has able to:
Credit union chooses fintech to streamline account opening for complex commercial businesses
