Local entrepreneur and former owner of Deer Park Diesel, Jacob Schuler is setting up a small independent bank, or what’s known as a challenger bank. Alpha Business Bank is designed to serve the small businesses that are often overlooked by the larger banks.
Jacob Schuler is a business owner, and has personally experienced the issues that hinder many entrepreneurs on a regular basis. Many traditional banks and credit unions currently offer some form of online banking, but it may be limited, and for many of your needs you still have to walk into a branch. A further inconvenience is that business hours and banking hours are often the same and make the bank difficult to access. “We got frustrated with the current options for small business banking and we think you are too,” the founders state, then promise to help you understand and take control of your finances. Having a 24/7 connection to your money, accounts, and banking services can be vital to productivity, especially for a business owner who may have only a handful of people doing all of the day to day business. Thus he is founding Alpha Business Bank.
“And we are fanatical about online security,” the founders say about themselves in their crowdfunding video.
Alpha Business Bank plans to make a big splash with a cutting-edge mobile-first approach that will allow you to do all of your banking from your computer or mobile device. This might seem frightening to some, as we frequently hear about online security breaches; however, Alpha assures consumers that they are a tech company first and security is paramount. As to your physical money, it is kept in an actual bank vault with the same FDIC insurance provided.
Why A Challenger Bank?
Modern technology has changed the face of business; however, banks have been slow to take that technological leap into the future. “Your grandpa’s bank is a dinosaur,” the founders say in their video, “and not even one of the cool ones.”
Small independent banks or challenger banks are specifically designed to serve small businesses. These smaller institutions still rise to be a powerful tool in the small business arsenal.
Alpha’s goal is to not sell products or charge fees for things that are not needed, alternatively, their only goal is to serve you, the business owner.
How To Be A Part Of The Project
The founders have started a crowdfunding campaign to raise the startup needed. The money will be used for many of the expenses that all new startups require, such as hiring new employees, along with developing and testing their software.
There is an extensive Frequently Asked Questions (FAQ) section on their Indigogo page. Visit https://www.indiegogo.com/projects/business-banking-simplified#/ to see the campaign, video, and information about Alpha Business Bank.