Streamlining Business Banking Onboarding
By Ryan Canin, Co-founder + CEO, DocFox
Thanks to DocFox for contributing to the ICBA ThinkTECH Accelerator’s Founder Feature series! DocFox is a workflow automation tool for digital or in-branch business account opening and handles the business application, intelligent document analysis, and BSA review for complex entities and related parties. To meet DocFox and the other fintechs in the 2022 ICBA ThinkTECH Accelerator, powered by The Venture Center, click here. For questions, please email email@example.com.
The Venture Center: Where did the idea for DocFox originate?
Ryan Canin: When we came up with the idea for DocFox, we had a software consultancy working in banking, building solutions for some of the world’s largest financial institutions. For one of our clients, we noticed a lot of pain around manual due diligence work for business and corporate accounts.
Our team knew there must be a way to automate this, so we began to focus on streamlining business banking onboarding. We wanted to empower financial institutions of any size, not just large banks, to punch above their weight when it came to banking businesses and complex entities.
What problem does DocFox solve?
DocFox solves the challenges financial institutions encounter in the account opening and onboarding processes for businesses. Complex entities like businesses expose bankers to time-consuming, manual work, especially during onboarding. With DocFox, banks can quickly and easily onboard even the most complex entities without admin-intensive, costly work, allowing bankers to focus on providing excellent service and building relationships instead of chasing documents.
What is your philosophical approach to trying to find a work/life balance?
There are two parts to my thoughts on work-life balance:
1.Spend time on what you’re passionate about
2. Only work with people you enjoy and respect
With this in mind, work doesn’t seem like much of a threat to the balance of my life. I try to bring the things I love about my personal life to work and vice versa. So for me, it’s not really about strict boundaries defining the two, as they’re both part of my entire lived experience. And for me, work is a big part of my life!
At DocFox, one of our core company values is to “be real and have fun.” It’s really about being the same person at the office as you are home, and always living your authentic life. When you can have real, authentic relationships all day at home and at work, it makes for a rich life.
What’s the best book you have ever read, and why?
One of my favorite books is Surely You’re Joking, Mr. Feynman!, a collection of stories about Richard Feynman’s life. In reading, I learned how rich the physicist’s life truly was in so many ways. Despite having, by all accounts, one of the most intense professional experiences in physics, he took the time to deeply get to know everyone around him, never stopped learning, and did not take himself too seriously. Fun in the form of music, pranks, and humor all had a place in his life.
What did you decide to apply for the ICBA ThinkTECH Accelerator, and what do you hope to gain from it?
We first became aware of the ICBA ThinkTECH Accelerator at a Finovate event and thought we’d be a great fit considering our focus on community banking. After researching and applying to the accelerator, we were beyond thrilled to be accepted.
DocFox was built through deep product discovery with both clients and prospects. We love the idea of further testing our new innovations with such a fintech-forward group of banks. This is why we’re so excited to have been given this opportunity.
The people we meet through the ICBA ThinkTECH Accelerator will give us the chance to really understand how we can better serve the community banking market, and we have been so impressed by the caliber of our fellow participants and those managing the accelerator.
Give us your favorite quote or mantra!
“If it were easy, everyone would be doing it.”
Thanks to DocFox for contributing to the ICBA ThinkTECH Accelerator’s Founder Feature series! To meet Senso and the other fintechs in the 2022 ICBA ThinkTECH Accelerator, powered by The Venture Center, click here. For questions, please email firstname.lastname@example.org.