Problem statement
How might we transform the onboarding of current accounts for Pvt Ltd companies —from a paper-heavy, opaque process to a seamless digital journey?
My exploration and how I identified this problem statement
I started by exploring the day-to-day life of RMs, their challenges, and pain points. To deepen my understanding, I conducted on-ground interviews.
7-8 Interviews with RMs
• Meerut • Bangalore Branches
These interviews helped me understand how RMs work day to day. One question came up repeatedly: “Why is opening a Current Account for Private Limited companies still not digital?” To answer this, I studied the current process, mapped the flow, and also studied other bank's flow.
Current flow looks like this...
It's basically just a lead form, followed by the RM reaching out separately.
Understanding TAM
As of January 31, 2025, there are approximately 1.82 million active companies registered under the Companies Act in India Reddit+15Business Standard+15The Economic Times+15.
Of these, 96% are Private Limited companies — yielding around 1.75 million potential accounts.
If it’s so valuable… why hasn’t anyone solved it yet?
I figured out that some guardrails were holding this back.
Guardrails
non-negotiable rules and boundaries within which our design must operate.
– No Self-Service Video KYC (V-CIP) for the Company
– The In-Person Verification (IPV) is Mandatory
– Uploaded Documents are Not Final Proof
– No Fully Automated UBO Identification
My attempt at solving this..
Proposed the idea of design within these constraints:
Instead of making the process fully digital, I decided to make it partially digital. This helped reduce the opacity of the process and kept users informed at every step—covering documents, progress, and recommendations for the most suitable account.
What all I have learnt during this exploration:
-
Designing with real constraints, not ideal scenarios
-
Balancing user needs with compliance and business rules
-
Learning from RMs through on-ground interviews
-
Making complex processes clearer and more transparent
-
Designing solutions that are practical and scalable
Below is my full report, if you’d like to take a look.
