Bluevine’s recipe for Small Business Banking: Unlocking financial efficiency for SMBs with Chief Product Officer, Herman Man

On our exploratory journey of what it takes to build world-class products in financial service, today we have a conversation with Herman Man, the Chief Product Officer at Bluevine. We sat down with him to discuss how the fintech company is revolutionizing small business banking. He shares how Bluevine aims to serve as a comprehensive financial OS for small businesses, providing a suite of solutions that includes business checking accounts, accounts payable solutions, and lending and credit services. “Our goal always was to really be the financial OS, if so to speak, for these small businesses,” Herman explains.

The conversation delves into Bluevine’s origins, the evolving needs of small businesses, and the innovative approaches they are taking to meet those needs. This narrative weaves together Man’s insights, providing valuable guidance for industry professionals and stakeholders.

A holistic approach to Small Business Banking

Bluevine started its journey in the aftermath of the Great Recession, recognizing a critical gap in the market where traditional banks fail to serve small businesses adequately. “Small businesses often are the last ones that actually can get capital just because it’s really hard for them to actually make it,” says Herman. Initially focusing on providing credit products, Bluevine soon expanded its vision to create a unified platform that encompasses all financial needs of small businesses. This includes everything from business checking accounts to credit lines and bill payments, all designed to save time and increase efficiency for small business owners.

Simplifying onboarding and user experience

One of the standout features of Bluevine’s approach is its emphasis on simplicity and usability. From the moment a customer visits Bluevine’s website, the experience is designed to be as seamless as possible. “We make our website really simple for them to actually get that information all the way through to the onboarding and application process,” Herman notes. By leveraging technology for digital KYC (Know Your Customer) and KYB (Know Your Business) processes, Bluevine ensures that small businesses can start banking within minutes, offering a stark contrast to the cumbersome procedures of traditional banks.

Integrating multiple services into one platform

Bluevine’s mission is to reduce the number of apps small business owners need to use by integrating multiple financial services into one platform. “Small businesses use those number of apps from 7 to 13, as you quoted, not because they want to,” Herman explains. By providing a comprehensive suite of services, including lines of credit, credit cards, and payment solutions, Bluevine aims to be the central hub for all financial activities. This integration not only saves time but also creates a more cohesive and efficient banking experience.

Prioritizing low fees and transparency

In a landscape where hidden fees can be a significant burden for small businesses, BlueVine prioritizes low fees and transparency. “Our mission is to really make sure that we build accessible banking for all small businesses,” Herman emphasizes. By maintaining low fees and being upfront about any charges, Bluevine ensures that small businesses can manage their finances without worrying about unexpected costs.

Encouraging healthy financial behavior

Bluevine also focuses on helping its customers exhibit healthy financial behavior through implicit and explicit nudges. For example, the platform alerts users when bills are overdue and simplifies the process of paying them. “We push them that information all the time,” Herman says. By making these processes intuitive and straightforward, BlueVine helps small businesses stay on top of their financial obligations without unnecessary stress.

The big ideas

1. 1. Bluevine aims to serve as a comprehensive financial OS for small businesses, integrating multiple services into one platform. “Our goal always was to really be the financial OS, if so to speak, for these small businesses,” Herman Mann states.

1. 1. Bluevine’s digital KYC and KYB processes enable small businesses to start banking within minutes resulting in streamlined overboarding. “We make our website really simple for them to actually get that information all the way through to the onboarding and application process,” Herman explains.

1. 1. By providing a suite of integrated services, Bluevine reduces the number of apps small business owners need to use. “Small businesses use those number of apps from 7 to 13, as you quoted, not because they want to,” Herman notes.

1. 1. Bluevine prioritizes low fees and transparency to make banking accessible for all small businesses. “Our mission is to really make sure that we build accessible banking for all small businesses,” says Herman.

1. 1. Bluevine uses implicit and explicit nudges to help customers stay on top of their financial obligations, encouraging healthy financial behavior. “We push them that information all the time,” Herman states.

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