How to start a bank in 10 steps, with and without any money, so stick around.

How to start your Own Bank business with no Money | 158k per Month

Notes
Simple Stuff:
– Partner Agreement ( Organization Group)
– Business plan
– Raise capital from companies ( firms or partners or companies)
– The application process has gotten really stick after the entire 2008 problem, where banks were failing because of the bad loans they go out
– Name ( Bronx First Bank)

1. Get a team and distribute Roles: CEO, CFO and also someone in charge of getting licenses and making sure everything is running smoothly
2. Getting your license
Acquire your own license
– Law firms will charge you between 30k-150k depending on how complex it is ( you could always do the licenses yourself to remain cost-efficient)
Pro: having reputable law firm do the work for you could increase your chances
Become a partner with licenses bank ( now the idea is that since your partner you’ll become an extension of license bank and can run everything through them)
Pro: For them is the money is deposited with them
Btw this is what chime does

You could buy a small bank and acquire it and that way you can get the licenses ( most of them are not bought directly and the third party get 1-5% cut)
– However, you do need a regulator to approve the sale and purchase

3. Make sure your partners are Experience and Reputable
Compliance Officer: To make sure everything is in tip-top condition and this could cost up to 50k USD ( this ensures your policies)
Lawyers: to file documents and your behalf
Employees: CEO, CFO, and management if any

4. Who do you want to search and what product will you offer to help them
– Low income or high income
– What demographic
– Is more individual or business or maybe both
– How old are they
What:
– Are you going to offer credit cards
– Loans
– Early access to checks
– Crypto?
( this about defining what your niche is and how you’re going to supply them )

5. Preparation and application
Basic info
– Entity and more background checks and other documentation
– Expected expenses
– Forecasting customers and income
Also
– What problem are you solving
– Business plan
Now
– All this is information, may range from 300 to more pages, that’s why you might want a team to help you
Ultimate Tip: Be transparent

6. Using Software to get your CORE Banking system
– This is the software you use to create your entire banking online service and experience. From payments to having a back-office and so one to carry out business
– They schedule demos
Link: https://www.mbanq.com/
7. Once you have that you’ll need a Team of Developer
– This will be the foundation, this way, you can build a brand and identity in the online or physical banking world.
– The guy who did this, he had 10 developers working for him
Ps. Very important to have a design person on the team, Wealthfront did a great job with the design

8. Raise capital, don’t wait
– The guys who operated this raised 1 million dollars and used it to get everything rolling
From Employees to expenses.
Tip: it takes skill to raise capital and convince someone
2. It also takes skill to use capital wisely and grow efficiently
– So many people grab capital and pay themselves 200k a year, not a wise use

9. Make New great Products
Example: Sofi, Varo, Chime
Sofi: You think somewhere you can do everything you want
Varo: you think no fees great services and great product
Chime: not a great product but you think 2-day early pay

You have to add a twist to new products to make sure people know it’s you and your adding value, not just another bank.
Tip: Niech down, big banks have most of the market, but if you focus in then that could help you

10. Be patient ( if you hear then I know you can be patient)
Buying a bank will and could take more than a YEAr
Getting a license could take between 1-3 years

– The point is this will take time, and the most important aspect is the product and what you’ll bring to the table.

Thank Jeremy for sharing this info.

* PRO TIP*
INFORMATION IS EVERYTHING

Source: https://medium.com/arivalbank/starting-a-bank-at-24-years-old-b782682b2ce2

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