Understanding Hatch Bank
A New Kind of Bank for a New Kind of Business
Have you ever considered starting your own business? Many people dream of this. However, dealing with money can be challenging, especially when you’re just starting. That’s where Hatch comes in. Hatch is a new kind of bank that aims to help small businesses thrive and grow.
What Makes Hatch Different?
Hatch isn’t like the banks you might see on your local street corner. It’s a digital bank. That means you can conduct all your banking online or through a mobile app on your phone. Hatch works with other tech companies to offer things like:
- Bank accounts for businesses
- Debit and credit cards
- Ways to borrow money
- Tools to make payments
But Hatch doesn’t just want to be another bank. They want to be the best bank for small businesses. To achieve this, they needed to find more effective ways to collaborate with their partners and customers.
The Problem: Too Many Tools, Too Much Confusion
Before Hatch found a solution, they had a big problem. They were using lots of different tools to manage their work:
- Spreadsheets
- Emails
- Different computer programs
- Tools they made themselves
This caused a lot of headaches. It was challenging to keep track of everything, as different tasks were carried out in various locations. This made things confusing for the Hatch team and the businesses they worked with.
Hatch knew they needed one place to do all their work. They wanted a way to:
- Share information easily
- Talk to their partners
- Keep an eye on everything that is happening
But their old way of doing things didn’t work. Information was disseminated everywhere, and it was challenging for others to locate what they needed when someone was out of the office.
The Solution: Themis to the Rescue
In 2021, Hatch became aware of a tool called Themis. Themis promised to fix all of Hatch’s problems, put everything in one place, and make work easier. After checking it out, Hatch decided to use Themis.
How did Themis help?
Hatch started using Themis in 2023. Here’s how it made things better:
- Easier Onboarding: When Hatch works with a new partner, they must collect a lot of information. With Themis, they can invite partners to a unique online workspace. Partners can upload all the required documents right there. This makes it much faster for us to start working together.
- Better Organization: Hatch created a template in Themis that includes all the necessary documents from partners. When they work with someone new, they copy the template. This saves a lot of time.
- Faster Marketing: Hatch has to check all the ads and marketing materials that their partners want to use. With Themis, they’ve looked at over 120 marketing items. They can see who approved each one and why. They can even save a record of the whole process for auditors.
- Problem Solving: If a problem arises, Hatch uses Themis to track it. They can create plans to address issues and assign personnel to work on them. This helps them solve problems faster.
- Handling Complaints: Hatch’s partners can upload any customer complaints to Themis. Hatch checks these every month. This helps them spot any trends or repeated problems.
The Results: Faster, Better, Stronger
Using Themis has made a big difference for Hatch:
- They can start working with new partners 40% faster than before.
- Setting up new programs used to take hours. Now it takes just minutes.
- Hatch can work as quickly as the tech companies it partners with.
- There are fewer delays and bottlenecks in their work.
Now, Hatch and their partners have a shared tool that everyone understands. It’s clear what needs to be done and who is responsible for it. Everyone can see what’s waiting to be approved.
The Story Behind Hatch
Hatch wasn’t always a bank. It started with a man named Thomson Nguyen. Thomson used to run a different company that Square, a big tech company, bought. After that, he started thinking about new ideas.
Thomson talked to hundreds of small business owners. He learned that many people pay hundreds of dollars to have a bank account, which is a significant problem, especially for businesses that don’t generate much revenue.
A Personal Mission
Thomson’s parents came to America from Vietnam. Like many immigrants, they started small businesses. Thomson saw how hard it was for them, so he wanted to use his skills to make things easier for small business owners.
Building Hatch
Thomson assembled a team of experts from companies such as Square, Stripe, and major banks. They raised $20 million from investors who believed in their idea.
Hatch started offering bank accounts in January. These accounts cost only $10 a month and don’t charge additional fees that can harm small businesses. Some account holders can even get help if they accidentally spend more money than they have in their accounts.
Helping During Tough Times
Hatch launched right before the COVID-19 pandemic hit. This was a tough time for small businesses. But Thomson was amazed by how creative business owners were:
- Restaurants that never did deliveries started using apps like Uber Eats.
- Lawyers and accountants figured out how to work online.
- People who lost their jobs turned side projects into entire businesses.
Making Loans Easier
Hatch also offers small business loans. They don’t check credit scores in the same way that big banks do. Instead, they examine how the company is performing at present. This means they can help people who might have had financial difficulties but now have a successful business.
Looking to the Future
Hatch has grown a lot. They started with eight people and now have 48. They want to keep growing and help even more of the 40 million small businesses in the United States.
Thomson and his team continually think of new ways to assist small businesses. They want to make it easier for people to start and grow their own companies.
Why This Matters?
Starting a business is a big part of the American dream. But it can be challenging, especially when it comes to money. Banks often fail to understand the needs of small businesses.
Hatch is trying to change that. They’re using new technology to make banking easier and fairer for small businesses, which could help more people start businesses and follow their dreams.
By simplifying and making things cheaper for small business owners, Hatch isn’t just running a bank. They’re helping build a world where more people can be their bosses and bring their ideas to life.
Table of Contents