Source: The Straits Times © Singapore Press Holdings Limited.
Small and medium-sized enterprises (SMEs) can now apply for a banker's guarantee online instead of going to a branch, thanks to a new service by DBS Bank.
The new process means an online application can be filled easily at the customer’s convenience with a scheduled delivery pick up as well.
Firms can also get an indication of the bank fees by using an online calculator when making the application.
SMEs might also need performance guarantees when bidding for contracts or applying for government licences. DBS said it expects more than 1,000 SMEs a year to use the service.
Ms Joyce Tee, DBS' group head of SME banking, said: "We understand from SMEs that banker's guarantees are important for their business operations, so we adopted the human-centred design discipline to bring this service online, making it easy and fuss-free."
Glints, a career discovery and development start-up, applied for a DBS banker's guarantee online on April 18. Glints co-founder Looi Qin En said the process is "simple, straightforward and fast".
He said: "Previously, when we were looking online for information on banker's guarantees, it was challenging and confusing. The DBS website provides clear information and the step-by-step walkthrough made it very easy."
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