Technology in recent years has radically changed the way commercial banking is conducted.
It wasn't all that long ago when businessmen had to endure long queues and reams of paperwork to complete even simple commercial banking tasks. Thankfully, technology in recent years has radically changed the way business banking is conducted.
Indeed, the financial services sector is one of the biggest spenders on technology, allowing banks to evolve rapidly and offer services beyond making loans and taking deposits from individuals and businesses. Fuelled by the Internet, mobile devices and newer innovations like cloud computing and data analytics, enterprises in Singapore now enjoy a paperless, anytime, anywhere relationship with their banks.
With online banking, you can now transfer funds between two business accounts within minutes or generate financial reports at a click of a button. This gives you greater control over your company’s finances and helps you make more informed decisions.
For instance, DBS Bank's online banking platform for businesses, IDEAL™ 3.0, offers a wide range of products and services to manage your funds - from monitoring incoming funds and viewing remittance advice and statements for reconciliation purposes to paying your employees and suppliers.
The platform's transactions service lets you make payments quickly and easily. Payment information can be saved in easy to use templates for greater convenience when making recurring payments or payroll. You can also manage your entire trade finance cycle on a single platform, from order to production, shipment, delivery and settlement.
Meanwhile, mobile communications is the fastest-growing platform for banking interactions and transactions. With the DBS IDEAL™ Mobile App, you can access your account from anywhere in the world on a mobile device and get instant access to your account balances, make secure payments on the go, and gain better control of your cash flow around-the-clock.
Looking ahead, banks will continue to ride on new, emerging technologies to improve the customer experience for their business customers. Already, local companies who want to apply for a finance loan from DBS Bank can now do so online with no signatures or paper forms required.
The new service will enable business owners to apply for up to 11 types of loan products - including business loans, overdrafts, micro loans, property loans and equipment loans - in this manner. The service will also allow SMEs to track their loan applications in real time and get instant notifications.
Likewise, businesses can apply for a DBS Corporate Account online in just five minutes, saving them a trip down to a branch. All these innovations will mean spending less time at the banking hall, and more on the critical task building your business amid an increasingly complex and volatile landscape.
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