Business Finance

4 Reasons To Start Your Banking Journey Digitally As A Business Owner

9 January 2023
The importance of registering your business

Nowadays, as business owners, when we want to transfer money, check our account balance, or review our transaction history, we only need to open our bank’s application on our smartphone and everything can be done with just a few clicks. The convenience of having a full range of banking services at our fingertips has now become the norm, with a lot of people seemingly forgetting how things were like before the emergence of online banking.

Read on to find out how digital banking can benefit you.

Easy onboarding with no branch visit

By now, more banks are offering a full-fledged digital application process whereby customers can open accounts instantly without having to step into a branch to submit their documents for verification to complete their application.

With the digital Know-Your-Customer (e-KYC) identity verification technology, financial institutions utilise a combination of authentication factors to safely verify the identity of a customer. Hence, you would never need to step into a branch with your documents and can open an account instantly anywhere, anytime.

Perform transactions from anywhere

For many business owners who are always on the move, time is precious and having the ability to track account balances as well as payments to suppliers at their fingertips is crucial.

Mobile banking gives business owners an overview of your finances in one platform, lets you review your recent transaction history, perform and approve transactions 24/7.

Secure banking backed by advanced technologies

Rather than having to find a secure place to store your statements or other financial documents, online banking allows you to gain access to your account and make transactions safely with technologies like multi-factor authentication.

Banks have adopted measures to safeguard their data integrity and system security by having extra layers of encryption as well as advanced processes to detect suspicious activities that could be triggered by cybercriminals.

That said, as consumers, we need to always be mindful when we are on the internet and practise safe online banking habits such as refraining from using public Wi-Fi, not revealing personal details easily, and so forth.

Access tools for more efficient banking

Business owners can access online services to submit and approve trade transactions anytime and anywhere with no hardcopy forms, documents, and signatures. Some platforms let business owners submit and approve multiple transactions in one go with just a single tap. In addition, you can snap and upload your supporting documents and the bank will process and approve your submission in 24 hours.

Check out the table below to find out how banking online with Alliance Bank helps you accomplish more.

  Alliance BizSmart® Mobile BizSmart® eTrade
Description Manage your business banking remotely. Award-winning one-stop trade financing service.
  • Submit payroll or pay multiple suppliers in a single submission
  • Schedule and submit your transactions in advance to make payments for the next 30 days
  • Approve multiple transactions securely, with full control over the authoriser and approving limit
  • Your personalised security token with Push Notification alerts you on any web login and transaction request using your User ID
  • View real-time trade account balance and transaction status
  • Submit multiple trade transactions in one go in both MYR and foreign currencies
  • No physical documents required
  • Fund disbursement within 24 hours upon bank's approval
** BizSmart® eTrade is a feature on Alliance BizSmart® Mobile

Digital banking services are gaining popularity, providing customers with the convenience of an end-to-end online experience from account opening and managing finances on-the-go to accessing various business solutions. Online innovations for business banking can provide the way forward for business owners who need to focus their time and effort to sustain and grow their business. With the aid of such innovations, business owners can save precious time managing their business finances without the need to visit any branch to submit documents for financing applications, as well as perform, keep track of and approve transactions manually.

Bring your business banking to the next level with Alliance BizSmart® Mobile here and/or experience seamless convenience via the award-winning platform BizSmart® eTrade here.