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Beyond Basic: Extra-Value Banking Solutions to Make Business Building Easier  

Beyond Basic: Extra-Value Banking Solutions to Make Business Building Easier  

Are you losing money because of poor banking practices?

As a business owner, having a solid and supportive banking relationship can be your one major edge against the competition. After all, it has long been proven that a reliable bank can be a business’s growth partner.

But this can only happen when you are working with a bank that meets your specific needs. Also as important is that you are proactive about accessing the banking services and solutions to benefit your business.

For instance, the most trusted SME and corporate banks in global business hubs often have business-first programs. These programs may include time- and money-saving banking services for large, small and medium enterprises.

Extra-value commercial banking services may include:

  • Waived monthly average balance
  • Free or special rates on select services
  • Pre-approval on credit cards
  • Salary advance facility
  • Free life insurance
  • A dedicated banking officer assigned to manage and provide personalized assistance for your account

To further make the most of your business bank, consider how the following beyond-basic solutions can make business and life easier for you:

1. Trade finance solutions

Businesses now compete within a global arena, often even if your target market is local. But how do you manage the risks of exploring a new market? And how do you make new suppliers and buyers become more confident in dealing with you?

Finance solutions from your bank can help you manage risks when you import, export and deal with new markets. These solutions can turn payments and collections into a bank-to-bank affair, making each transaction more efficient and official.

For instance, one of the biggest challenges businesses face is payment collection. Your bank can facilitate letters of credit, wherein payment is made by your buyer’s bank. This allows you to get paid accurately and on time, ensuring healthy cash flow for your business.

2. Internet and mobile banking

Entrepreneurs today are highly mobile and hyperconnected – they need to be, if they want to build their empire.

The good news is that leading banks have equipped their internet and mobile banking facility with more advanced features aside from the usual 24/7 accessibility. These features make it easier for business owners to be on-the-go while staying on top of their finances. 

Additional transactions that can be made anytime, anywhere through online banking include money transfers to any bank account across the world, bills payment, air travel payment, cheque book delivery request, and e-statement subscription.

To further make your money work for you, you can now even make an insurance investment, file for a personal loan or apply for a credit card account via internet and mobile banking.

3. Business financing

Need additional funds for additional expenses in your operations?

You may be planning an expansion, need to purchase new goods, or augment your present supplies and equipment. Or you may simply have encountered an unplanned emergency cost. You may look into your bank’s suite of business loans to see if a solution can be done for you.

Bank loans used to have a reputation for being too time-consuming and cumbersome. Leading banks are changing all that. They are making business loans and financing easier and more accessible to entrepreneurs.

Through your bank, you can access working capital or get the financing you need for commercial assets, equipment or real estate investments. 

Products such as business “instant loans” can fast-track the usual loans application process, so you can meet your business needs immediately. This solution makes processing bank loans faster as it won’t require a collateral for the first few months or years. It’s also designed for speedy approval and minimal paperwork.

To make the most of business loans, ask your bank relationship manager for competitive interest rates and if they offer free loan insurance coverage.

One thing to keep in mind

Remember that not all business banks are equal. And that a bank that may be working so well for a fellow business owner may not necessarily be a great fit for your company. To get the best of what your bank has to offer, shop for a business bank armed with the skills, instinct and experience of the savvy entrepreneur that you are.

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