Pandemic forcing a hand in digitalisation
The COVID-19 pandemic has accelerated the digitalisation of many businesses so they stay relevant to their industry players. This involves conventional businesses as well such as those in banking industry and small and medium-sized enterprises (SMEs). There was a sharp rise in digital banking needs when the pandemic hit and most banks innovated swiftly to transform themselves digitally. Almost overnight, banks shifted much of their interactions with customers to digital. Even when the pandemic eased, consumers continued to interact digitally with and through their banks.
SMEs have also promptly transformed their businesses digitally to scale effectively. Ensuring resources are spent in the right areas, SMEs demand digital banking offerings that can help their businesses in diverse areas ranging from onboarding and account opening, to an easier, more organized handling of their business payment transactions and any other expenses. According to PWC, the use of online banking services by SMEs increased dramatically during the pandemic.
Correspondingly, the number of customers visiting bank branches and offices has reduced significantly.
The right business banking tool to empower businesses
Today, starting an online business is easier than ever before. Thanks in part to offerings such as those from OCBC business banking.
The OCBC eBiz Account, launched in July 2021, was developed to meet the growing needs of SMEs looking for digital banking solutions.
Key features of the OCBC eBiz Account:
- Business Mobile Banking
- OCBC Velocity (Business Internet Banking)
- OCBC Business Financial Management for businesses to perform cash flow management, and invoicing
- OCBC Merchant Terminal
- OCBC OneCollect (QR Pay)
- Business Debit Card
- FX Online
Why choose OCBC eBiz Account:
- Low initial deposit of RM 500 to open an account.
- SMEs can apply entirely remotely without the need to visit a physical branch to submit documents and identity verification like before.
- Save time to skip queues at physical branches and avoid crowds altogether.
- All personal and business document verification is done securely and remotely, through the OCBC SME eKYC mobile app.
- Fast and easy online application with only 3 simple steps.
OCBC Bank is one of the first few banks to provide business banking current accounts with direct online application implementing eKYC.
What is eKYC?
- eKYC stands for electronic Know-Your-Customer, an online process that replaces face-to-face identity verification and it can be performed anytime and anywhere.
- eKYC verification is safe and convenient with only a few simple steps that can be completed in 3 to 5 minutes.
- OCBC Bank has specially designed an eKYC mobile app known as OCBC SME eKYC for SMEs to perform identity verification at ease. The OCBC SME eKYC mobile app is safe to use and supported by Malaysia’s leading Credit Reporting Agency, CTOS.
Find out how OCBC SME eKYC app works: https://youtu.be/tl6w0RBD6-E
Other banks do have online application options but for the most part physical branch visits are still needed to verify certain documents and to activate the account. With the pandemic still lingering, OCBC Bank understands the challenges, requirements and needs of business owners. This is why we created a seamless fully online business account application process. Rest assured, OCBC Bank has all the business banking solutions for any business needs – regardless of the size of the business.
Now, SME business owners (old and new) can sign up for a business account at OCBC Bank completely online, without having to visit a branch.
Learn more about how OCBC’s business banking tools can assist your business: