Small business owners usually concentrate on two things: running their day-to-day operations and finding their next source of income. All other activities will usually take a backseat and they will often be delegated to other employees. But as a company owner, there is one essential aspect that you should never ignore: your banking activities.
Selecting the right bank and having a good relationship with them is important to the growth and success of your business. By working with the right business bank, you will have a partner that can offer the best solutions to any finance-related problems and support for your enterprise.
Digital Banking for Small Businesses
Mobile or internet banking has made it easier for even the busiest entrepreneur to manage, complete and keep track of important bank transactions. This tool makes it convenient for account owners to do various types of transactions online such as bank transfers, making payments, checking received payments, etc. You can do all of these using your device anytime and anywhere, in minimal time. You don’t have to walk or travel to the nearest branch or ATM and wait in line to carry out your transaction.
In addition, mobile banking will enable you to personally take charge of your business finances. Instead of asking your employee to run to the bank, or a bank staff to make a transaction on your behalf, you can do this yourself, and that means you get to do it faster and have peace of mind.
Digital banking is also secure. Even if your bank can make transactions faster and more convenient, they will still make sure that all your financial information and sensitive data are protected and remain private.
Mobile Banking Features to Look For
To enjoy the benefits that mobile banking has to offer, it should have the following essential features and capabilities:
1. Secure and fast access to information and easy-to-use functions
Whether you’re using an app or a browser for your transaction, you should have quick access to the most frequently used functions. These can include checking account balances, paying bills, or making cash transfers. However, the speed of data provision and function availability should correlate with security. There should be a good balance between mobility and security issues.
2. Easy and convenient fund management
The use of mobile banking means having access to your money whenever and wherever you are. HSBC, a global business and commercial bank, allows easy money movement between cards with the simple use of their app. The bank makes this possible even if the customer is abroad.
3. Online loan application capability
As a business owner, you will require additional funds from time to time. Whether you need extra money quickly to sustain your cash flow or to use as working capital for your expansion plans, applying for a loan online or through the bank’s mobile app will certainly be helpful and efficient. By simply using data from various back-end systems, some application fields including the e-mail address, phone number, ID, and business address can be filled up automatically. This feature eliminates the need for preparing and submitting various documents, helps make the whole process go faster, and reduces the time needed for loan approval.
4. Live Chat
A live mobile chat session is certainly handy for busy business owners who have questions or need some form of immediate assistance. This is less demanding and time-consuming than making a phone call, sending an email, or going to the bank personally. Since the customer support staff has access to customer data, you will also receive a more personalized service.
5. Contextual customer support
Lastly, whether you contact the bank’s support center by chat or phone call, the person you are talking to should provide adequate help based on your history. This means that they should have quick access to your data and know the background of your complaint or request. When they are equipped with such information, you won’t have to waste energy repeatedly explaining your concerns or issues and customer service staff will be more proficient in answering your queries or assisting you.
If you are still in the process of opening a business bank account, take a look at the institution’s mobile banking features. With the right features, you will benefit from fast, convenient, and personalized transactions that will meet your and your business’ requirements.