5 Reasons Why Digital Banking is Important for Your Business

September 6, 2021
by
NextPay Editorial Team

The birth of digital banking

Even before the pandemic disrupted the way we do business, the promise of digital banking has already been making strides in the country. With over 52.8 million unbanked Filipinos, 76% of them have the potential to open online accounts. The fintech industry is indeed a promising one.

While there’s no doubt how the pandemic brought the digital bank alternative to the masses, it’s also safe to assume that financial technology or fintech is the only way to go for businesses, especially if the intent is to be more efficient and to scale.

Before the emergence of digital banks, businesses had to struggle with financial processes. Aside from performing manual accounting, there are also stresses in meeting schedules for payables, or physically performing transactions in the brick and mortar banks. Thanks to the birth of fintech, solutions that streamline these processes make day-to-day banking so much easier.

In this article, we’ll look into how digital banking solutions like NextPay contribute to business empowerment. Whether you’re a freelancer, an MSME, or a veteran entrepreneur. NextPay has the best of what digital banks can offer.

From reliable features that make banking faster and more convenient to help you manage your cash flow with utmost security, digital banking solutions offer many benefits.

Digital banking solutions save you time and effort

In 2020, the Bangko Sentral ng Pilipinas (BSP) reported the creation of an unprecedented 4 million new electronic financial accounts in the country. Aside from how the pandemic buoyed the digital bank solution to the surface, Filipino consumers and businesses have learned to appreciate its convenience. The ability to bank anywhere, anytime while performing real-time transactions using their mobile phones has become the new norm.  

NextPay fixes the common problems businesses experience with manual financial transactions. You can forget about lining up in the bank, using cheques to pay your employees, or waiting for your client to pay you manually.

With NextPay, you can send digital invoices (with automatic reminders!), disburse salaries in minutes, or pay your suppliers instantly. We understand that time is money, and convenience helps you grow your business further. Having better management of your money with the ability to transfer funds anywhere swiftly, safely, at speed-- is now a reality.

Person enjoying the best of digital banking

You have the best of what digital banking can offer

Digital banking enables you to access its features and carry on with your daily transactions easily. Features that perform business-to-business (B2B) payments, lets you view your statement accounts, and pay suppliers with a few clicks on your mobile are just a few of the standard features.  

You have access to all NextPay features and use them easily— you don’t have to click on many buttons, wait for hours, or painstakingly learn the in’s and out’s. With great user experience being one of our core principles, we continue to develop and improve personalized features within our platform that can better help each user.

So you might be wondering, “What’s the catch?”

We know just how important growing your business is and you might have already put all your eggs in that basket. With that in mind, we operate on a pay-per-use model which can help cut your costs down to the essentials.

Person not having to worry with digital banking

You get worry-free digital banking

Like any reputable financial institution, we put security at the apex of our priorities. We’re sure you’ve heard of many horror stories – money transfers that go awry leaving users waiting for days, weeks, or even months before getting a resolution, or worse, funds that disappear in the digital space.  

While threats also evolve through time, our security features are way ahead in reducing the potential risks. Our platform utilizes two-factor authentication to ensure that no unauthorized entity can access your accounts.

Our built-in maker-checker flow also allows for more convenient and transparent payment approvals so you can enjoy worry-free money transfers. Best of all, our platform can detect unusual log-ins which triggers our multi-authentication system that automatically scans risks and prompts you right away!

With cashless transactions, digital banking solutions can offer a higher level of protection than traditional banking or physical card payments can.

You control your cash flow in one place

With the fast-paced growth of digital banking in the Philippines, businesses have enjoyed more control over their cash flows than ever before. The ability to self-serve with real-time banking features is one of the major benefits that consumers and companies enjoy today. Unlike before when even the most basic banking procedures entail going to the bank in person, dealing with money matters is now easier with digital banking solutions.

Person happy with digital banking solution

More than just a digital banking solution

While more Filipinos are opening digital bank accounts, it is important to connect consumers and businesses with established financial institutions to foster better financial literacy. What’s important is to get to know your digital banking solution first before you open an account. And while there are many, only a few are working towards a broader economic change.

Aside from optimizing security and offering convenience and reliability in business banking, we give a premium to inclusivity and user experience. By developing more user-friendly features and making tech jargon easy for the layman, we effectively communicate the many benefits we offer. Regardless of who you are and what financial facets matter to you, you can rely on NextPay to steer you towards more financial growth.

Learn more about how NextPay can help as your digital bank partner for your business and personal money management.

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