The Digital Banking Revolution
“Digitize, digitize, digitize.”
Digital banking in Southeast Asia is gearing up for a revolution, with adoption in the Philippines rapidly gaining ground.
As a tool, digital business banking is used primarily in payments and bank transfers— but it’s more than that. If used correctly, it’s sure to give companies powerful leverage over the rest of their industry.
For Philippine industries, standard paperwork and lengthy processing hours have lead to payment delays and errors. This traditional way of doing business usually results in decreased productivity and delay in growth.
Digital banking sees these flaws and offers quick, efficient, and safe solutions that can make a world of difference in your business’ money matters, transforming a company’s overall workflow.
But for the non-techie entrepreneur, the question remains: how does it work, and what are the real benefits?
The Data on Business Banking
Why is digital banking powerful?
Forbes explains the situation perfectly: Traditional banking methods have become obsolete. And we couldn’t agree more.
In the same way that people don’t go to tellers anymore when they can easily get their money from an ATM, it’s simply more manageable and more efficient for a business to go into digital banking to perform money transactions.
With other businesses pivoting and becoming digital and sophisticated themselves, a business like yours would benefit from riding this tide than not being able to adapt and cope. Have you tried standing against the ocean’s current? Difficult.
A white paper by Fraedom, Visa’s recent acquisition, reported that demand for virtual cards has increased massively thanks to businesses being forced to adapt to rapid digital transformation.
Even mobile payment methods have seen a significant uptick in demand, and data from research group Aite found that it’s the consumers who have rapidly adopted them.
Bring in the Business: Digital Banking With an Edge
Real progress on this end requires a clear understanding of how business banking works and how it goes beyond employee payroll.
What does your company get out of it?
1. One-stop-shop solutions
A lot of fintech companies have sprung up to address the digital banking needs of any business. Banking of the future, however, requires a cohesive, all-inclusive solution that doesn’t require your company to go to different vendors to handle things. The right digital banking solution has it all in one place.
2. Less or fewer requirements
Part of the significant draws of digital banking is convenience. And most of all, easy signups and requirements open the door for smaller businesses and freelancers. Growing businesses stand to benefit from the convenient systems and easy ins, allowing them to get started towards scaling.
3. Simple user interface
For simple mom-and-pop shops, the user experience is vital to delivering quality banking services for a business. Digital banking interfaces need to be easy to use and simple to understand. With most digital banking providers, it’s now easier to manage business finances, employee payroll, and receiving customer payments.
4. A focus on the customers
Most traditional banking systems are focused on the bank’s protection, not the small businesses using it. Digital banking systems of the future, however, keep the customer in mind. Useful features, ease-of-use, and more accessible channels of communication and service (PC, mobile, and more) allow any business to enjoy using the system rather than trying to navigate all the rules around it.
For just about any field of business, digital banking could make or break them.
In an increasingly digital world hastened by 2020’s pandemic urgency, an increasing number of businesses in the Philippines will need the advantages that efficient digital banking can offer.
From simple sign-ups to convenient services available on multiple platforms, doors are opening for Philippine businesses, large and small, giving them the edge over their competitors.
So if you’re looking to edge out your competition or to simply scale up your business, you will need all the help you can get. Transitioning to a fully digital banking platform can help you get there by saving valuable time and resources.
Embrace the advantages of digital transformation, especially when it comes to business banking. Discover how you can breathe a little easier when managing your business finances with NextPay here.