Plantersbank executive vice president and branch banking group head Fe Miranda T. Aruta claims the bank has "blazed the trail" in making cash management solutions available to its market niche the small and medium enterprises (SMEs).
Its cash management solution known as Super Business Advantage (SBA), introduced about two years ago, focused on SME clients.
There was a vacuum that Plantersbanks SBA was able to fill, since not many banks offer these services and the few that have it have too stringent requirements that only the very large and multinational accounts are given access to it.
Its existing portfolio has significantly boosted low cost deposits of the bank. The software is all in-house developed which has become a major competitive advantage. Plantersbank took into consideration the essential features that are not available from the other financial institutions using off-the-shelf programs.
The suite of products and services includes daily cash and check pick up via armored car and/or motorized messengers, nationwide deposit collection, check writing, customized checks, payroll servicing and collection/payment services.
"We have been able to make our operations cost efficient with a critical mass of core accounts that are now availing of our services. We have all the ingredients that make our cash management solutions a winner," Aruta adds.