Security Bank cements better banking promise for new businesses despite crisis

MANILA, Philippines — The pandemic has caught the world off guard. Many local businesses had to quickly adapt to this new reality—from minor tweaks on how they resume their business to major overhauls like changing their distribution or business models—just to survive.

As many industries steer through this challenging landscape, most will try to recover by embracing new innovations and opportunities. Across the board, many have raised a common major concern: How can I run my business digitally?

“Prior to this pandemic, heavy users of our digital cash management solutions were mostly larger corporations. However, at the onset of ECQ, the clamor to shift suddenly emerged,” said Jones Diokno, senior vice president and head of Cash Management. 

Aiding digital transition

The shift of enterprises to digital has been made easier by Security Bank’s BusinessPlus account. More than just a business account, it also comes with free access to the award-winning and easy-to-use cash management solution, DigiBanker.

This helps business owners accomplish secure fund management and execute operations such as eGovernment payments, payroll processing, auto-check cutting, auto-debit, credit facilities, and many more in their homes.

“For businesses using traditional collection methods like messengers or scanned deposit slips, Security Bank’s electronic collection platforms offer real-time view of received payments for easier reconciliation,” shares Robbie Pablo, first vice president  and head of Sales and Service Delivery.

The BusinessPlus account also comes with 10 payroll accounts and 5 BusinessPlus debit cards that can be distributed to key work-from-home employees, with their own set monthly limits!

“If clients are able to maximize and outsource the administrative work by using our tools, they can focus better on their business,” he adds.

Easy application

Customers no longer need to go to a branch to submit their requirements. Business owners can now open a Security Bank BusinessPlus account securely through Skype for a maintaining balance requirement of P50,000.

“With safety and convenience as the bank’s primary concerns, we had to make sure the process was seamless!” said John Cary Ong, executive vice predient and head of Transaction Banking Group.

The application comes in six easy steps:

1. Fill out the online form and attach the opening requirements.
2. Take note of the reference number that will be provided upon submission of the form.
3. Print the application details that will be sent via email.
4. Attend the Skype interview for validation.
5. Start funding the account!
6. Kindly wait for a Security Bank representative to deliver the passbook and checkbook. Don’t forget to also hand over the required documents.

When managing a business, turn-around time in cash flow is crucial. For businesses that have check transactions from clients based in the USA, Security Bank streamlined clearing of checks drawn from a USA bank (or even US Treasury Warrants) in as early as 8 days, instead of the usual 30 to 45 days.

In addition, Security Bank has also established partnerships to help their clients navigate these challenging times. In the early parts of ECQ, they partnered with Sprout.ph to offer free access to cloud-based HRIS solutions to all local businesses (even non-Security Bank clients) to help make the shift to digital a little easier.

Aligned with the advocacy to boost start-up companies and help jumpstart the economy, they have also partnered with AFFI for their Buyanihan project, https://buyanihan.shop/, that supports Micro, Small and Medium Enterprises (MSMEs) during this pandemic. “We are hopeful that our MSMEs will bounce back.  They just need the right support and tools to help give that boost,” Diokno shares.

As a simple gesture and a way to support their local business clients, the Bank created a directory of its business clients, which they promote weekly on their Social Media pages and website.

Entrepreneurship can be a big risk especially during this disruption. To navigate wisely through new challenges in the new normal, choose the right banking partner that prioritizes customers’ interest and needs.

To partner with Security Bank today, visit https://www.securitybank.com/business/.