Advantages of transparent digital banking for businesses

Online and digitally banking through our cellphones and computers, has provided a convenient way for businesses to review their transactions and process payments for their expenses.

However, safety and security when banking online has remained a top priority for private individuals and businesses in South Africa

The South African Banking Risk Information Centre (SABRIC) reported in 2017 that more than 13 000 incidents involving banking apps, mobile banking, and online banking had led to a gross loss of more than R250 000 000.

Despite the growing concern for security when conducting transactions online, more and more businesses are moving online as a way to conduct their business and adapt to the economic and customer climate during Covid-19.

The challenge for digital banking applications

The biggest challenge for businesses when banking through digital banking platforms is the need for the platforms to be well suited for their needs. 

The Head of Digital Platforms for FNB Business, Anton van Metzinger, explained that both startups and large businesses need “customised and personalised unassisted interaction.

He added that businesses are also increasingly facing challenges in terms of security and safety.

“Clients are increasingly challenged by fraudsters trying to compromise their use of digital channels through identity theft, Phishing, Whaling, Business e-mail Compromise, Sim Swapping, Vishing, Smishing, as well as theft of devices,” said van Metzinger.

Advantages of transparency and digital banking

Van Metzinger explained that at FNB trillions of Rands in payments are processed through their digital platforms. He added that these payments are often done instantly.

Van Metzinger explained that digital banking platforms give their clients access to a range of payments including global payments, transfer and collection options, and easily manage their daily cash flow. Businesses are also able to bank when it is most convenient for them.

“Everything from managing their cash flow, to performing financial administration and information management, as well as managing their governance and permissions profiles, are available 24/7,” said van Metzinger.

Banking through digital platforms, business owners don’t have to set time aside to visit bank branches and stand in long queues.

Banking via digital platforms means that business owners do not have to spend additional time visiting band

“To that effect, our business clients can already avail of SecureChat in our App, which keeps all conversations on the platform (thus secure) and utilises AI and robotics to route and answer queries at optimal speed and effectiveness. This facility will soon also be available on our Web interface,” said van Metzinger.

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