As the modern business environment grows ever more dynamic, the speed of change has accelerated, largely driven by technological advancements and digital transformation. The concept of digital transformation in business is nothing less than an end-to-end digitalisation process to seamlessly connect, optimise, and automate otherwise manual work processes.  

Although such a dynamic change is often seen in larger corporations, in the current business environment, digital transformation is no longer a ‘nice-to-have’ but rather a ‘must-have’, especially for small and medium enterprises (SMEs). Why? Because these changes are the ticket to survival, being competitive, and will contribute to the long-term success of your business in the ever-changing digital age.

Redefining Business Processes In The Digital Age

Digital transformation for SMEs extends beyond merely incorporating new technologies into daily operations. It’s about the fundamental change of the entire business process to enhance its efficiency and effectiveness, such as your company’s banking and financial management. According to a survey conducted by EY, 63% of small and medium businesses globally still prefer traditional banking methods over digital banking. However, the traditional approach in banking and financial management often consumes time and resources that SMEs could better utilise in other aspects of their business.  

That being said, if businesses embrace digital transformation and shift from traditional banking to digital banking, they could enjoy a redefined way to manage finances that is more convenient, efficient, and accessible. In this paradigm shift towards digital banking, selecting the right tools can make all the difference, and the OCBC eBiz Account is designed to be just that – a tool to help SMEs embrace the digital revolution. How? This account provides a unique blend of features and benefits that make financial and banking management more efficient and hassle-free!

1. Entirely Online Application Process:

The first step in the digital transformation of banking operations is moving away from the traditional paper-based account set-up. Given the packed schedules of many SME owners, who are often preoccupied with operational matters, the OCBC eBiz Account has elevated its services. Now, Malaysian businesses – be they sole proprietorships or companies with 2 directors/shareholders/partners who’re Malaysian citizens – can take advantage of a fully online application process. This innovation eliminates the need for busy entrepreneurs to complete physical paperwork or make time-consuming bank visits, thus making their lives easier. What’s more? With a low initial deposit of RM500, businesses can kickstart their digital banking journey.  

Leveraging the power of Electronic Know-Your-Customer (eKYC) technology, the process of verifying customers’ identities has been streamlined, significantly reducing the account approval time. However, rather than focusing on the eKYC technology itself, let’s look at how this benefits you as a customer: the convenience and speed of this digital process means you can apply for an account anytime, anywhere. You’re one step closer to reshaping your business operations for the digital age.

2. Complimentary Digital Tools: OCBC Velocity And OCBC Mobile Banking:

Upon opening an OCBC eBiz Account, OCBC also provides you with a suite of digital tools to better manage your finances.  

OCBC Velocity

From managing accounts to running your business efficiently, this award-winning online business banking platform is here to ease your business operations and help make managing your finance easier 24/7 with its:  

• Seamless invoice and expense management.
• Simple yet intuitive cash flow analysis and management.
• Expense management tools.

OCBC Mobile Banking

With OCBC Mobile Banking, business owners have a toolkit for financial management that fits right into their pockets. This secure platform incorporates built-in security measures, such as OCBC OneTouch/OneLook and OCBC OneToken, to provide a secure banking experience. This not only offers peace of mind but also the convenience of performing banking activities from anywhere to better manage your business finances right at your fingertips. With the OCBC Mobile Banking app, you can:  

• View account balances in real-time, giving you an accurate understanding of your financial position.
• Make payments wherever you are, saving you from the hassle of physical banking and allowing more time to focus on your business.

3. How The OCBC eBiz Account Can Better Manage Your Business Finances Seamlessly

In this modern, fast-paced world filled with enhanced digital capabilities, SMEs like yours should not only be able to apply and open an account seamlessly online at any time and anywhere, but you should also be able to operate effortlessly with the help of more digital tools, such as the OCBC OneCollect and OCBC Merchant Terminal.  

OCBC OneCollect  

Consolidation is key when managing incoming payments, and with OCBC OneCollect, this process becomes more convenient. The OCBC OneCollect allows you to manage your QR collection channels – PayNow QR for cross-border transactions in SGD and DuitNow QR for local transactions – on a single collection mobile platform. With OCBC OneCollect, you can now easily simplify the management of incoming collections and save your time and resources.  

OCBC Merchant Terminal  

On the other hand, OCBC Merchant Terminal is a collection terminal that allows you to accept all card and e-wallet payments. It also has an integrated Mastercard payment gateway for you to receive both local and international electronic payments. With our recent onboarding of the SmartPay app, you can even turn your Near Field Communication (NFC)-enabled smartphone into a mobile terminal for accepting contactless card payments. The best part? If you’re selling high-value items, you can allow your customers to enjoy OCBC 0% interest instalment plan when they pay with OCBC Credit Cards!

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Embrace The Digital Future With OCBC’s eBiz Account

The importance of digital transformation for businesses, especially SMEs, is becoming more prominent in today’s digital age. Thus, leveraging digital banking, particularly through tools like the OCBC eBiz Account, can help ease the transition from traditional banking to digital banking.  

So, take advantage of the OCBC eBiz Account fully online application with a low initial deposit of only RM500 and explore how the account can revolutionise your business operations and propel your SME towards a digital-led future. Find out more and apply here!

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• OCBC Bank
• OCBC eBiz Account
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