1/ How does “This is DBS digibanking” by DBS help Hong Kong’s SMEs address challenges amid the pandemic?
We know how difficult operating SMEs can be, and consider their needs from their perspectives. In general, SMEs tend to find account opening the most cumbersome, as there are many uncertainties involved, such as the documents required. They also tend to find the instructions unclear when it comes to completing certain online banking tasks. Banking at a branch is no longer convenient particularly due to COVID-19.
To address various pain points, we developed “This is DBS digibanking” - an all-in-one online banking service for SMEs.
Using our intuitive online account opening process, SMEs will be able to complete their application within just 19 minutes and get our approval within 3 working days*. In terms of futurebusiness operations, they will be able to apply for loans of up to HKD 8 million** without collateral and get our approval on the preliminary amount within 3 working days. Any other daily banking task they may encounter, such as foreign exchange, can all be completed online. For further convenience, their online banking’s user interface can also be customised according to their preference. All these features were designed to address our SME customers’ pain points and needs, as we are committed to providing them with easier and quicker banking services.
2/ Could you share your views on a Hong Kong SME’s digital transformation journey?
SMEs have had to evolve to keep up with the needs of society, which is why many of them have moved their focus online. For the retail industry, in particular, online payment and collection systems with efficient account reconciliation capabilities have become essential to reduce human error. Through DBS’ API services, SMEs are most likely to achieve their goals faster. At DBS, we continue to invest a lot of resources into developing our API business, and have over 30 APIs ready for implementation. These APIs can be easily installed and connected to our customers’ systems within a few weeks.
3/ DBS has been supporting SME customers for many years. Is there any advice you would like to share with them?
SMEs in Hong Kong have always been resilient, as they can adapt in any situation - regardless of the difficulties they face, which is why they form the backbone of Hong Kong’s economy. At DBS, we continue to support our SME customers after all these years, having gone through hard times such as the financial crisis and SARS crisis together without abandoning them. At the end of the day, they do not need a bank - they need professional banking services. I hope our SME customers will be able to enjoy faster and easier banking services through a close business partnership with DBS, so they can really “Live more, Bank less”.
* Subject to eligibility. Terms and conditions apply.
** The process time is calculated from the first working day after the loan application is submitted, the applicant will be notified of the indicative loan approval result in the next working day after preliminary loan amount approval completed. Please visit website for details. To borrow or not to borrow? Borrow if you can repay! Terms and conditions apply.