The small-to-medium business sectors are currently pushed to have great adaptability in order to stay relevant amidst rapid changes, especially changes that involve digital technology in managing business sector financing, such as capital management, money circulation, and transactions.
The transition to digital technology is visible as a business implements online applications to their day-to-day operations, from financial management to financial reports.
Unlike the traditional financial management practices that use a huge amount of paper with time-consuming processes, digital technology enables management processes that can be monitored in real time. Therefore, staying relevant and adapting to the digital transformation era are essential for small-to-medium businesses.
Innovation in the Banking System
Digital technology not only affects the business operations, but also demands changes in the banking system to offer digital-based innovative banking system. It’s no wonder that Bank Indonesia as the central bank plans to regulate a more digital focused policies in 2025 with the caption “Navigating the National Payment System in the Digital Era.”
Small-to-medium businesses better adapt to the innovations done by the banking system because these changes can benefit the business operations as well as its financial management. One of which is by optimizing banking applications usage like mobile banking that can make you easier to do various banking transactions, from money transfers to business operations bills payment which can be done anywhere at any time.
Admittedly, the digital innovations in the banking system are also supported by digital-based financial technology (fintech) applications. This innovation becomes one of the main factors on why the banking institutions start to develop more features that integrated with this financial technology, such as added feature in the mobile and internet banking that allows customers to top-up their e-wallet without having to use the ATM.
Global Transactions in the Digital Era
The global transactions in the digital era itself has a unique trend. Stated in the World Payments Report in 2019 by Capgemini, digital transactions have increased, especially in the developed countries like Finland, South Korea, Singapore, and England. This report also predicts that cashless transactions will continue to rise and reach 1 trillion transactions by 2022 globally.
One of the causes of the sudden growth of digital based transactions is the rapid development of business sectors that will depend on cashless transactions in the future. It’s predicted that business sectors will contribute up to 35% in transition from cash to cashless transactions in the next few years.
This data becomes one of the supporting factors on why the banking institutions actively create innovations for their services, including the digitalization of most of the banking services, especially the banking services for business sectors to help their business activities. Take cash management as an example, where banking institutions provide remote business financial management services.
Cash Management Services from PermataBank
In line with the banking system innovation and global transactions during this digital era, one bank that stays committed to offer innovative digital solutions is PermataBank. It can be seen from the cash management services for business sectors that allow banking activities that used to require the customers to come to the bank, now accessible anywhere by utilizing digital technology.
SME Cash Management is a banking solution from PermataBank, specially designed for Small Medium Enterprises that will make any transaction process much easier, both in terms of managing fund receipts and paying obligations to the stakeholders. This service allows the customers to make transactions anywhere more easily, efficiently, in real time, and safely.
SME Cash Management provides Virtual Account to customers who want to simplify their income reconciliation process in real time. For customers who own business models that rely on huge cash payments or giro, Cash Pick Up/Delivery and Post Dated Cheque are also available and ready to provide a sense of security and convenience to customers.
Payment process to business partners, both domestic and international, tax payment, salaries and bills become easier with Permatae-Business, an internet banking service accessible via mobile banking application or website, any time without off hours. Permatae-Business also enables customers to grant financial authority to specific people in accordance with the transaction scheme and limit, as well as providing reports that will help customers in their business decision making process.
PermataBank also offers Corporate Debit Card that can be given to the employees during their business trips or other important business activities. This card is integrated with the corporate’s account with manageable limits and debit card usage statements.
For businesses that want automatic cash management and transfers between PermataBank accounts, PermataBank also offers Cash Pooling & Netting service that will transform your cash management into a more simplified and efficient process. Moreover, PermataAPI (Application Programming Interface) service is also available for customers to make electronic transactions using host to host mechanism between customer system and PermataBank system.
Other digital based banking products that can support your business are PermataMobile X, a mobile banking application with over 200 features, and QR pay that has checked the QRIS (QR Code Indonesia Standard) and can be used to make digital payments in all merchants that have enabled QRIS based QR Code.
The cash management services will be the suitable solutions for your business adaptability in the digital era. You no longer have to be confused when tracking the business cash in and cash out since the processes will be supported by dedicated staff who are ready to help each of your complaints or issues related to your business operations.
If you wish for a sustainable business in this digital era, then you should make adjustments that conform the banking innovations, one of which is by utilizing the SME Cash Management service from PermataBank. For more information, you can contact us by sending an e-mail to Cash.Management.SME@permatabank.co.id
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