Small Business Banking Platform A Governance Risk & Compliance Perspective
Australia is home to more than 2 million small to medium-sized businesses (SMB). There is a huge opportunity for banks to create smarter and more efficient ways to drive value for this market segment.
DXC has developed a service offering to help the banks deliver positive experiences for SMB clients outside of face-to-face meetings with specialist staff. The banks, in turn, can bring a level of digital investment not yet seen before to the SMB sector.
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A Small Business Banking Digital Platform
This service offering enables banks to provide SMBs a digital platform to better manage their bank accounts, loans and payments. This platform becomes more valuable as more features are added, such as the capability to manage receipts, purchase orders, insurance, CRM, marketing, e-commerce and business activity statements.
DXC’s small business digital platform is a new way for banks to manage their SMB clients. Instead of each customer being a case-by-case exception and requiring face-to-face meetings, the whole segment can be managed and understood as a whole, continuously and in real time.
Banks can gain a competitive advantage by harnessing the body of transactions and payment data they have available. Within the digital platform, this data creates value through predictive analytics, and ultimately can deliver an artificially intelligent banking advisor.
Implications for Governance, Risk & Compliance
The digital platform servicing SMB customers would create opportunities for a bank to fulfil its governance, risk and compliance obligations. As these requirements are increasingly more complex and need greater effort to maintain, this is an important investment. A single banking platform that consolidates and automates processes can enhance the quality of governance thanks to dashboard level oversight and timely alerts over unusual business behaviour. For example; automated lending, portfolio management and market analysis. A digital small business banking platform can also profoundly enhance risk and compliance management activities such as; Anti-money laundering, Loss management and capital adequacy and credit risk.