Enhanced digital platform enables instant invoicing and access to vehicle finance
Great Southern Bank has introduced a suite of new app-based tools designed to support small business customers, as part of its ongoing efforts to provide an alternative to traditional SME banking.
The bank’s updated Business + app now offers real-time invoicing, direct integration with accounting platforms MYOB and Xero, and access to vehicle finance, all within a simplified digital interface. Additional features, including new business deposit options, are expected to be rolled out in the near future.
Developed in collaboration with Australian fintech firm Constantinople, the new offering seeks to address common challenges for small businesses, such as cashflow management and operational efficiency. Recent study showed that two-thirds of small businesses across Australia had faced cash flow stress in the past 12 months.
“We’ve built a better banking experience for small businesses owners – one that respects how busy they are and gives them real value, not more complexity,” said Rolf Stromsoe (pictured top), chief customer officer at Great Southern Bank.
“New customers can sign up online and be using their account in minutes, with no need to visit a branch, saving them considerable time and effort. That’s a game-changer for the third of Australian SMEs who are frustrated with their current bank and actively considering switching.”
The Business + app is available without monthly account keeping fees. Its main features include direct bank feeds to Xero and MYOB, instant invoicing with automated payment reminders, digital applications for working capital and vehicle loans, and full digital onboarding for self-managed superannuation funds, trusts, and more complex business structures.
“We are continually evolving our platform, and will continue to offer further improvements and deliver smarter solutions to Australia’s underserved small business market,” Stromsoe said.
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