Great Southern Bank has unveiled Australia’s pioneering mobile application designed exclusively for small to medium enterprises (SMEs) with fewer than ten employees. This new offering, named Business+, aims to revolutionize the banking experience for approximately 2.4 million businesses across the country.
"I would say that we've taken the best of the neo-bank proposition, digitally first, with what we're good at, which is the banking license side, regulatory requirements," said Paul Lewis, CEO and managing director of Great Southern Bank. His assertion emphasizes the blend of innovative technology and regulatory compliance that characterizes this new app.
Developed by Sydney-based banking software company Constantinople, which was founded by two former Westpac executives, the Business+ app integrates a range of banking services into one platform. Constantinople raised an impressive $32 million last year to create its “bank-in-a-box” offering for traditional financial institutions.
Now available on both Google Play and Apple App stores, the Business+ app features a variety of products including everyday transactions, savings accounts, unsecured overdrafts, and loans. "We’ve got the whole package, which I think is a first in Australia," Lewis stated, highlighting that while many neo-banks have launched with limited product offerings, Business+ is designed to cater comprehensively to the needs of microbusiness owners.
In the upcoming months, Business+ is set to expand its offerings further with the addition of secured loans, credit cards, asset finance, and more tailored products. This diversification is aimed at enhancing accessibility and convenience for small business operators who often face challenges with traditional banking systems.
"For startup founders, small businesses, and leaders, we recognize the need for efficient banking solutions that facilitate growth and innovation in the sector," Lewis remarked, underlining the importance of responsiveness to the unique needs of modern small businesses.
One of the standout features of the Business+ app is its quick account sign-up process. Lewis noted that new customers can complete the registration in under ten minutes, a significant improvement in the onboarding experience that he referred to as “fantastic.” This swift process is particularly crucial for busy entrepreneurs who often have limited time.
On another note, Great Southern Bank recently reported a substantial 43% increase in home loans issued to first-time buyers. Additionally, the bank's retail deposits grew by 2.4% to reach $13.33 billion during the six-month period ending on December 31. These figures reflect the bank's steady growth and commitment to serving the financial needs of Australians, especially those taking their first steps into property ownership.
The introduction of the Business+ app is a clear indication of Great Southern Bank's vision of fostering financial empowerment among small business owners. By merging advanced digital solutions with their extensive banking experience, they aim to set a new standard in the realm of SME banking.
Looking forward, the success of the Business+ app could have significant implications for the competitive landscape of small business banking in Australia. As more institutions recognize the importance of adapting to the digital preferences of consumers, the initiative could inspire further developments in the sector, potentially giving rise to an entirely new wave of financial technology solutions designed specifically for small enterprises.