Commonwealth Bank of Australia (CBA) has launched a range of new digital working capital tools that can assist small businesses facing supply chain issues, increased inventory levels or payment delays.
CBA Business Banking has integrated its digital Stream Working Capital solution into its pioneering high-speed lending system, BizExpress, enabling eligible small businesses to unlock their balance sheet via a streamlined digital application process that links to their accounting software - providing faster access to funding to support cash flow or investment for growth.
Stream Working Capital gives CBA business customers the ability to use unpaid invoices as security for their financing needs, rather than traditional fixed assets such as property.
Stream Working Capital has also been integrated with MYOB and a new service StreamGo has been launched to extend fast access to working capital to customers who use cloud-based accounting software platforms other than QuickBooks, MYOB or Xero.
In addition, the BizExpress online product suite has also been expanded to include the BetterBusiness Loan facility, which offers eligible existing customers unsecured term loans via a completely digital, fast and doc-less lending experience. This is on top of our Business overdraft facility and Business Boost loan, which allows customers to borrow up to $100,000 unsecured with zero interest and just one establishment fee.
CBA Executive General Manager Business Lending, Grant Cairns said, these new tools are part CBA Business Banking's commitment to simplifying finance and providing the best integrated digital experiences for small businesses.
"Offering best-in-class digital solutions is key to our vision," Mr Cairns said. "We are evolving our core products to help small businesses adapt to the changing environment. Access to faster, affordable working capital is vital for many businesses who are facing ongoing stresses such as rising costs, supply chain issues and lengthening payment cycles with suppliers wanting to be paid earlier or buyers wanting to extend payment terms."
As Australia's #1 Main Financial Institution of choice for businesses1, CBA uses access to rich data to give customers faster assessment and approval times. Stream Working Capital offers greater flexibility, simplicity and faster credit decisions with less hassle, with more than half of BizExpress loans already approved using business transaction data via an automated process.
Mr Cairns said many businesses have a substantial amount of value locked up in balance sheets and may be unaware they have access to useful working capital financing options to help run their business more efficiently and drive growth.
CBA's ambition to be the leading business bank in Australia is underpinned by progressively digitising the products and services needed by customers, he said.
"Our banking teams continue to work closely with our customers to understand the pain points in their operations and how our service offering can make their lives easier," Mr Cairns said. "Access to faster, affordable working capital is a key enabler for small businesses.
"Whether you're a sole trader or one of Australia's largest companies, fast access to cash flow can help manage business challenges such as a temporary dip in cash flow when invoices are delayed and payroll is due or to take advantage of opportunities such as a discount on equipment or investing in staff or product innovation to respond to a surge in demand.
"This is important to a diverse range of sectors including wholesale trade, manufacturers, road transportation, labour hire and distribution."
CBA's market share in key categories has strengthened significantly in recent years as it progress towards its goal to become Australia's leading business bank. CBA Business Banking was recently ranked #1 in net promoter score and as the #1 main financial institution by DBM Consultants1, #1 in business deposits and #2 in business lending by the Australian Prudential Regulatory Authority2 and #1 in merchants acquiring market share3.
