CBA has announced a series of updates and new initiatives for its small business banking division, “based directly” on customer feedback, and including a commitment to providing faster access to funding.
“Our small business customers have wanted more from us and we’ve been working hard to make the improvements they’ve asked for – like faster access to cash flow, more specialist bankers, and less fees,” said Clive van Horen, executive GM of business customer solutions.
“Small businesses are often the first to feel the pinch from shifts in the broader economy. As Australia’s largest bank, it is imperative we listen to these businesses, back them, and try to make it easier for them to innovate, invest and grow.”
As part of this effort, the bank has launched BizExpress, a business lending application which provides small businesses a faster lending decision and faster funding for loans up to $1m.
“We fully acknowledge there is concern in the small business community that it is getting harder to access credit. We currently lend more than $500m to Australian businesses every week and have the capacity and appetite to do much more,” said van Horen.
“BizExpress can provide our eligible small business customers with a lending decision in minutes, enabling faster access to the funds they need to keep them growing.
“The nature of small businesses is such that they require quick access to funding, whether it’s to capitalise on opportunities, cover debts or cash flow, or purchase equipment.”
Further, CBA has created more than 120 new roles, with a larger pool of business bankers in its Australian phone-based business centres and more managers in branches in “key geographic areas”.
Finally, the bank has been removing more business banking fees, including all electronic transaction fees from Commonwealth Bank business accounts. In November, CBA also introduced a more flexible Business Transaction Account, with a price option that has zero monthly account fees for customers who prefer to bank online.
More than 93,000 existing CBA business customers have already made the switch to the zero monthly account fee option, and over 27,000 new accounts have been opened.
“This change to our Business Transaction Account addresses the number one complaint we received from our business customers – the monthly account fee. We’ve already seen tens of thousands of customers make the switch, and collectively they will save millions of dollars as a result of the changes,” said van Horen.
