EconomyEditor's PickSecurity Bank empowers businesses through online cash management

November 5, 2021

Ensuring good cashflow is the lifeblood of any business. Companies, big or small, need to generate sufficient cash from its activities to pay for expenses and grow its operations. As businesses grow, it’s important to keep track of cash flow to efficiently provide stakeholders with a bird’s eye view into a company’s financial health.

Cash management is one of the most crucial components to running a business–ensuring the right amount is held to meet immediate and long-term needs. Without a systematic process of collecting and managing cash flows, companies can quickly fall behind in monthly operational expenses resulting in debt and insolvency due to failure in anticipating unforeseen liabilities.

With decades of expertise in empowering businesses, Security Bank has helped thousands of companies with DigiBanker. DigiBanker is a multi-award-winning digital cash management system that enables organizations to closely and easily monitor cash flows, settle obligations on time, properly disburse funds, maximize liquidity, and minimize the cost of doing business in the long run.

Entrepreneurs who performed manual bookkeeping and vendor handling, for example, need not be reliant on traditional means of cash management. Through DigiBanker, they now have an option to automate tedious and often time-consuming processes.

“Many businesses used to view cash management as a nice-to-have value-added service provided by banks. Today, it is viewed as a vital tool in helping them run their business. And as these businesses go through their own digital transformation, digital cash management services are now a critical and integral part of their end-to-end financial operations,” says John Cary Ong, EVP and Transaction Banking Group head at Security Bank.

Providing services to enrich Filipino businesses

DigiBanker is used by 5 of the top 10 corporations in the Philippines, helping them manage cashflow and payments.

Developing a robust cash management system to ensure that the financial control of businesses is seamless is one of Security Bank’s core strengths. With years of experience in transaction banking and cash management, the Bank regularly updates its technology stack and keeps a laser-sharp focus on optimizing its platforms to offer new capabilities that improve the overall customer experience. This commitment to customer-centricity has allowed Security Bank to help businesses such as the W Group thrive amid continuous disruptions.

A client since 2009, the W Group has leveraged Security Bank’s DigiBanker platform to help manage its finances, from payments to the Bureau of Customs through PAS5, settlement of government related dues through the eGov module, and efficient check-handling with the PDC manager.

The W Group started manually monitoring PDCs and conducting daily submissions to a branch for deposit. However, as their business and revenues grew, the need to streamline its financial operations became a priority.

“We at W Group are pleased to have a partner such as Security Bank. Through their effective collections, liquidity, and disbursements platform, we can automate multiple financial transactions, manage daily cash flows, minimize possibility of human error, and navigate the digital payments ecosystem with ease,” says John Stanislaus Wee, Chairman and President of W Hydrocolloids Inc.

The W Group is known in the real estate sector for developing some of Bonifacio Global City’s iconic office high rises such as the W City Center, W Fifth Avenue, and the Citibank Plaza.

“We appreciate that our Relationship Manager takes time to sit down with us to provide suggestions on how to simplify our processes so we can make the right financial decisions. We are given regular updates on market performance, economic outlook, with tips on how industry players like us could better navigate a disruption-filled business landscape,” adds Wee.

DigiBanker landing page

Adapting fast to the new normal, Security Bank rolled out new services that allowed companies, big and small, not only to open accounts digitally, but also to enroll in various cash management services. In addition, the Bank also introduced new self-service onboarding tools such as DigiBanker Assistant, online account opening for BusinessPlus accounts and a dedicated hotline for DigiBanker concerns.

“Since DigiBanker’s inception in 2002, we have helped over 30,000 small to medium enterprises and large corporations handle their finances and grow to where they are now. Through DigiBanker, our Cash Management Platform that comes coupled with our BusinessPlus Account, we’re able to deliver BetterBanking and service differentiation to our business clients. As Security Bank continues to invest in the latest technology, we aim to empower businesses to reach their full potential,” adds Ong.

70 years of empowering businesses

Over the years, Security Bank continues to be a strong and trusted financial partner by many businesses. Today, despite the pandemic, the Bank maintains its agility and responsiveness in anticipating customers’ changing needs and preferences.

“As we celebrate our 70th anniversary, we look back on the Bank’s successes over the last seven decades that have ultimately paved the way for us to innovate and create more customer-centric offerings tailor-fit to the needs of Filipinos,” says Security Bank President and CEO Sanjiv Vohra. “As we adapt to the new normal, we continue to commit to our promise of BetterBanking service while ensuring our clients’ and employees’ safety and security during this time.”

In the coming years, Security Bank will aggressively invest in digital transformation to ensure that Filipinos have access to innovative solutions through its award-winning products and services.

This year, Security Bank celebrates its 70th anniversary. To know more about its products and services, you may visit www.securitybank.com or Security Bank’s Facebook page at www.facebook.com/SecurityBank.

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