With an increased VAT registration threshold for SMEs, from R300 000 to R1 million, FNB says more entrants will enter into the entrepreneurial business space.
Bearing this and other entrepreneurial innovations by government and private sector in mind, FNB says it's become vital that banks assist clients by simplifying their service offerings for SMEs.
FNB Commercial has overhauled its entire account and credit application process, making it possible for SMEs to apply for transactional products, business loans and credit cards online.
“This service will increase the speed at which new start-up businesses can open accounts. The aim is to make applying for a business account as easy as connecting to your computer at home,” says Shaun Edmeston, head of virtual strategy at FNB commercial banking.
The FNB Commercial online site has gone live, as well as a virtual relationship manager, who will assist businesses online to make the correct product choices.
The virtual assistant will guide new and current clients through the different products, the bank says, explaining them in detail, and assisting clients to choose which solutions will be most appropriate for their needs.
Clients will still need to comply with FICA, but within 24 hours of submitting an application, the business owner will have an account number without leaving the office. This will save the business valuable time and money, the bank says.
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