the best friend of companies seeking certainty
By enabling ANZ to receive a client’s financial information through a single connection to its accounting software platform, GoBiz helps our clients provide a quick snapshot of the company’s position. It works with all major accounting software – Xero, MYOB, and QuickBooks – which covers around 70% of all small businesses in Australia.
This near instantaneous transfer also gives the most up-to-date information, rather than capturing the performance of the previous exercise. And in many cases, it saves clients the trouble of spending valuable time and resources asking their accountants or financial advisors to prepare detailed accounts for the most recent tax period.
The new platform has already helped many clients – including Nikki Palun, owner of Octava wines, who was seeking funding to expand his business and build a new wine bar that would bring food, music and wine to the downtown suburb of Port Melbourne.
Although not an ANZ customer, Nikki found the application process through GoBiz at the local ANZ branch quick and easy: “From the first meeting I couldn’t believe the efficiency and speed of the entire application process. I applied on a Friday, I submitted all my forms on Monday and credit team approval on Tuesday, ”she says.
“The entire loan application was online and everything was downloaded directly from Xero. By eliminating all that tedious filling out of forms, I think I saved myself a few days of administration.
Eligibility for GoBiz will expand this year as clients with more complex needs and other industries are added and as we begin to refine our credit decisions based on the information provided by clients.
SME recovery loan program and more
Earlier this month, GoBiz was updated to allow customers to take advantage of the Federal Government’s revised version of its SME recovery loan program – whose criteria have recently been broadened to make many more businesses eligible to make a complaint.
The digital nature of GoBiz means that this kind of variation can be easily added to the process without the need for a major system overhaul.
We are also launching another product called “Share My Business Financial Data” which will help speed up business loan applications that go through our traditional network, rather than the online portal.
Like GoBiz, it allows customers to consent to provide up to two years of financial data from their accounting software platform, which can be delivered to the bank in minutes. The new tool will leverage GoBiz’s ability to use data and automation to deliver a quick decision – a quick yes or, in some cases, a quick no, which can be almost as helpful.
Early indications show that this is proving to be very useful for clients and also has benefits for our bankers, as the information is provided in a consistent and standardized form rather than in the format that the client provides to them. This saves time and resources when converting this information to the correct format.
These two tools show how the role of a traditional investment banker changes as these programs are integrated into our processes. This essentially frees them from the tedious management of documents and processes so that they can spend more time adding value for customers.
Paul Presland is Managing Director of Small Business Banking at ANZ