Home Accounting and Auditing Edge Banking is aimed at accountants and entrepreneurs

Edge Banking is aimed at accountants and entrepreneurs

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Ask an entrepreneur what they think of banks and you will likely get some colourful language. “They take too long to process loan applications”, “I can never get a hold of anyone at the bank when I need them”, “They don’t understand my business”, ”My personal banker keeps on changing”.

You can probably make your own list.

These are complaints that bankers themselves have heard more than once, but Standard Bank was the first to take the plunge and launch a banking service aimed specifically at accountants and entrepreneurs.

“We researched this segment of the market and what we found was that entrepreneurs feel judged by banks,” says Gugu Sithole-Tyali, marketing manager at Edge Banking. “What we also found was that entrepreneurs have high regard for accountants and trust their advice. Entrepreneurs also trust their accountants when it comes to choosing a bank. So we felt this was a market we had to address and we had to come up with a banking service that was uniquely tailored to entrepreneurs and accountants.”

The differences

So what is it that Edge Banking does that is different?

For a start, your business and private banking facilities are treated holistically, says Sithole-Tyali. “In traditional banking, your business and private accounts are treated separately and there is little or no cross-referencing between the two. We understand that entrepreneurs want their business and private banking accounts to be looked at together.”

Here’s another major benefit that Edge Banking provides: your personal banker (referred to as a Delightful Service Arena consultant) is available 24/7. Really?

“Yes,” says Sithole-Tyali.

“Even if I want to phone my personal banker at 2:00am in the morning?”

“Yes.”

“By phone?”

“Yes, or by email,” says Sithole-Tyali.

Edge is a new service, launched in July 2018, and it is growing in leaps and bounds. Here’s another plus: it is a premium banking service that empowers your accountant to act on your behalf, saving you time that’s better spent growing your business.

By giving your financial team Power-of-Accountant and 24/7 access to a Delightful Service Arena, Edge offers a seamless banking service that’s as dynamic as your business.

Power-of-Accountant is rather like the more familiar Power of Attorney, except that the accountant is handed the power to make loan applications and provide other services in the name of the entrepreneur.

You also get quick access to your entrepreneur’s important documentation including FICA, confirmation of bank details, letter of good standing and tax certificates such as IT3B and IT3C.

No More Filling In Forms

Another important benefit is Edge dispenses with the need to fill out forms each time you make a loan application. Pre-populated documentation allows the entrepreneur to add additional value to clients and open accounts on their behalf (with relevant permissions in place).

One thing Edge does not do is lend money directly, but it will assist in sourcing loans, from Standard Bank, as well as other funding institutions, on behalf of clients.

Edge will also assist in setting up trust accounts and providing the kind of banking intelligence that most entrepreneurs find lacking with conventional banking services.

Another benefit is access to Standard Bank’s Café Blue, the Connection Hub and The Library Lounge at OR Tambo Airport.

Finally, a banking service that caters to the unique requirements of entrepreneurs and rightfully places accountants front and centre of the business.

Contact Gugu Sithole-Tyali: gugu.sithole@sbfuturelab.com

 

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