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From the session topics and turnout at this year’s CommBank SmallBiz Week, it’s clear that in today’s small business landscape small businesses want and need better scam and fraud protection, cash flow support, and cost-pressure relief.
Sara Sutton, GM of small business at CommBank, reflects on the key themes and takeaways from the 2023 event, and shares how small businesses can access the tools and assistance they’re looking for.
Quick cash flow hacks
The incredible turnout at the 2023 CommBank SmallBiz Week proved that small businesses are as gritty and determined as ever to face the current challenges, which include an increased risk of cyberattacks and a tightening economy.
“From an optimistic perspective, there is still that innovation, desire and growth mindset that sits amongst small business in Australia,” Sutton says. “There’s a lot of exploration around new areas, and businesses wanting to diversify and improve themselves. I think that was really positive and came out strongly.”
Even so, inflationary pressures from the rising cost of supplies and labour are really turning up the heat. So for those small businesses that do need to keep a close eye on incomings and outgoings, the CommBank Business Cash Flow tool provides a simple and straightforward way to manage cash flow on the go.
Then there are CommBank’s new Smart Terminals. These handy devices help customers pay and get paid, Sutton explains, combining highly competitive features—such as same-day settlement and dual-SIM capability—with “a really sharp price point that helps put merchant fees back into the budgets of small businesses.”
Stepping up scam and fraud protection
Another thing that came out loud and clear during this year’s event was the increased risk from scams and fraud.
“We’ve all received the text messages, emails and calls, and these can pose a significant threat to small businesses,” Sutton says. “So we’ve been working very hard to support customers with combatting some of these concerns.”
In fact, CommBank has recently released two important in-built protection features to beef up security for its customers, she adds. These are:
NameCheck
This automatic checkpoint reviews first-time payments, assessing the information that has been entered into NetBank, the CommBank app or CommBiz against available payment data to indicate whether the account details look right. If not, you will be prompted to take further steps to ensure you are paying the intended recipient.
CallerCheck
“Unfortunately, we’re seeing the rise of scammers impersonating bank staff, and it’s becoming increasingly difficult for customers to differentiate between a real staff member and a scammer,” Sutton says. “CallerCheck enables our customers to go into their CommBank app and verify in real-time that the person on the phone is in fact from the Commonwealth Bank.”
Access more insights, and more cash back
To acknowledge the critical role that small businesses play in the Australian economy, CommBank is supporting small business owners with lots of other free tools.
For example, the Daily IQ^ business insights leverage CommBank data to provide customers with information around business growth areas, cashflow trends, and performance comparison with other businesses in the same industry. In a nutshell, “It helps our businesses know more about their customers, and really brings to life local knowledge,” Sutton says.
Meanwhile, the Benefits finder tool helps businesses identify and apply for government grants and rebates that they may be eligible to claim to help retain staff, provide tax relief, or manage cashflow.
By logging onto the CommBank app or NetBank and answering a few questions, businesses can quickly and easily see what support is available, and how to make a claim.
Thanks to the Benefits finder, “We’ve been able to connect both personal and business customers to $1 billion in grants, rebates and concessions since the tool launched in 2019, which is a huge, huge support,” Sutton says.
A small business event that makes a big impact
CommBank has committed to partnering with more small businesses than ever, so “it was a no-brainer for us to get involved” in the SmallBiz Week conference, Sutton says.
When asked what value the bank hopes to provide by combining all of these services, thought leaders and ideas into the largest small business event in the nation, she explained that: “For me, it’s insights, it’s connections, and it’s confidence. Because we all win when small business is winning.”
Find out more about small business support, tools and resources at commbank.com.au/smallbusiness
Things you should know:
As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances, if necessary seek professional advice. You can view our Merchant Agreement, Financial Services Guide (PDF) and the Electronic Banking Terms and Conditions (PDF) and should consider them before making any decision about these products and services. Bank fees and charges may apply.
The Bank believes that the information in the article is correct and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation, but no representation or warranty, either expressed or implied, is made or provided as to accuracy, reliability or completeness of any statement made in the report.
Any opinions, conclusions or recommendations set forth are subject to change without notice.
Any projections and forecasts are based on a number of assumptions and estimates and are subject to contingences and uncertainties. Different assumptions and estimates could result in materially different results.
^ Daily IQ has been prepared as a research tool for general informational purposes only and should not be relied on to make business decisions or for account reconciliation. The information may be incomplete or not up to date and may contain errors and omissions. Any projections and forecasts are based on a number of assumptions and estimates, including future events and contingencies, which may be inaccurate. Daily IQ is available to business customers with a CommBank Business Transaction Account. The Industry Sales Comparison, Busiest Times, Total Card Sales, Loyalty, Demographics and Location tools are only available to clients who have a CommBank merchant facility settling into a CommBank settlement account. Contact the NetBank Help Desk on 13 2221, or the CommBiz Help Desk on 13 2339 to find out if you are eligible.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.
The Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to build a brighter future for all. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. For more information on Commonwealth Bank, visit commbank.com.au/business.
