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DBS Rolls Out Digitalised Audit Confirmation Solution for Corporate and SME Customers

by Fintech News Singapore January 25, 2021

DBS announced that it will be rolling out a digital audit confirmation solution for its corporate and SME customers.

According to their media statement, the DBS Audit Confirmation cuts processing time for audit confirmation requests to under 24 hours, as compared to industry norm of at least seven days.

The bank’s corporate and SME customers can request for DBS’ confirmation to verify their financial positions and balances digitally. The solution replaces manual workflows between customers, auditors and banks, with all documentation received, reviewed and processed digitally.

These confirmations are then automatically sent to the customers’ auditors as part of statutory corporate reporting requirements.

The bank also said that it expects a lower incidence of rejections arising from incomplete or incorrect form submissions caused by inadvertent human errors.

Customers can track the status of their requests in real-time via DBS IDEAL instead of inquiring over the phone. This resolves the perennial industry pain point of banks needing to cope with high call volumes especially between January and March, when more companies close their books.

With this digitalised process, businesses can expedite the closure of their annual financial statements.

The DBS Audit Confirmation solution is expected to benefit over 30,000 of the bank’s corporate and SME customers in Singapore and there are plans in the pipeline to extend the solution to its key markets at a later date.

Tan Su Shan, Group Head of Institutional Banking at DBS, said,

Tan Su Shan

“While audit confirmation is a fact of life for many businesses, we don’t believe it has to be a painful, long-drawn process. With the annual financial book closure peak season starting, we’re bringing to bear our innovation and digital capabilities to offer our customers a service that will drastically reduce the time and effort needed to process their requests.

 

This will free our customers from administrative tedium, which we hope will allow them to focus their energies on tasks that are more important to them as they prepare their businesses for the new year.”

Featured image credit: screengrab from DBS Ideal