Corps and SMEs to verify financial balances digitally with DBS’s Audit Confirmation service
Published 11 March 2021
DBS launches first digital audit confirmation solution for banking industry on its online corporate banking platform DBS IDEAL, planning to extend the digital service to key markets with more than 200,000-strong regional corporate customer base.
To help streamline the time-consuming process of annual audit confirmation for businesses, Singapore’s largest multinational banking and financial services introduces the Audit Confirmation feature on DBS IDEAL. This allows corporate and small and medium-sized enterprise (SME) customers to automatically provide their authorisation for DBS to confirm their positions and balances to the auditors through DBS’s platform, without needing physical touchpoints.
“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,” said Tan Su Shan, Group Head of Institutional Banking at DBS.
The solution is expected to benefit over 30,000 of the bank’s corporate and SME clients in Singapore. Auditing confirmation requests will be cut to under 24 hours as compared to the industry’s norm of at least seven days, DBS noted in a press statement.
With DBS Audit Confirmation, customers will also be able to track the status of their requests in real-time via DBS IDEAL instead of inquiring over the phone. The lender said this resolves the industry pain point of banks having to cope with high call volumes, especially between January and March when more companies close their books.
These digital solutions are part of DBS digibanking, which enables companies to manage, grow and transform their businesses effortlessly. The bank also said that it helps companies join global sustainability efforts by reducing paper waste.