Customer-Owned Bank Accelerates Tech-Driven Disruption in SME Banking

• Bank unveils enhanced mobile app to help small businesses
• Provides direct banking feeds to leading accounting software
• Instant invoicing and vehicle loans available through the app

As part of its drive to deliver a leading SME banking alternative, Great Southern Bank has launched innovative new app-based products and services to help small businesses manage and grow their operations.

The bank’s enhanced small business app, Business +, now includes real-time invoicing, seamless direct feeds into leading accounting platforms MYOB and Xero, and access to vehicle loans, all through a streamlined and intuitive digital experience. Further enhancements are on the way, including the addition of competitive business deposit options.

Developed in partnership with leading Australian fintech Constantinople, the proposition addresses key challenges facing Australian small businesses, particularly managing cashflow and working more efficiently.

Rolf Stromsoe, Chief Customer Officer at Great Southern Bank, said:

“We’ve built a better banking experience for small businesses owners - one that respects how busy they are and gives them real value, not more complexity.

“New customers can sign up online and be using their account in minutes, with no need to visit a branch, saving them considerable time and effort. That’s a game-changer for the third of Australian SMEs who are frustrated with their current bank and actively considering switching.”

Available with zero monthly account keeping fees, key Business + functionality includes:

• Direct bank feeds to accounting packages Xero and MYOB
• On-the-spot invoicing with automated payment reminders
• Digital working capital and vehicle loans applications
• Full digital onboarding for self-managed superannuation funds, trusts, and complex business structures.

Rolf Stromsoe said: “We are continually evolving our platform, and will continue to offer further improvements and deliver smarter solutions to Australia’s under-served small business market.”

*Research conducted among 1,500 small business owners and managers in December 2024.

About Great Southern Bank

For almost 80 years, we’ve been putting our customers first, and today we look after the banking needs of around 420,000 Australians. We have changed our name from CUA to Great Southern Bank, but we remain customer-owned and are firmly focused on our purpose of helping all Australians to own their own home.