As quarantine restrictions and other health safety protocols have affected business operations, UnionBank on Tuesday launched a mobile application that serves as a one-stop hub tailored for all the financial-related needs of small and medium enterprises (SMEs).
Wherever they are, they can do banking transactions, open their online stores, track their inventory, and apply for a loan through this app, UnionBank president Edwin Bautista said in a virtual presser.
These SMEs can also pay their bills, SSS and PhilHealth contributions, and deposit without going to the bank.
“We saw that SMEs were the hardest hit by the pandemic. But they are also among the most resilient and were able to bounce back,” Bautista said.
Ana Aboitiz-Delgado, UnionBank executive vice president, said SMEs need to adapt to technology and leverage digitalization.
Launching the SME Business Banking app is also part of the bank’s goal to “Tech Up, Pilipinas”, as the bank has an advocacy to help SMEs join the e-commerce space by educating them, Bautista said.
In the same presser, QBO Innovation Hub head of operations Natasha Bautista noted that some SMEs “are still very manual, literally going to banks.”
She said among the challenges that SMEs have to deal with during the pandemic are the transition to work from home, reimbursements, and logistics.
Jaypee Soliman, UnionBank vice president of SME Segment, said they worked closely with SMEs for more than a year to understand their lifestyle.
As such, the bank developed the app in such a way that SMEs “will be able to do banking as if it is embedded in their day-to-day activities,” Soliman said.
One may create an account to the app sans the documents they would need to fill in when they go to a bank, he said, noting that the enrollment process is digitized.
They can deposit checks using the app.
For those who would apply for a loan, they will not be asked for paper requirements since the loan application will be assessed through a credit score.
“The SME Business Banking app was developed as a single-access platform for the users,” Soliman said.
In terms of security, one may log in through biometrics security, such as facial recognition.
If the device is not capable of the biometrics features, a one-time password (OTP) can be sent directly to the user.
For those who are part of more than one business, the app allows multiple company management.
“Whether you are the head of a company, and a staff of another company, you can use the app using a single set of credentials,” UnionBank vice president Antonio Miguel Dans II said, adding that the app could be accessed by multiple users of one company.
Users can view their log activity, too.
For more convenience, users may receive notifications via push notifications, similar to what is seen on social media accounts.
They can also opt to receive notifications via email.
The app, which has been available at Google Play and App Store since January 18, is the first of its kind in the country, Bautista said. (PNA)