Aiming to onboard 1 million micro, small and medium enterprises (MSMEs) in the coming years, Union Bank of the Philippines (UnionBank) developed a mobile app tailor-fit for the evolving needs of small businesses.
The SME Business Banking App by UnionBank is a one-stop-hub for all financial-related transactions.
“We recognize that 99% of the businesses in the Philippines are MSMEs,” said Edwin Bautista, president and CEO, Union Bank of the Philippines. “As the economy grows, it is important that the backbone of the (Philippine) economy — the small businesses — grow together with it because if done properly they could be the engine that will sustain the continued growth of the country.”
Garcia said that while MSMEs were the hardest hit by the COVID-19 pandemic due to government-imposed lockdown, they were also the most resilient and among the first to adopt digital transformation.
“So far, what we have done for SMEs is we’ve either allow them to use the mobile banking app, or for the slightly bigger ones, we allow them to use the portal, which is our online banking system for corporates,” Garcia said.
The process allowed them to see and realize that MSMEs have unique needs different from other business types or sizes.
“We recognized that perhaps their banking needs are a little more unique and that and letting them use either the system for individuals or for corporate is sub-optimal,” Garcia said. “This is the first of its kind in the Philippines — or even in the region.”
SME Business Banking App by UnionBank
Through the SME Business Banking App by UnionBank, clients can easily open Business Checking Accounts, granting they meet the requirements, avail themselves of basic banking services such as accounting, and even marketplace solutions all in one platform.
“From this app, MSMEs will be able to do their basic banking transactions, link to different Union Bank platforms, open their online stores, and track inventory,” Garcia said.
He added that in the next iteration, Union Bank will include loan applications and enhance features and services that MSMEs may need as the business landscape evolves.
“For years, Union Bank has this advocacy of helping small businesses participate in the e-commerce world,” Garcia said. “We also want to empower MSMEs globally competitive by enabling them with digital solutions that would elevate their capabilities to advance their businesses.”
SME Business Banking App by UnionBank can be downloaded from the App Store and Google Play.