Union Bank of the Philippines (UnionBank) introduced an innovation that will change the way entrepreneurs do their business banking anytime, anywhere. Called SME Business Banking App, it is a one-stop hub for all the financial needs of micro, small and medium enterprises (MSMEs) which complements the other SME products the bank already have in the market.
The platform addresses the needs and challenges encountered by MSMEs, which comprise 99% of the country’s businesses, such as access to credit, managing financial requirement, and be able to expand and thrive in the new normal. Available for download at Apple Store and Google Play,
the app was developed to bring together financial solutions for SMEs into a one-access platform that provides account opening, account management, bills payment, and other features.
Manuel Santiago Jr., EVP and chief mass market and financial inclusion executive at UnionBank, said the app is a first of its kind in the Philippines where SMEs can be able to do their banking transactions, can link to their platform, can open their online stores, can tract inventory, can apply for loans, and so forth, to become more efficient and successful.
The solution has full digital capabilities such as real end-to-end online account opening process where business owners can open a bank account for their business wherever and whenever they may need, and utilize all solutions that come with it.
“This is the start of a full mobile experience for doing transactions easier, availing of better services that are designed for the SME community, from balance checking to fund transfer and to even depositing checks while without going to any of our branches,” said Jaypee Soliman, vice president, SME Segment at UnionBank.
The SME app offers features such as allowing users to see the history of transactions (whether the account is savings or checking), the date and time the transaction was created, and the time it was approved. Fund transfer through PESONet, PDDTS or US-dollar transfers and SWIFT, a channel used to send transactions all over the world, can also be seen.
Users can deposit checks and gain access to their funds and do all their online business transactions at the safety of their room or office or wherever they may be. The app also allows users to see the final status of transactions, and provides alerts such as push notifications.
The login security is facilitated using a multi-factor authentication which involves the use of a password and the biometric security of the device.