Union Bank of the Philippines (UnionBank) complements this shift as it launched its UnionBank SME banking app on January 15, 2021.
Acclaimed by Asiamoney as the Philippines’ Best Bank for small and medium enterprises (SMEs) in 2020 for providing better funding opportunities to small businesses, UnionBank’s newest innovation aims to continue empowering SMEs to embrace digital transformation and unlock more opportunities for them to pivot, grow, and thrive in the now digital normal.
It also underscores UnionBank’s primary goal of using its digital expertise to extend more financial services to all Filipinos, including the strategically-vital SMEs who comprise about 99% of the country’s registered businesses.
2020 brought about disruptions across many industries, affecting business activities and leading to a global economic decline. According to the International Monetary Fund’s October 2020 growth projections, the -4.4 percent growth was expected to continue until the end of the year.
In the Philippines, the banking sector was not spared as the economy went into a recession by the second quarter of 2020. Specific segments of the sector’s market continue to be in increasingly vulnerable positions. Some customers face temporary financial strain. Individual and corporate borrowers may lack sufficient money. Those with special servicing needs, such as the elderly, require customized assistance, especially with the transition to digital banking. SME owners are focusing on keeping their business afloat by seeking efficient and accessible banking solutions.
Decisive, time-bound, and wide-ranging policy responses need to be made in order to cope and maintain a sound and stable financial system overall.
With this in mind, UnionBank developed an all-in-one access platform that caters to every Philippine SME’s needs. In order to support these SMEs, UnionBank is providing an accessible and user-intuitive app that is tailor-fitted to how they want to run their business.
“As the country continues to recover, Philippine SMEs need innovative, convenient, and secure banking solutions. Through our platform, we want to empower them to bank the way they want and according to what their business needs,” Jaypee Soliman, UnionBank Vice President for SME Platforms said.
Through the UnionBank SME banking app, any business owner can open their own checking account online with ease and convenience. There is no fuss as the account will be available and ready to use within the same day and there is no need to fill out any forms or visit a branch. The app also helps SMEs manage all their financial operations with just a few clicks.
UnionBank also offers other SME banking solutions including SeekCap and UnionBank GlobalLinker. Through SeekCap, business owners can apply for a loan fast and hassle-free. Through UnionBank GlobalLinker, a one-stop-hub digital platform, SMEs are able to manage their inventory and their respective teams, gain more knowledge about the local landscape, as well as expand their network all in one place.
“At the end of the day, we’re all in this together and we want to help all Filipinos be financially inclusive. We are a digital partner that Pinoy SMEs can trust and rely on amid any challenge,” Soliman concluded.