The Covid-19 outbreak has not only accelerated the digital transformation of small and medium enterprises (SMEs) but also showcased its importance in the short term and the foreseeable future. With the enforcement of social distancing and the Movement Control Orders to curb the spread of the disease, businesses had to pivot towards a digital business model to weather the storm.
With consumer behaviour shifting towards an online-first model for both goods and services, it was proved that digital adoption is no longer just an option. According to a survey by Malaysia Digital Economy Corporation (MDEC), over 50% of SMEs embarked on their digital journey during the pandemic.
However, many SMEs are still ill-equipped for the transition to digitalisation, mainly because they perceive it as being complex, costly and unnecessary — at a time when most businesses are being conservative about expenditure.
According to a study by Huawei Technologies, 85% of digital adoption by SMEs is mostly concentrated in computing devices and connectivity, while only 15% put their resources in back-end business process such as inventory management and fulfilment software.
Recognising the gap in the market and the importance of helping SMEs embark on a smooth digital journey, Maybank continues to enhance its presence in the digital banking space with added-value enhancements and services. One of the most recent is the Maybank2u Biz App, which serves as a natural component to aid businesses with their digital transformation.
The mobile app is designed based on the mobile-first approach and works seamlessly with the Maybank2u Biz web platform. While it already offers comprehensive business banking functions as a standalone bank platform, it features new enhancements to make banking more efficient and introduces business tools like the built-in invoicing feature for customers to take control of their day-to-day banking needs while on the go.
“With increased technological advancements, businesses today look for banking services that offer unprecedented speed, new levels of convenience and tailored tools,” explains Kalyani Nair, Maybank head of group virtual banking. “Our intent has always been to create solutions that simplify things for our customers and improve their lives.”
More than just a banking app
With the Maybank2u Biz app, Maybank is looking to support business owners and operators in their digital transformation. The app was designed to be simple and efficient, to provide an unobtrusive gateway into digital banking where users can perform transactions on go, allowing them more time to focus on planning their business recovery and growth. Besides Maybank2u Biz, Maybank has also launched additional solutions such as SME Digital financing and Sama-Sama Lokal to further support the SMEs.
Kalyani elaborates that Maybank set out to address several major areas targeted at SMEs. “As a trusted financial services partner, we wanted to give them a sense of security and we wanted to provide a solution that gives them the required tools and information to be in control of their banking, so that they can take their business to the next level.”
To date, more than 24,000 companies have signed up for the Maybank2u Biz app. Nearly 500,000 approved transactions, valued at RM1.5 billion, have been recorded since the app’s rollout in October 2021.
“Before the mobile app was launched to the public, we pilot tested it with businesses from various industries. The results were encouraging, following positive feedback from users who found it useful in improving their processes. This paved the way for many to onboard the app into their operations,” says Kalyani.
Enhanced banking at your fingertips
The Maybank2u Biz app offers new built-in tools and enhancements that elevate the digital banking experience. These include:
A built-in invoicing tool to save time and paperwork. Users can customise ready-to-use invoice templates and also monitor the status of the invoices and send them directly to customers via email or chat.
Export transaction history as a CSV file. Users have the option of exporting up to one year’s worth of transactional data in a CSV file to be used with a third-party accounting software.
Authentication via Secure2u. With the introduction of Secure2u for Maybank2u Biz, there is a reduced need for authentication using TACs via SMS.
Moving SMEs forward
As seen during the pandemic, many SMEs were forced to evolve and transform their business models into digital ones. Maybank, as an SME preferred financial partner, wanted to support and move along with them by providing solutions that addressed their essential needs.
Kalyani explains that SMEs may still find it challenging to juggle the many apps and software that they use for their point of sale, inventory management and even banking services, among others.
Many customers are happy to say that the Maybank2u Biz app has solved such issues. One such customer is Bryan Lau Jian Ming of BML Solutions.
BML Solutions is a family-owned company that trades in biomass related to the palm oil industry, and provides end-to-end solutions within the industry in the whole of West Malaysia, where corporations usually purchase it for the use of renewal energy.
Before using the Maybank2u Biz app, Lau was already an existing user of the Maybank2u Biz web platform. Due to the nature of the business, the company carries out a lot of online transactions and is heavily reliant on cash flow and cash payments.
Daily tasks were not as seamless, as he needed to have a fixed schedule to conduct his payments on his laptop, which was not the most efficient way to perform his daily tasks, especially when it involved multiple transactions throughout the day.
What Lau needed was a solution that was intuitive, fast and simple, that allowed him to make payments on the go — and the Maybank2u Biz app offered him that.
“I have already recommended the Maybank2u Biz app to my friends, and I highly encourage SME operators to do the same,” says Lau. He elaborates that by having these financial features on his mobile phone, he can make transfers whenever he needs to or wherever he is.
Lau adds that the enhancements introduced in the app have made processes straightforward and accessible. He cites the authorisation of transactions via Secure2u, Maybank’s alternative to SMS-based transaction codes (TAC), which speeds up the transaction process without compromising on security.
“The app provides accountability — before this, I had to get TACs from the respective owners. Now, I just add them to ‘favourites’ and that eliminates the need for TACs and tokens, saving us a lot of time and hassle.
“I like the fact that it provides mobility, agility, convenience and safety. It also makes the life of the maker checker easier, with easy access to financial data with a few clicks,” he adds.
With digitalisation being a key factor in allowing businesses to improve their operational efficiency, Kalyani says the arrival of the Maybank2u Biz App is timely for SMEs to continue on their digital path.“That is why we have developed the Maybank2u Biz app to be more than just a banking app. The app is designed to be SMEs’ digital business companion across their business life cycle, simplifying processes and, therefore, helping them thrive along the way.”
To find out more about Maybank2u Biz App, visit: www.maybank2u.com.my/m2ubizapp