PREACHING the importance of digital technology to micro, small and medium enterprises (MSMEs) has become easier in these challenging times, according to an official of one of the leading banks in the country.
“I can say we have an easier time today to convince MSMEs because they are prepared to use digital technology and believe it would life easier for them, “ Eric Roberto M. Luchangco, Head of Business Banking at BPI Bank of the Philippine Islands (BPI) said during the online launch of the bank’s digital platform it dubs “BizKo.”
According to Luchangco, the subscription-based digital banking “enables” MSMEs “to manage their business finances and provides an integrated online system for invoicing and collection.”
Ana Maria C. Sison, head of BPI’s transaction services division, said the “all-in-one” online platform available via app and web “offers MSMEs immediate access to their account information. These functions include the following: checking balances, deposits and payables; regularly pay employees, suppliers, utilities and government dues; creating digital invoices under their business name; getting invoice number reminders to avoid duplication; and, receive and monitoring payments.
Sison added a BPI online banking account linked to the platform allows entrepreneurs “to skip the hassle of submitting multiple requirements for onboarding and, instead, easily enroll and transact” via the platform.
“The pandemic made running a business even more challenging for Filipino MSMEs. Aside from decreased profitability, entrepreneurs need to contend with heightened complexity, as issues like illnesses and lockdowns limited their mobility, made operations more expensive, and caused significant delays that bloated their overhead expenses,” Luchango explained.
He added the bank launched the platform “to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today.”
Moreover, Luchangco said the platform enables MSMEs “to streamline daily financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch.” He said this will allow entrepreneurs to make transactions “easier with the partners and customers for more accurate and hassle-free monitoring.”
By introducing the platform, Luchangco said MSMEs “can now enjoy these benefits that usually come with having a corporate online banking platform and often require a significant initial deposit and the maintenance of a daily balance that some MSMEs struggle with.” He said the platform “allows them to access these services through flexible and friendly subscription plans available in monthly and annual terms that start at P 50 and P100 per month for basic and premium plans respectively, without the need for an average daily balance.”
“We aim to provide individuals and businesses an efficient, inclusive, safe, and secure digital payments ecosystem to reinforce our commitment to be the MSMEs’ partner-of-choice,” Sison said.
She added the platform “aims to address the pain points and ease the challenges of MSMEs in cash and liquidity management so they can focus on keeping their businesses afloat, finding opportunities to boost profitability, and supporting their employees, partners, customers and their own families and communities.”