Maybank2u Biz strengthens the digitization of SMEs with the new mobile application

Streamlined processes with built-in cybersecurity to enable peace of mind in day-to-day banking with on-the-go transactions.

The Covid-19 epidemic has not only accelerated the digital transformation of small and medium-sized enterprises (SMEs), but has also shown its importance in the short term and in the foreseeable future. With social distancing enforced and movement control orders to curb the spread of the disease, companies have had to turn to a digital business model to weather the storm.

With consumer behavior shifting towards an online model for goods and services, it has been proven that digital adoption is no longer just an option. According to a survey by the Malaysia Digital Economy Corporation (MDEC), more than 50% of SMEs started their digital journey during the pandemic.

However, many SMEs are still ill-equipped for the transition to digitalization, mainly because they perceive it as complex, costly and unnecessary, at a time when most companies are cautious about spending.

According to a study by Huawei Technologies, 85% of SMB digital adoption is primarily concentrated in computing devices and connectivity, while only 15% put their resources into back-end business processes such as inventory management and order processing software.

Recognizing the gap in the market and the importance of helping SMEs embark on a seamless digital journey, Maybank continues to strengthen its presence in the digital banking space with enhancements and value-added services. One of the newest is the Maybank2u Biz app, which serves as a natural component to help businesses in their digital transformation.

The mobile app is designed based on the mobile-first approach and works seamlessly with the Maybank2u Biz web-based platform. Although it already offers comprehensive business banking functions as a standalone banking platform, it offers new enhancements to make banking more efficient and introduces business tools such as the integrated billing feature allowing customers to take control of their day-to-day banking needs while online. the green light.

“With increased technological advancements, businesses today are looking for banking services that offer unprecedented speed, new levels of convenience and bespoke tools,” says Kalyani Nair, Head of Virtual Banking at Maybank Group. “Our intention has always been to create solutions that make things easier for our customers and improve their lives.”

More than just a banking app

With the Maybank2u Biz app, Maybank seeks to support business owners and operators in their digital transformation. The app was designed to be simple and efficient, to provide an unobtrusive gateway to digital banking where users can transact on the go, freeing them up to focus on recovery and recovery planning. growth of their business. Apart from Maybank2u Biz, Maybank has also launched additional solutions such as SME Digital Finance and Sama-Sama Lokal to further support SMEs.

Kalyani explains that Maybank has set out to tackle several major areas aimed 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 tools and information to control their banking, so they can scale their business. level.”

To date, over 24,000 businesses have signed up for the Maybank2u Biz app. Nearly 500,000 approved transactions valued at RM1.5 billion have been recorded since the app was rolled out in October 2021.

“Before the mobile app was launched to the public, we tested it with companies in various industries. The results were encouraging, following positive feedback from users who found it helpful in improving their processes. paved the way for many people to integrate the app into their operations,” says Kalyani.

Enhanced banking services at your fingertips

The Maybank2u Biz app offers new built-in tools and enhancements that enhance the digital banking experience. These include:

An integrated invoicing tool to save time and paperwork. Users can customize ready-to-use invoice templates and also monitor the status of invoices and send them directly to customers via email or chat.

Export transaction history as a CSV file. Users have the ability to export up to a year of transactional data to a CSV file for use with third-party accounting software.

Authentication through Secure2u. With the introduction of Secure2u for Maybank2u Biz, the need for authentication using TAC via SMS is reduced.

Advancing SMEs

As seen during the pandemic, many SMEs have been forced to scale and transform their business models into digital ones. Maybank, as a privileged financial partner of SMEs, wanted to support them and accompany them by providing them with solutions that meet their essential needs.

Kalyani explains that SMBs can still find it difficult to juggle the many applications and software 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 solved these problems. One such client is Bryan Lau Jian Ming of BML Solutions.

BML Solutions is a family-owned company that markets biomass related to the palm oil industry and provides end-to-end solutions within the industry across West Malaysia, where businesses generally buy for the use of renewable energy.

Prior to using the Maybank2u Biz app, Lau was already an existing user of the Maybank2u Biz web platform. Due to the nature of its business, the company transacts extensively online and is highly dependent on cash flow and cash payments.

Daily tasks weren’t as seamless, as he needed a set schedule to make payments on his laptop, which wasn’t the most efficient way to complete his daily tasks, especially when he involved several transactions throughout the day.

What Lau needed was an intuitive, fast and simple solution that allowed him to make payments on the go – and the Maybank2u Biz app provided it.

“I have already recommended the Maybank2u Biz app to my friends, and I strongly encourage SME operators to do the same,” says Lau. He explains that by having these financial features on his mobile phone, he can make transfers whenever he needs or wherever he is.

Lau adds that the improvements introduced in the app have made the processes simple and accessible. He cites the authorization of transactions via Secure2u, Maybank’s alternative to SMS Transaction Codes (TAC), which speeds up the transaction process without compromising security.

“The app provides accountability – before that I had to get the TACs from the respective owners. Now I just add them to ‘favorites’ and it eliminates the need for TACs and tokens, saving us a lot of time and of hassle.

“I like that it offers mobility, agility, convenience and safety. It also makes life easier for the maker checker, with easy access to financial data in just a few clicks,” he adds.

With digitization being a key factor for 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’s why we developed the Maybank2u Biz app to be more than just a banking app. The app is designed to be the digital business companion for SMEs throughout their lifecycle, simplifying processes and, by therefore, helping them thrive along the way.”

To know more about Maybank2u Biz App visit: www.maybank2u.com.my/m2ubizapp

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