The pandemic has not been easy on small and medium enterprises (SMEs). Many have been forced to change their business models and digitalise in order to survive and reach out to customers amid the prolonged lockdown. 

Some of the habits that consumers picked up during the pandemic, such as online shopping and cashless payments, are likely to become permanent. Therefore, even as the economy gradually reopens, the need for SMEs to digitalise their businesses remains.  

However, once they have digitalised, SMEs may find it challenging to juggle the many apps and software they use for their point of sale, inventory management and even banking services, among others. 

Recognising these challenges, Maybank recently launched the Maybank2u Biz app to make life easier for SMEs. The mobile-first app offers banking and business management services, all on one platform. 

This app will provide an omnichannel experience for existing Maybank2u Biz web users or act as a standalone online banking platform for customers who want the full mobile experience. 

"With this app, we want to support SMEs as they transform digitally. At the same time, we want to make things simple and efficient for them, so that they have more time to focus on more important things like planning for their business recovery or growth," says Kalyani Nair, Maybank head of Group Virtual Banking. 

Unlike other business banking apps that may be more focused on providing banking services, the Maybank2u Biz app aims to provide services beyond that. The bank made this decision based on the pain points it observed among its SME customers. 

"From our research and discussions with business owners, we understand that SMEs need support beyond banking. That is why we have developed the Maybank2u Biz app to be more than just a banking app," says Kalyani.

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. It is also designed to be mobile first, so that SMEs do not have to juggle both web and app services.

"This will definitely benefit our SME customers who are always on the go, especially the many SMEs that have embraced digitalisation during the pandemic," says Kalyani. 

The Maybank2U Biz app comes with four main features. First, the simplified accounts overview allows users to track their assets, which include accounts, fixed deposits and liabilities, on a simple interface. Users can also export their transactional data in a CSV file to be used with other third-party accounting software. 

Additionally, the app allows users to approve transactions on the go and grant approvals for up to 10 transactions at one time. They can initiate payments and fund transfers from the mobile phone and set recurring payments and favourite payees.

In-built invoicing tools in the app save SMEs time and paperwork, since users can customise ready-to-use invoice templates within the app, send the invoices directly to customers via email or chat messaging applications such as WhatsApp, and monitor the status of all invoices. They can send reminders for unpaid invoices with a template provided in the app. Meanwhile, receipts can be issued to clients who have paid the invoices. 

"This enables SMEs that may not have any systems or processes in place currently to finally manage their receivables and cash flow better," says Kalyani. 

Last but not least, the app uses Secure2u, a fast and secure way to authorise transactions. It gives users an extra level of security and reduces exposure to fraud.

Users are provided different levels of access to the account, based on their role assigned during the registration process. Each appointed user can hold one type of access within a particular business entity. The viewer, for instance, has the ability to view all account details. The maker can view and initiate transactions, while the checker can view and approve transactions initiated by the maker.

Ultimately, Maybank hopes to assist SME customers by providing speed, efficiency and clarity on cash flow through the app. The bank wants to provide a solution that is secure and help businesses make informed decisions. 

"As SMEs' preferred financial partner, we would like to move alongside them so that we are able to support them meaningfully and provide solutions that address their real needs," says Kalyani. 

Apart from the Maybank2u Biz app, Maybank also offers other solutions like SME Digital Financing which provides loan approval within as fast as 10 minutes and Sama-Sama Lokal, its very own online marketplace.

Private limited companies, partnerships, clubs, societies and associations as well as educational institutions can benefit from using the Maybank2u Biz app. 

Existing Maybank customers can just download the app from the Google Play Store or the App Store, log in with their Maybank2u Biz ID and start using it immediately. All the data from their existing accounts will be automatically made available in the new app.

Non-Maybank customers, meanwhile, can easily open a business account online via Maybank2U and make a single trip to the branch to activate the account. Once that is done, they can start using the app and have access to all the banking features and business tools.

Maybank is running a special campaign until Dec 31, 2021, in which users will stand a chance to win RM30,000 when they transact through the new Maybank2u Biz app. More information can be found at - www.maybank2u.com.my/power2win

To find out more about Maybank2u Biz App, log on to: www.maybank2u.com.my/m2ubizapp