UOB Malaysia develops all-in-one digital banking app to meet SMEs’ needs for operational efficiency, growth opportunities 

The bank clinches the Malaysia Digital Experience of the Year - Financial Services at the Asian Experience Awards 2023. 

UOB Malaysia has been growing alongside small- and medium-sized enterprises (SME) for over 72 years and supporting them in their next phase of growth through digital transformation and cross-border expansion by connecting them to regional growth opportunities.

As an important engine of growth for the economy, there is a need for SMEs to evolve with the ever-changing landscape as they grow. According to the UOB Business Outlook Study 2023, over 8 in 10 businesses in Malaysia have adopted digitalisation in at least one area. Whilst digitalisation can play a key role in helping SMEs improve their productivity and operational efficiency, a key challenge will be encouraging these companies to expand it to the entire spectrum of their businesses.

With this in mind, the UOB SME app was developed and designed to enhance SMEs’ digital banking experience by combining banking solutions, analytics, and business insights into a single platform. For banking and transactional capabilities, it leverages UOB Infinity and allows SMEs to manage a range of domestic and cross-border banking activities, from checking their UOB accounts across various markets to making local and international payments, personalised within a single dashboard. 

Additionally, the UOB SME app also provides features that are tailored to SMEs’ different needs. This comprehensive approach empowers SMEs to manage their finances seamlessly and gain better financial control whilst driving their growth strategies. The UOB SME app stands out with its comprehensive range of features designed to cater to the diverse needs of SMEs. The interactive dashboard offers a real-time view of cash flow data and convenient shortcuts for various banking transactions.  

Furthermore, the platform provides data-driven insights, delivering tailored solutions based on careful analysis of cash flow data spanning a six-month period.

The platform also ensures seamless direct partner integration, enabling SMEs to connect their business data to accounting solutions effortlessly. For those involved in foreign currency transactions, the UOB SME app allows users to access live foreign currency exchange rates and personalise foreign currency watch lists. Beyond banking, SMEs benefit from the SME Hub, which provides tailored solutions and resources encompassing business tips, informative articles, and industry-specific events.  

What truly sets the UOB SME app apart is its holistic approach, which serves as the central hub for a robust SME growth ecosystem that addresses business owners' end-to-end digital and business requirements. 

Since its launch in October 2022, the UOB SME app has seen remarkable adoption rates, with 42% of UOB Malaysia's Business Banking customers embracing the platform. Approximately 20% of those who have adopted UOB SME now use the app as their primary channel for transactions.  

With the UOB SME app facilitating on-the-go transactions, SME banking transactions have surged by 15.2% from January to May 2023 compared to the previous year. Furthermore, the SME Hub, which offers curated articles, networking opportunities, and promotion highlights, continues to be a valuable platform, receiving an average of about 300 views monthly. 
In recognition of UOB Malaysia's commitment to delivering comprehensive digital experiences to SME customers, the bank won the Malaysia Digital Experience of the Year - Financial Services title at the coveted Asian Experience Awards 2023. 

The Asian Experience Awards is renowned for celebrating excellence in enhancing customer experiences across Asia and have acknowledged UOB Malaysia's outstanding efforts as a financial institution that delivers meaningful, value-added services to customers through digitalisation. 

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at [email protected].