United Overseas Bank (UOB) announced that it is helping its small business customers take advantage of mobile technology to manage their businesses more effectively. The Bank has collaborated with Irish technology start-up company Enterpryze, a provider of innovative cloud and mobile technology, to develop a mobile solution that enables its customers to access SAP Business One through UOB BizSmart.
Through UOB's mobile solution, small business owners will have quick and easy real-time overview of their operations from their financial position to inventory levels. This will enable them to make smarter business decisions that would result in higher productivity, efficiency and growth. Small businesses that use mobile services more intensively have been found to generate revenue growth of up to two times faster than their peers.
Mr. Lawrence Loh, Managing Director and Head of Group Business Banking, UOB, said, “Being in control of one's business does not mean one has to be desk bound. Most of us now depend on our mobile device because of the speed and convenience it provides and how it ensures optimal use of our time wherever we are. In fact, we use it as if it were our personal assistant to help us organise our daily activities such as planning schedules, making purchases and banking. As the same would apply for small businesses, we have harnessed mobile technology to help them be more efficient and productive.
“We have also observed more small businesses using our mobile offerings, with a 77% increase in the number of small business customers opting to use the UOB Business mobile app over the last 12 months. By working with Enterpryze to offer mobile capabilities, we can improve the customer experience to include access to business management tools within UOB BizSmart to help small businesses increase their productivity for better business performance.”
Mr. Morgan Browne, founder of Enterpryze, said, “We developed our technology as we recognised how important it is for business owners to be connected to their company’s data even when they are out of the office. By having real-time information on their company’s operations, business owners will be better informed and can in turn make decisions with greater certainty. This is our first deal in Southeast Asia and we are glad to be working with UOB to provide small businesses across the region a seamless mobile experience when managing their business through UOB BizSmart.”
One customer who has benefitted from the convenience is Mr. Syed Fakhrul Islam. Since he started using UOB BizSmart, he has already been able to reduce the time spent in the office by six to eight hours per week.
Mr Fakhrul, Director of Utiliqo Pte Ltd., a maritime transport company, said, “As a business owner, I am constantly on the go, negotiating new deals, meeting customers or participating at industry events. These activities keep me out of the office for long hours which results in me heading back to the office late in the day to catch up on the day’s activities. Since using UOB BizSmart, I can now monitor our accounts, invoices and inventory levels, and even approve staff expenses without needing to be in the office. This has helped me free up valuable time that I can use to focus on growing the business.”
Re-disseminated by The Asian Banker