MANILA, PHILIPPINES — From unpaid invoices to mobility curbs that have complicated transaction processes, many small business owners found themselves facing difficult bookkeeping challenges at the onset of the pandemic. Nearly two years into the health crisis, several micro, small and medium enterprises (MSMEs) are still grappling with the same problems that a new digital platform is now trying to solve.
This week, Bank of the Philippine Islands (BPI), the oldest bank in Southeast Asia, introduced BizKo — a subscription-based digital banking platform that enables MSMEs to manage their business finances. BizKo is like a small business owner’s bookkeeper — but faster and affordable — that provides an integrated online system for invoicing and collection.
“We’re simplifying their lives. Simplicity will allow MSMEs to focus on what they want to focus on,” Eric Luchangco, head of business banking at BPI, told reporters during the virtual media launch of BizKo last Wednesday.
Bizko has a lot to offer. The all-in-one online platform gives MSMEs immediate access to their account information. And since BizKo is available both via app and web, users can conveniently view balances, deposits and payables.
At the same time, businesses can use BizKo to regularly pay their employees, suppliers, utilities and government dues. But it does not stop there as this new product from BPI allows MSMEs to create digital invoices under their business name, get invoice number reminders to avoid duplication, as well as receive and monitor payments through its intuitive invoicing system.
To avail of the new service, MSME owners only have to link their BPI online banking account to BizKo. From there, users can easily enroll and transact through the platform, allowing them to skip the hassle of submitting multiple requirements and documents that typical corporate online banking platforms need for onboarding.
“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,” Luchangco said.
“We launched BPI BizKo to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today,” he added.
"Our offering is specifically designed for #MSMEs. It takes into consideration their needs and what they’re looking for," says Head of BPI Business Banking Eric Luchangco on what sets #BizKo apart from other #onlinebanking apps.@TalktoBPI #adobomagazine #thewordoncreativity pic.twitter.com/bXBZZuCSkO
— adobo magazine (@adobomagazine) March 9, 2022
Government data shows MSMEs account for over 90 percent of business establishments in the Philippines and the pandemic only heightened demand for financial services that would allow businesses to continue their operations despite tough movement restrictions.
With BizKo, BPI said MSMEs can handle everyday financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch.
Typically, these services require a significant initial deposit and the maintenance of a daily balance that some MSMEs struggle to meet.
But not with Bizko.
BPI said the digital banking platform’s subscription plans are available in monthly and annual terms that start at P50 and P100 per month for basic and premium plans, respectively. There is no need for an average daily balance to use BizKo but a subscriber would have to open a BPI account, which would serve as the MSME’s source of funds for payables and settlement account when collecting payments from customers.
BPI also boasts of BizKo’s “best in class” cybersecurity measures. The platform is equipped with two-factor authentication and sophisticated security for encryption. Moreover, accessing one’s BizKo account can be done through biometrics or pin. Users can also set transaction limits for added safety.
“BizKo is designed to be simple and intuitive. This can increase productivity of MSMEs despite mobility being hampered,” Lianne Enriquez, product management head at BPI, said in the same virtual media briefing.
Lianne Enriquez, the Product Manager of BPI #BizKo, discusses the different features that the #mobileapp provides.
"BizKo was designed for MSMEs," says Enriquez. "It makes managing finances easier without sacrificing accuracy."@TalktoBPI #adobomagazine #thewordoncreativity pic.twitter.com/Dds8CZLoT7
— adobo magazine (@adobomagazine) March 9, 2022
Moving forward, BPI has a lot of plans for BizKo. The Ayala-led bank said users may soon use the platform to apply for business loans and other investment products of BPI.
BizKo is also targeting to serve corporate clients considering that some MSMEs are incorporated and “have similar needs that can be served” by the platform, Luchangco said.
“Most MSMEs have one person authorizing all payment transactions, and our app recognizes that and it’s designed for that,” Luchangco said.
“It simplifies doing business for our customers. Sure there will always be customers that need more complex functionalities… But for those that don’t require that, we’re simplifying their lives and simplifying the way that they work,” he added.
For more information visit: bpi.com.ph/mobile/bizko
Download BizKo on Google Play or App Store.
