Union Bank of the Philippines launched UB Negosyante, its "Powered Up" solution for micro, small, and medium enterprises at The Podium Hall in Mandaluyong. The new brand for UnionBank's MSME business banking was unveiled to the media and launched to a gathering of MSME clients and prospects.
UB Negosyante's powered-up campaign comes on the heels of the bank's business banking app being recognized as the Best Smart Payments Solution by an SME Bank by The Digital Banker at the recently held Global Retail Banking Innovation Awards 2023 in Singapore. UB Negosyante aims to support MSMEs in their entrepreneurial journey by prioritizing their needs, whether small and medium business owners, sole proprietors, or micropreneurs who want to take their businesses to the next level.
UnionBank launched the MSME Business Banking app in 2021. The powered-up UB Negosyante builds on the benefits of the original app, as it has enhanced tools that can help entrepreneurs take their businesses even further.
During the launch, UnionBank showcased successful MSME clients while Marketing Entrepreneurship Mentor (and UnionBank independent director) Josiah Go shared Innovation tips for the attendees and participated in a fireside chat with seasoned entrepreneurs Jorge Wieneke and Nene Tamayo-Plamio.
According to UnionBank Institutional Segment Marketing head Dino Velasco, the new name resulted from a survey and collaboration efforts conducted among business owners and the Bank's existing MSME clients to assess their sentiments regarding potential enhancements to the app's name. The survey findings revealed a strong preference for the name due to its simplicity and relatability.
"Compared to MSME Business Banking, the new 'UB Negosyante' brand is more relatable, easy to understand, and inclusive. That was the intent behind the rebranding," Velasco said.
"SMEs face many challenges due to various pain points, which can discourage them. We wanted to address those pain points, so we put together a single user experience through the UB Negosyante app that will address those pain points, may they be related to collection, reconciliation, disbursement, just name a few," said UnionBank Business Banking head Jaypee Soliman.
To support the new solution, UnionBank also launched the "Powered UP" campaign, which will promote all the features of the new key, how they can benefit entrepreneurs, and provide tips and best practices to aid them in their entrepreneurial journey.
The campaign is a revitalized version of the bank's "Power to Grow" #WalangMaliitNaBusiness campaign launched in 2022. Its goal then, as it is now, is to inspire MSMEs and help them with their business growth while, at the same time, making them aware that UnionBank is with them as a partner every step of the way.
The improved mobile app is among the tools available with the rebranded UB Negosyante. This fully-featured mobile application allows SMEs to transfer funds, pay bills, collect payments, and deposit checks on the go. It comes with BizStarter, a basic checking account that requires a low opening and maintaining a balance of just P5,000.
There's also QRPH/UPAY for MSMEs, an all-in-one payment acceptance hub that allows merchants to collect payments easily via QR or link. In return, customers can pay through various channels such as banks, E-wallets, and over-the-counter.
Through the new app, customers can also apply for loans with a multi-purpose credit line up to P10 million; an MD line, which is a credit line up to P10 million, available to medical practitioners; and the Dealer Financing Line, a non-secured credit line that enables buyers from supply chain companies to pay their dues efficiently through a digital platform, among many others.