BPI: SMEs need to embrace digital transformation

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    BPI is encouraging small and medium enterprises (SMEs) to embrace digital transformation starting with digital payments, to have greater chances of surviving and eventually thriving in the time of COVID-19.

    BPI Business Banking Head Eric Luchangco said especially now that some parts of Luzon have been placed under General Community Quarantine, SMEs need to cope with a vastly different business environment that favors contactless payments and changing consumer behaviors.

    “The time is ripe for SMEs to transform their operations and their businesses by embracing digital payments. It is the low-hanging fruit in their digital transformation that will make a great impact on them later on as they stabilize their operations and, in time, when the world is finally free from the pandemic,” Luchangco added.

    With the use of technology, SMEs can utilize electronic cash management tools to enable improved collection efficiency, payment handling, and liquidity management. Digital payment also allows entrepreneurs to fulfill their financial activities safely, even on-the-go at any given time.

    In the recently held webinar entitled “BizTalk Online: Maximizing Technology Towards the New Reality” led by Business Banking, BPI Luzon Sales Head for Cash Management Gerry Kahayon said banks such as BPI have tools to make things easier, seamless, and convenient for SMEs and their customers during this period of quarantine. BPI, for example, has cash management solutions for three key areas: collections, disbursements, and liquidity.

    “A cash management system reduces cash handling risks such as inaccurate payments and fraudulent activities, as well as limits any physical interaction, saves time, and lowers administrative costs, among others,” he said.