2022 Winner – Alliance Bank Prioritizes CX with new mobile trade finance app – Retail Banker International Asia Trailblazer Awards

 

Alliance Bank won the Best App for Customer Experience (CX) category at the RBI Asia- Pacific (APAC) Awards 2022 for their BizSmart eTrade mobile app, which makes paperless

trade finance submissions and management for small-to- medium enterprise (SME) business owners much simpler and faster. Residing on the over-arching BizSmart Mobile platform, Alliance Bank’s trade finance add-on allows fast approval and disbursement of funds without branch visits within 24 hours of digital agreement being reached.

Thanks to the digitalization and streamlining of document submissions, customers can devote more time to managing their businesses. They can also:

  1. Approve transactions remotely;
  2. Monitor trade finance utilisation; and
  3. Manage accounts, payments, and collections anytime, anywhere from their mobile phone.

The BizSmart eTrade mobile app also minimized physical interactions during the onset of the Covid-19 pandemic, allowing socially distanced financing to still be accessed. SMEs contribute 38.2% to Malaysia’s gross domestic product (GDP) economic output, but they are under-represented in international trade – something that Alliance Bank want to rectify with their new app providing an alternative to overdrafts or simpler forms of working capital finance.

Bankers Acceptance (BA), which comes with lower cost and lesser documentation requirements, comprises more than 90% of the trade financing submissions in Malaysia at present. The non-BA products include Trust Receipts (TR). BizSmart eTrade lets SME owners submit digital BA and TR using the mobile app to simplify procedures in-line with the bank’s ambition to offer ‘business banking in your pocket’ that prioritizes customer experience (CX) and makes life simple for end users.

Within six months of its launch, nearly 30% of Alliance Bank’s monthly trade transactions were conducted via the BizSmart eTrade app, validating its utility and its popularity has continued to grow with its contribution to total trade growing by 44% at the last count. Providing good CX positively impacts volume, market share, customer satisfaction and retention and, ultimately, the bottom line of any bank that delivers a good experience.