Maybank Survey: 67% of SMBs Take Advantage of Digital Selling Technology at MCO 3.0 | Malaysia

Maybank Survey: 67% of SMBs Take Advantage of Digital Selling Technology During MCO 3.0. – Photo Shutterstock via ETX Studio

KUALA LUMPUR, November 17 – A survey conducted by Maybank of its customers of small and medium-sized enterprises (SMEs) found that 67% of those surveyed used digital technology in its sales platform when ordering movement control (MCO) 3.0.

The survey was conducted in September and October 2021 and represented 84% of Maybank’s SME borrowing clients.

In a statement released today, the bank said the various MCOs and social distancing measures have prompted SMEs to revamp their business models, move their operations online and adopt various social media platforms to stay in business and overcome disruption.

However, despite the opportunities offered by digital technologies, the survey shows that the remaining 33% of SMEs were unable to adopt digital technology due to factors such as the nature of their business not being suitable for online platforms, lack of technical knowledge and cost of implementation.

“The survey also revealed that during MCO 3.0, SMEs encountered various business challenges due to large-scale economic disruptions,” he said.

The bank said challenges include falling demand (34%), overdue receivables (31%), shortage or delay in supply (18%), adjusting to new operations and processes ( 11%). , and an insufficient workforce (6 percent).

In terms of the impact on sales during MCO 3.0, he said that 61% of respondents saw sales decline, 25% saw sales stay the same while 14% reported better sales due to their agility. in business strategy and their rapid response to market needs. .

“The survey also found that 99.6% of those surveyed were still in business, although 21.2% had to shut down temporarily during MCO 3.0, while only 0.4% had gone out of business permanently,” a- he declared.

The main respondents to the survey came from industries such as wholesale and retail trade, real estate, manufacturing and construction.

Maybank Group CEO of Community Financial Services Datuk John Chong said the bank will provide its SMEs with appropriate assistance to take advantage of the reopening of the economy and meet pent-up demand that is expected in the months to come. coming up with the data obtained from the survey. .

“The bank continues to assist SME clients by providing additional loans to support their growth and providing them with quick access to loans from Credit Guarantee Corporation programs, as well as Syarikat Jaminan Pembiayaan Perniagaan guarantees, as well as by offering digital solutions, ”he said.

For clients unable to pay their commitments, he said Maybank could help mobilize government-assisted funds to expand loan service, as well as provide other financial alternatives and digital solutions. – Bernama

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