Union Bank of the Philippines (UnionBank) has recently been honored by Capital Finance International (CFI.co) for its industry-leading digitization efforts and relentless commitment to improving the lives of its customers through technology and innovation, being named “Best Universal Bank Philippines” and “Best Digital Customer Experience Philippines” for 2020.
In a published statement, CFI.co underscored UnionBank’s success in maximizing technology to serve its customers better, fueled by the goal to promote a new reality for banking, “where services are embedded in the fabric of daily life.”
The London-based publication also noted UnionBank’s unique banking infrastructure, which has one of the leanest branch networks in the region, powered by “concentrated back-office operations and hundreds of paperless branches,” including 50 fully digital branches, thousands of ATMs and partner remittance centers, and a number of self-service kiosks and online banking platforms.
CFI.co highlighted how the Bank saw new digital accounts opened during the height of the lockdown period in the Philippines in March and April earlier this year, and how it successfully implemented a number of measures for consumer debt relief and the facilitation of donations especially during the said period. The bank also introduced a retail loan platform supported by video KYC that reduced processing times. UnionBank pushes fintech boundaries to reach underserved and unbanked communities and supports SMEs with the financing and digital tools.
The CFI.co judging panel said that Union Bank of the Philippines is reaping the benefits of its digital focus and agile operations: retail banking profit doubled in 2019, resources hit a 5-year high, and net income increased by 104 percent year-on-year.
“The bank could fill an armoire with the awards it has accumulated over the past decade. The CFI.co judging panel sees the merits of that recognition as the bank has spared no expense in the overhaul of its operations. We pursued digital transformation four years ago in order to survive the winds of disruption. This recognition is for all UnionBankers who kept the faith in our digital transformation, who believed in what we can achieve together, who today are leading the charge. We may now look like a different bank but our purpose remains the same: to elevate lives and fulfill dreams. For us at UnionBank, our greater purpose is to extend digital banking to the mass market and the unbanked so they too can withstand disruption when the time comes. With a challenge as massive as COVID-19, technology is just the instrument but not the answer in itself. Ultimately, it is our UnionBank DNA that is pulling us through. We remain steadfast in our commitment to ‘Tech Up, Pilipinas’ and enable inclusive prosperity to fuel sustained growth, making sure that no one gets left behind,”
UnionBank President and CEO Edwin R. Bautista
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