Union Bank of the Philippines (UnionBank) has definitely made an indelible mark as an industry leader in digital banking when Asiamoney awarded UnionBank as “Best Digital Bank – Philippines” at the recently concluded Asiamoney Banking Awards 2017 held last September 26 at The Ritz-Carlton in Beijing, China.
According to Euromoney.com, “It’s rare to find a lender that saw the potential in the digital world early – and got it right. Most countries boast at least one standout lender in this category; when it comes to the Philippines, that lender is UnionBank.”
UnionBank has always been quick to embrace innovation. Throughout its existence, it has been leveraging technology and innovation in making strides to empower customers.
With technology embedded in its way-of-doing-business, UnionBank is clearly a leader in Philippine digital banking. Most notably, the Bank was the first among its peers to start the first bank website; pioneer online banking in the country, and launch the country’s first electronic savings account.
For the past 10 years, the Bank has centralized most of its operations, including majority of its accounting processes.
When he assumed his position as UnionBank President and COO in 2016, Edwin R. Bautista said: “We are highly digitized in each of the products like credit cards, the only thing that is not automated is the physical handling of cash but even that we want to move to deposit taking machines.”
One of the Bank’s immediate goals is to have a seamless operation in all points of its transaction, so that one can do everything on the phone. “We are not creating new branches… unless we are building branches in the phones,” said Bautista.
In early 2017, the Bank launched the new digital banking platform EON, which is an enhanced version of the country’s first electronic savings account in 2001. Building on the inroads paved by the EON Cyber Account, UnionBank pulled out all stops and strategically niched EON as a truly digital bank, a vital beat in the march towards digital transformation. Being a truly digital bank, EON’s role is now more of an enabler – harnessing best-in-class technology to deliver a truly digital and totally delightful banking experience.
UnionBank was the first to introduce the concept of using state-of-the-art face recognition technology instead of the usual passwords which are easily compromised. For this, the Bank has been granted the patent to “Selfie Banking” and made EON known as the first Selfie Banking in Asia.
Chairman and CEO Justo A. Ortiz believes that in its 35 years of existence, the mission to “transform the bank for the digital economy” is the most revolutionary and gigantic step that the Bank has taken towards enabling its customers via digital transformation.
The “Best Digital Bank” award is yet another affirmation that UnionBank is well on its way to fulfilling its vision of reshaping the Bank into a “technology company with banking utilities”, and likewise, maintaining leadership in “Smart Banking” particularly in areas of innovation, customer delight and value-for-money through the creative application of expertise and dedication.
“Overall, an impressive suite of digital services from a far-sighted bank,” as published in the Asiamoney article at Euromoney.com