AE Team with contributions from UnionBank and PETNET | May 11, 2018
UnionBank is a strong advocate of harnessing new and emerging technologies to create more opportunities towards greater financial inclusion for all Filipinos. At its maiden Tech-Up Expo last April, the company highlighted the various initiatives that demonstrate how digital banking is an integral element in advancing business and communities.
Blockchain technology, for one, offers a solution that UnionBank believes can help rural banks scale up operations and enable them to have greater efficiency and capability to handle more transactions. Rural banks are in the best position to spur countryside development but have statistically been held back due to lack of IT systems resources that leave processes manual and paper-based.
The world is moving forward and we’re already seeing solutions that make the whole ecosystem more efficient. The early adopters have a very important role in nation-building. They are the fast ones to show the others if something works or not. If they succeed, then the others will surely follow.
–Edwin R. Bautista, President and CEO, UnionBank
Other digital initiatives of UnionBank featured at the event were EON Selfie Banking, data science and analytics to identify opportunities, and artificial intelligence technology.
Meanwhile, PETNET showcased its improved PERA HUB Mobile App v2 that will be available this quarter. The upgrade will include a remittance functionality and enable users to credit or debit their remittances to the PERA HUB Visa Prepaid Card powered by EON. Additional features are fingerprint login, seamless app navigation, bills payment, and e-loading functionalities.
Another product the financial services company introduced is its Betterway program, an e-commerce platform allowing customers to buy gadgets and appliances either in cash or installment basis. The app has a digital credit scoring facility integrated into its mobile payment application called Betterway Pay for cashless payment, top-up, and balance transfers. Betterway has been on a pilot run in Bataan and Zambales since mid-February 2018 with partner sari-sari stores and agents who are able to earn revenue without capital through online inventory.
This is a great opportunity for us to highlight our digital initiatives to the group. UnionBank has been very supportive of our efforts to help make our services and products reach more customers. We will continuously explore how we can further utilize our retail network with the advancements in technology, so we can make our services reach more people.
Vice President for Marketing and Auxiliary Services
UnionBank’s Tech Up Expo was attended by distinguished guests from relevant regulatory bodies in the country led by Bangko Sentral ng Pilipinas Gov. Nestor Espenilla, who expressed his full support for the bank’s various initiatives, as well as representatives from financial technology companies, software development firms, and UnionBank’s partner agencies.