UnionBank’s aggressive dual transformation to remain relevant in the age of disruption has been cited as the best in the region.
The only Philippine bank honored with a regional award in this year’s Euromoney Awards for Excellence, UnionBank was recognized as the Best Bank Transformation in Asia for the fundamental transformation of its business model or offering to clients over the last 12 months, resulting in enhanced business performance.
This recent award – which encompasses all aspects of the bank’s business, innovation, financial results and standout achievements – is another testament to UnionBank’s unending quest to become a world-class bank.
In a write-up, Euromoney – a leading international finance publication – said UnionBank “resembles an early-stage DBS (Development Bank of Singapore), a bank it has studied closely in deciding how to reinvent itself.”
It also cited UnionBank President and CEO Edwin Bautista and Chairman Justo Ortiz’s empowering mantras: “digitize or perish” and “forge the future rather than watch it unfold.”
Euromoney highlighted how UnionBank has taken on a leadership position on mobile assistants, robotics process automation, chatbots and interactive voice response systems, along with pioneering the use of blockchain to reach rural banks.
UnionBank earlier said it aims to become the best digital bank – by strengthening and digitizing its core banking capabilities with new technologies and skillsets – while at the same time, staying open to alternative and non-traditional business models that are seen to thrive in tomorrow’s world.
At the onset of the bank’s digital transformation in 2016, Bautista vowed to remain committed and immersed in the transformation to make sure that it becomes a success. More importantly, he is making sure that no employee will be left behind in the bank’s digital journey by equipping them with skills necessary to cope with the changing times.
Along with UnionBank, the Euromoney Awards for Excellence, held at JW Marriott Hotel in Hong Kong last July 18, also recognized the best banks from almost 100 countries in all regions on 20 global categories.
The Euromoney team received almost 1,500 submissions, interviewing over the course of the awards period close to 1,000 bankers in an intense process that lasted four months.
For nearly 50 years, Euromoney has been the leading publication covering the growth of international finance. Over the past 12 months, its coverage has included interviews with close to 100 bank CEOs, ministers of finance and central bank governors around the world.
Established in 1992 and the first of its kind in the global banking industry, Euromoney’s Awards for Excellence are dubbed as the most coveted awards for banks and bankers.