by UnionBank Human Resources Group
The Personal Equity and Retirement Account (PERA) is a voluntary retirement savings program designed to promote long-term financial independence for Filipinos. Despite its potential, adoption remained low due to complex onboarding processes and limited accessibility. UnionBank saw an opportunity to reimagine PERA through the lens of Open Finance—making it simpler, more inclusive, and digitally enabled for the next generation of savers.
UnionBank’s squad took on the challenge not just as a project, but as a mission to empower Filipinos in their retirement journey. With a clear focus on customer obsession, they redefined the PERA experience by integrating data-sharing capabilities that enabled seamless account setup, real-time contribution tracking, and automated portfolio management. This transformation turned PERA from a policy concept into a living, accessible platform—one that meets people where they are and helps them take control of their financial future.
UnionBank became the first bank in the Philippines to go live with BSP’s Open PERA platform, a milestone that reinforced its leadership in digital banking and inclusive finance. The team’s agile execution and cross-functional collaboration—spanning regulatory coordination with BSP, internal system integration, and customer experience design—enabled a first-to-market launch that set a new benchmark for digital retirement solutions.
The impact was both measurable and meaningful:
- A notable increase in PERA account sign-ups, especially among OFWs and digitally savvy users.
- Improved customer satisfaction, with users reporting greater confidence in managing their retirement savings.
- Strengthened UnionBank’s reputation as a pioneer in Open Finance and inclusive banking.
- Accelerated financial inclusion, bringing retirement planning within reach for more Filipinos.
Beyond the numbers, the initiative sparked a cultural shift within the team. They embraced experimentation, learned from setbacks, and created a safe space for bold ideas—demonstrating resilience, adaptability, and a deep sense of ownership. Despite regulatory ambiguity and legacy system constraints, the team navigated challenges with agility, continuously iterating to improve the platform without compromising compliance or user experience.
This initiative exemplifies the spirit of Magis—going beyond what is expected to deliver purposeful innovation. It also reflects Ubuntu, as the team worked collaboratively across departments and with regulators to build a solution that benefits the broader community. By launching the country’s first Open PERA platform, UnionBank not only gained a first mover advantage but also laid the groundwork for a more financially secure future for Filipinos.
The PERA initiative is a strategic leap forward in UnionBank’s journey to become a NextGen Bank—one that leads with empathy, acts with purpose, and builds inclusive, data-driven solutions that uplift lives.
