UnionBank is Most Innovative Bank of the Year 2018 at Global Banking and Finance Awards
The prestigious Global Banking and Finance Awards of The European financial publishing group recently recognized Union Bank of the Philippines (UnionBank) as the Most Innovative Bank of the Year 2018.
This latest award continues to validate how UnionBank’s products and services “make da diff” in the lives of its customers.
Embarking on a digital transformation since 2016, upon President and COO Edwin Bautista’s assumption into office, the Bank has since launched the first selfie banking in Asia, the first fully digital bank branch and the first chatbot, among others.
UnionBank’s multi-awarded EON prepaid debit card lets you log into your account by doing the famous selfie or posing in front of a smartphone. It makes use of state-of-the-art facial recognition technology – the same technology being used by the US and other countries for border control, immigration and securing critical infrastructure. It eliminates the need to memorize passwords while offering more security with the facial recognition feature.
Last November, UnionBank also launched the first fully digital bank branch in the country. Located along Ayala Avenue in Makati City, The ARK utilizes digital technology to augment actual banking experience. The so-called “paperless” branch has self-service kiosks, virtual reality boxes, refreshments and internet connection, enabling customers to do more banking transactions.
Meanwhile, aiming to deliver instant customer service to clients 24 hours a day, seven days a week, UnionBank introduced in April 2017 the first banking chatbot which takes customer inquiries and handles general information requests such as location of nearest automated teller machines or foreign currency exchange rates.
Towards the end of 2017, the Bank also launched the new UnionBank Online which allows clients to bank from the comforts of their home or office. Through this app, signing up no longer takes days but only minutes and clients can use any of their UnionBank accounts to sign up, without the need to visit a branch or ATM to activate their account. Customers can likewise access and manage their accounts in one place – from their deposits and credit cards to their loans and investments. They can also transfer funds, pay bills, schedule transactions in advance and purchase airtime load.
According to Bautista, now the Bank’s CEO, who led UnionBank into its digital transformation journey, all their efforts are geared toward addressing common pain points in banking. He vowed to continue to pioneer products, services and platforms to satisfy the diverse and changing needs of their customers.
UnionBank has always been known for its agility and speed in using technology to improve its way of doing business. The Bank was the first among its peers to launch the Philippines’ first bank website, online banking and electronic savings account.
Its selection as the Most Innovative Bank of the Year 2018 by Global Banking and Finance underwent rigorous examination by the awards panel composed of former Fortune 500 individuals, global experts and industry leaders.
The Global Banking and Finance Awards of The European – a quarterly subscription-only business publication by Chase Publishing in London and primarily distributed to individuals at director level or C-suite executives - covers industries including energy, banking and finance, foreign direct investment, shipping, aviation, executive education and technology.