Digital bank is transforming financial services
But you always have to keep in mind what the customer wants, and you should look at trying to solve their problems and pain points in creating a product
The Philippines offers vast potential for the growth of the digital banking space, with 41 million unbanked Filipinos missing out on economic opportunities and financial security.
UNO Digital Bank presented the digital-only banking platform that operates solely online without a physical location as a convenient financial service alternative at the recent inaugural Philippine FinTech Festival.
Manish Bhai, founder, president, and CEO of UNO Digital Bank said, “The opportunity for us to make better financial services is huge. But you always have to keep in mind what the customer wants, and you should look at trying to solve their problems and pain points in creating a product.”
Addressing the reluctance of many people to get a bank account from brick-and-mortar financial institutions, he said that a digital bank could open the door for them because it has fewer documentary requirements and can accomplish real-time online banking, that range from deposits, and payments, to securing loans. What digital banks can offer is speed and ease in accessing financial solutions.
UNO Digital Bank is one of the six licensed digital banks by Bangko Sentral ng Pilipinas and the first FinTech in the region to get an outright digital banking license.
It launched during the inaugural Philippine FinTech Festival and the World Fintech Festival Philippines on 18-21 October 2022. Convening both the PFF and the WFF-Philippines is Digital Pilipinas, the most significant private sector movement for creating a technology and innovation ecosystem geared to bring about technological acceleration in the country and building an anti-fragile system in its societal structures and industries.
The week-long event was held in partnership with Elevandi, an organization founded by the Monetary Authority of Singapore to foster public-private-sector dialogue to advance FinTech in the digital economy.
The products available in the initial version of the UNO mobile app are the following:
1. #UNOready HIGH-RATE savings account
• A base interest rate of 3.50 percent gross per annum applies to accounts with an available end-of-day balance below P5,000. A step-up interest rate of 4.25 percent gross per annum applies to accounts with an end-of-day balance of P5,000 and above.
• #UNOready Savings Account comes with FREE life insurance with P50,000 coverage, automatically activated with a minimum of Php 10,000 ADB.
• It also comes with a free UNO Virtual Debit Mastercard (automatically activated with a P100 minimum deposit) to offer an easy and convenient way to make purchases and manage banking transactions.
2. #UNOboost Time Deposit
• Earn a guaranteed interest of 6.5 percent while having the flexibility to choose your desired term of 3, 4, 5, 6, 7, 8, 9, 10, 11, or 12 months.
• You can open an #UNOboost account for a minimum of P5,000 and deposit up to P2,500,000 (or five tranches of P500,000).
3. #UNOearn Time Deposit
• Add another source of income to support your lifestyle with #UNOearn, a HIGH-YIELD Time Deposit that provides a monthly payout.
• Lock in a guaranteed interest rate of 6.5 percent for a more extended period and enjoy an additional income stream credited to your UNO Savings Account every month. You can choose between terms of 12 or 24 months.
• You can open an #UNOearn account for a minimum of P5,000 and deposit up to P2,500,000 (or five tranches of P500,000).
All deposit products are insured up to P500,000 per depositor by PDIC.