Did you know that Unionbank is the only Philippine listed bank that has obtained a license to operate a digital native bank?
This is one of the most notable achievements that United Bank of the Philippines shared with us in its year-end E-TalkTales series, which is a virtual media event organized by United Bank since the pandemic.
During the virtual event, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda talked about some of the bank’s achievements this year, and the co-founder and CEO of UnionDigital, UnionBank’s digital native banking division, Arvie de Vera Talked about the role that the newly established digital bank will play in UnionBank’s future digital transformation journey.
Aguda started the discussion by telling how UnionBank’s digital transformation journey has enabled it to bravely face 2020 and the equally challenging 2021. We have changed our way of life, the way we travel, the way we interact with each other, and basically the way we transact in the financial sector has changed forever. “
“But even before the pandemic, Union Bank had this forward-looking view that numbers are the way we move forward. When the pandemic hit, we not only survived, but I am happy to say that the bank It has actually flourished,” according to Aguda.
Here are some of the most notable achievements Union Bank 2021:
- They are the only Philippine publicly listed bank that has obtained a license to operate a digital native bank; t
- The country’s first learning institution focusing on digital innovation-United Bank Innovation Park successfully broke ground;
- Their innovative products have obtained 21 patents, and another 18 are pending.
- Integrate Instapay 2.0 into its digital banking platform;
- The SME Banking App of United Bank was successfully launched; We initiated wealth management education activities, including NextGen Academy; The users of UBX platforms SeekCap, Bux and Sentro increased significantly;
- Its customer base has significantly increased from nearly 7 million at the end of 2020 to nearly 10 million so far.
At the same time, de Vera quickly introduced UnionDigital. So far, UnionDigital is one of only six financial institutions in the Philippines, which has been officially granted a digital banking license by Bangkok Central ng Pilipinas. As UnionBank’s digital banking division, UnionDigital will focus on providing banking and financial services to underserved sectors that the parent bank cannot best cater to.
“Although UnionDigital aims to empower the country’s digital economy, we also aim to enhance it by bringing trust and governance into the field. We embrace innovation like fintech, but provide all the powers, Experience and track record,” de Vera said.
“The core of our work has always been to provide our customers with what they want and what they need, while ensuring that they have what they need in terms of security, compliance and proper governance,” added de Vera. .
In terms of customer expectations of banks and their subsidiaries in 2022, some things Aguda and de Vera previewed in advance are that banks may get involved in non-fungible tokens (NFT), and some new solutions are designed to help thrive through EON. Employees working in the gig economy and participating in the growing interest and opportunities associated with Metaverse, to name a few.
UnionBank Chief Marketing Officer Albert Cuadrante promised at the end of the event that the bank will continue to do a better job in providing an excellent customer experience across channels and platforms in 2022. He also reiterated, “UnionBank’s goal is not only to help people survive, but to truly enable them to thrive in this new environment through the latest financial technology; loyal to our “Tech-up Pilipinas!” “Promise of
“I hope you are as eager to welcome 2022 as I am. I can assure you that what you heard today is only the tip of the iceberg. You can expect more exciting news from UnionBank,” Cuadrante concluded.
