UnionBank’s E-TalkTales Highlights Future Projects and Achievements – Manila Bulletin
To celebrate its many accomplishments and milestones from the past year, and to give a little taste of what its clients can expect in 2022, Union Bank of the Philippines (UnionBank) has hosted another iteration of its long series of round tables on virtual media E-TalkTales on December 15th.
During the virtual event, Senior Executive Vice President, UnionBank Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda spoke about some of the Bank’s accomplishments for the year, while co-founder and CEO of UnionBank’s native digital banking arm, UnionDigital, Arvie de Vera, spoke about the role the newly formed digital bank will play in UnionBank’s digital transformation journey going forward.
Aguda began the discussion by recounting how UnionBank’s digital transformation journey has made it through equally difficult 2020 and 2021. âThe pandemic created this digital switchover, which we now call the ‘new digital normal’. We have changed the way we live, the way we travel, the way we interact with each other, and fundamentally, we have changed forever in terms of the way we do business in the financial industry.
âBut even before the pandemic, UnionBank already had this forward-looking vision that digital is the way for us to move forward, and when the pandemic struck, not only did we survive, but I’m happy to say that the Bank has really prospered, âaccording to Aguda.
He went on to highlight UnionBank’s 10 Most Outstanding Achievements in 2021. These included being the only Philippine publicly traded bank to be licensed to operate a native digital bank; the successful launch of the UnionBank Innovation Campus, the country’s first digital innovation-focused educational institution; and having 21 patents for its innovative offerings already approved and 18 others pending.
Other notable achievements include the integration of Instapay 2.0 into its digital banking platform; the successful launch of the UnionBank banking application for SMEs; the launch of educational campaigns on wealth management, including the NextGen Academy; significant growth in the number of users for the UBX SeekCap, Bux and Sentro platforms; and the significant increase in its customer base to nearly 10 million to date, compared to nearly 7 million at the end of 2020.
Meanwhile, de Vera provided a brief introduction to UnionDigital. UnionDigital is to date one of six financial institutions in the Philippines to have officially obtained digital banking licenses from Bangko Central ng Pilipinas. As the digital banking arm of UnionBank, UnionDigital will focus on providing banking and financial services to underserved areas that the parent bank is not able to optimally respond to.
âWhile UnionDigital aims to strengthen the country’s digital economy, we also aim to elevate it by bringing trust and governance to the space. We embrace innovation as a fintech, but offer all the powers, experience and track record of a fully regulated bank, âsaid de Vera.
âAt the heart of our work will always be the desire to provide our customers with what they want and need, while ensuring that they have what they need in terms of security, compliance with regulation and good governance, âadded de Vera. .
When it comes to what clients can expect from the Bank and its subsidiaries in 2022, some of the things that Aguda and de Vera provided insight into were the bank’s possible foray into non-fungible tokens (NFTs), several new solutions aimed at helping workers in the thriving concert economy through EON, and participating in the growing interest and opportunities related to the Metaverse, to name a few.
UnionBank Marketing Director Albert Cuadrante closed the event by promising that the Bank will continue to do even better in 2022 in terms of delivering a great customer experience across all channels and platforms. He also reiterated that âUnionBank’s goal is not only to help people survive, but to truly enable them to thrive in this new environment using the latest financial technologies; stay true to our commitment to “Tech-up Pilipinas!” “
âI hope you are as excited as I am to host 2022. What I can promise you is that what you heard today is just the tip of the iceberg. There is much more exciting news than you can expect from UnionBank, âCuadrante concluded.
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