UnionBank Named Best Retail Bank In The Philippines Four Years In A Row!
At the most rigorous, prestigious,
and transparent annual awards program to recognize institutional and individual
leadership in retail financial services in the Asia Pacific region, UnionBank
was lauded for once again outperforming its peers. The Asian Banker’s Global Excellence in Retail
Financial Services Awards Programme 2023, held last March at the Lotte Hotel in
Hanoi, Vietnam, recognized UnionBank with its 4th consecutive BEST
RETAIL BANK in the Philippines award and honored for being voted the MOST
RECOMMENDED RETAIL BANK in the Philippines.
Best Retail Bank in The Philippines
The Asian Banker International Advisory Council cited
UnionBank for establishing a “robust culture of innovation and collaboration
supported by significant investments in productivity, growth, and
digitalization both at the front-end and back-end that allows the bank to maintain
a competitive edge over its rivals.”
According to The Asian Banker, UnionBank “outperformed its
peers in 2022 with 26% retail revenue growth, compared to the market average of
10%, an improved net interest margin of 4.9% and strong deposit growth of
32%.” Contributing to the bank’s performance in 2022
was the bank’s ecosystem-focused customer acquisition strategy through its
mobile app and platforms, adding up to a customer base of 7.9 million
in 2022. The bank also launched apps such
as Insurance Marketplace, InstaPay2 to receive international remittances
and a business banking app for micro and small and medium-sized
enterprises.
“By investing heavily in building a strong digital
infrastructure, advanced analytics capabilities, and a cloud-first approach the
Best Retail Bank in the Philippines is Union Bank of the Philippines,” cited
The Asian Banker.
Most Recommended Retail Bank in the Philippines
Based
on the BankQuality™ Consumer Survey, a digital
consumer feedback channel developed by The Asian Banker, UnionBank was
voted by consumers as the Most Recommended Retail Bank in the Philippines, “for
sustaining its position in the country as a pioneer and with a 100.90
BankQuality Score.”
Innovative,
modern, and reliable, were some of the accolades from the bank’s
customers. With the launch of different
technological and digital innovations such as eDAO (ePaycard Digital Account
Opening), remote cheque deposit (RCD), and embedded banking, customers
responded positively, saying that the bank provided convenient banking, fast
and smooth transactions, and features that were easy to use and
hassle-free.
The Annual BankQuality™ Consumer Survey conducts interviews
with approximately 11,000 bank customers in 11 markets across the Asia Pacific
region. The survey period is between January and February every year.
The
awards were received by UnionBank Consumer Banking Head Manoj Varma in Hanoi, Vietnam
during The Asian Banker’s first in-person global awarding ceremonies since the
pandemic. UnionBank has always been at the forefront of embracing technological
innovations that empower its customers. The consistent recognition of the Asian
Banker reinforces its commitment to deliver superior customer experiences and
power the future of banking. The awards set the foundation of our aspiration to
become a Great Retail Bank—the
largest and most profitable consumer bank in the country over the coming
years.
The
Asian Banker is the region’s most authoritative provider of strategic business
intelligence to the financial services community. The Singapore-based company
has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as
well as representatives in London, New York, and San Francisco. It has a
business model that revolves around three core business lines: publications,
research services and forums.
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