The Asset: UnionBank Only Local Bank in Asia to Win “Digital Bank of the Year” 6 Years in a Row!
Union Bank of the Philippines (UnionBank)
has consistently proven itself to be the undisputed digital leader in the
country’s banking industry. Its recent win of an unprecedented sixth
consecutive “Digital Bank of the Year” award from renowned financial news and
research publication The Asset Triple A is proof that UnionBank has indeed established
a Digital Dynasty in the Philippine banking industry.
“Digital
transformation has been a mantra at the bank and what's behind its rapid growth
these past years. With a strong focus on client experience, embracing
innovation, and delivering better outcomes, UnionBank has altered mindsets to
become the winning digital bank in the Philippines. A testament to that was its
success in acquiring Citi Philippines' consumer banking business, which was
completed less than a year following its winning bid at the end of 2021. With
the integration firmly underway, the bank has set the stage for its next phase
of growth expanding its market share and staying ahead of the competition,”
said Daniel Yu, The Asset’s editor-in-chief.
UnionBank embarked on its digital
transformation journey over seven years ago, long before other Philippine banks
and industries recognized digital transformation as critical for survival. The
vision has always been to be the pioneer in digital banking on the journey to
be a great retail bank.
What made the Bank's digital
transformation journey notable was the promise that "no one gets left
behind." Beyond simply digitizing its assets and capabilities, the Bank
made sure that no one—not its customers, not its colleagues, not its countrymen—gets
left behind.
Since winning its first "Digital
Bank of the Year" award from The Asset in 2017, UnionBank has consistently
been streets ahead of the competition in introducing innovative solutions that
continue to redefine the future of banking today.
UnionBank President and CEO Edwin R.
Bautista attributes the Bank’s phenomenal success to its customers, “When we
were starting, our internal rallying cry was ‘we need to move from being a
bank, to a tech company with a banking franchise.’ Innovation became an
obsession. But without customer centricity, innovation could become an end and
not a means to an end. Often, we need to remind ourselves, lest we forget and
get carried away—that Digital Transformation is anchored on having the customer
at the center.”
The Asset Triple A Digital Awards is
an annual ceremony that recognizes "financial institutions and technology
firms that have excelled in innovation and developing a unique digital
experience for customers across the Asia-Pacific and the Middle East."
Countless financial institutions, technology vendors, and digital service
providers are nominated every year, and all undergo a rigorous selection
process conducted by The Asset's board of editors to determine the best of the
best.
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