Unionbank Digital Journey: Achievements and Future Projects

Union Bank of the Philippines (UnionBank) held another iteration of its long-running virtual media roundtable series, E-TalkTales, last December 15. This was held in celebration of its numerous accomplishments and milestones this past year as well as to give a preview of what’s in store for 2022. In a nutshell, they presented the Unionbank Digital Journey. Read more.

The Unionbank Digital Journey

During the 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. Meanwhile, Co-Founder and CEO of UnionBank’s digital-native banking arm UnionDigital, Arvie de Vera, talked about the role of the newly -formed digital bank. He expounded on how the new arm will function in the UnionBank digital journey going forward.

Aguda recounted how UnionBank’s digital transformation journey has enabled it to brave 2020 and the equally challenging 2021. “The pandemic created this shift to digital, which we now refer to as the “new digital normal”. We changed the way we live, the way we travel, the way we interact with one another. Basically, we’ve changed forever in terms of how we transact in the financial sector.” 

“But even before the pandemic, UnionBank already had this forward-looking view that digital is the way for us to move forward. When the pandemic hit, not only did we survive, but I’m happy to say that the Bank actually thrived,” according to Aguda.

Top 10 Unionbank Achievements

Aguda highlighted the top 10 most notable achievements of UnionBank in 2021. These include:

• being the only publicly listed Philippine bank to be granted a license to operate a digital-native bank
• the successful groundbreaking of the UnionBank Innovation Campus
• the country’s first-ever learning institution focused on digital innovation
• having 21 patents for its innovative offers already approved and 18 more on the way
• the integration of Instapay 2.0 into its digital banking platform
• launching of the UnionBank SME Banking App
• the launch of wealth management educational campaigns including the NextGen Academy
• significant user growths for UBX’s platforms SeekCap, Bux, and Sentro
• the significant increase in its customer base to almost 10 million to date (from just nearly 7 million as of end-2020)

About UnionDigital

Meanwhile, de Vera provided a quick introduction to UnionDigital. UnionDigital is one of only six financial institutions in the Philippines that have officially been granted digital banking licenses by the Bangko Sentral ng Pilipinas.

As UnionBank’s digital banking arm, UnionDigital will focus on delivering banking and financial services to underserved sectors. They will cover all the bases that the parent bank is not able to optimally cater to. 

“While UnionDigital aims to empower the country’s digital economy, we also aim to elevate it by bringing trust and governance into the space. We embrace innovation like a fintech, but offer all the powers, experience, and track record of a fully regulated bank,” de Vera said. 

“At the heart of our work will always be the desire to provide our customers with what they want and what they need. Plus, they will ensure that they have what they need in terms of security, compliance with regulation, and proper governance,” de Vera added.

What Customers Can Expect

Some of the things that Aguda and de Vera gave a preview of are the Bank’s possible foray into non-fungible tokens (NFTs). There are also several new solutions aimed at helping workers in the thriving gig economy through EON plus some growing opportunities relating to the metaverse. 

UnionBank Chief Marketing Officer Albert Cuadrante capped off the event with a promise that the Bank will continue to do even better in 2022. They are committed to delivering a great customer experience across channels and platforms.

He also reiterated that “UnionBank’s goal is not just to help people survive, but to actually enable them to thrive in this new environment through the latest financial technologies” They are staying true to their commitment to “Tech-up Pilipinas!”

“I hope you are as eager as I am to welcome 2022. What I can promise you is that what you heard today is just the tip of the iceberg. There’s a lot more exciting news you can look forward to from UnionBank,” Cuadrante concluded.

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