Aboitiz-led Union Bank of the Philippines achieved a four-peat after bagging the Best Retail Bank of the Philippines award for the fourth consecutive year during the Asian Banker’s Global Excellence in Retail Financial Services Awards Program 2023 held recently in Hanoi, Vietnam.
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 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 percent retail revenue growth, compared to the market average of 10 percent, an improved net interest margin of 4.9 percent and strong deposit growth of 32 percent.”
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,” The Asian Banker said.
The banking arm of the Aboitiz Group was also voted the 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 check 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.
UnionBank Consumer Banking Head Manoj Varma received the awards.
UnionBank’s 4-peat as Best Retail Bank In The Philippines
Aboitiz-led Union Bank of the Philippines achieved a four-peat after bagging its Best Retail Bank of the Philippines award for the fourth consecutive year during the Asian Banker’s Global Excellence in Retail Financial Services Awards Program 2023 held recently in Hanoi, Vietnam.
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 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 percent retail revenue growth, compared to the market average of 10 percent, an improved net interest margin of 4.9 percent and strong deposit growth of 32 percent.”
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,” The Asian Banker said.
The banking arm of the Aboitiz Group was also honored for being voted the 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 check 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.
UnionBank Consumer Banking Head Manoj Varma received the awards.
