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.