UnionBank of the Philippines has established itself as a provider of flexible solutions that utilise technology to improve digital banking capabilities.
Digital banking has revolutionised the banking industry by providing customers with convenient and efficient banking solutions.
UnionBank of the Philippines (UnionBank) has embraced this trend and has been recognised for its efforts. The bank has secured a win in the Excellence in Internet Banking category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its digital banking application, The Portal.
Launched in 2019, The Portal provides a comprehensive solution for the digital banking needs of corporate clients. It offers a range of features that enable clients to efficiently conduct various banking transactions, as well as view multiple accounts, initiate fund transfers, pay bills and schedule branch visits for deposits and withdrawals.
The platform’s user-friendly interface ensures seamless navigation and enhances the banking experience. It also improves flexibility and convenience, allowing clients to conduct transactions at their own time and pace from any location.
The Portal has played a crucial role for businesses in the Philippines, especially during the Covid-19 pandemic, as it facilitated digital transactions and ensured seamless banking transactions for clients regardless of their location.
Enhancing branch experience
UnionBank acknowledges that face-to-face banking interactions will continue to be relevant, and clients will always want the option to visit a physical branch. Therefore, besides digital channels, the bank continues to enhance and improve the branch banking experience. This commitment has earned the lender a win in the Most Innovative Branch Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.
The branch visit feature on The Portal enables corporate clients and businesses to input and queue their transactions. UnionBank offers enterprises a suitable branch queuing solution, distinguishing itself from local banks that typically provide online queuing systems only from a retail perspective.
Requesting a manager’s check in the branch has traditionally been a time-consuming process for clients. With The Portal, businesses and corporate clients can request checks remotely. In addition, the entire process is conducted online, making it paperless and more efficient.
The manager check feature has also addressed clients’ concerns regarding approvals by allowing signatories to approve requests through The Portal from anywhere, providing greater convenience and security with full audit trails and multi-factor authentication.
Automating processes
UnionBank has also been awarded the Trailblazing Use of AI or Machine Learning in Financial Services trophy for managing potential risks and operational efforts through data science and AI.
The bank’s Suspicious Transaction Report (STR) Alerts Prioritisation & Auto-Disposition Model for anti-money laundering has also received recognition for prioritising and automating the disposition of STR alerts.
The AI-powered STR model was implemented in August 2022 and since then, it has successfully prioritised high-risk alerts for investigation and auto-disposed invalid alerts, resulting in a 40 per cent decrease in generated alerts. As a result, UnionBank’s Anti Money Laundering operations team can now focus on ideation, strategy and collaboration.
Fintech initiatives
UnionBank has also been highly commended in the Best Fintech Partnership category, highlighting the significance of collaborative efforts in developing successful fintech solutions. The recognition underscores the importance of partnerships in driving innovation and growth in the banking industry, as they combine diverse strengths and expertise that ultimately benefit customers and stakeholders.
UnionBank’s Digital Business Solutions Partnerships initiative is built on a strategic growth model that benefits all parties involved. By creating a list of accredited fintech partners and recommending them to the banking ecosystem, the programme offers easy and complete access to complementary/non-competing fintech solutions.
Additionally, fintech partners can provide favourable rates to clients within the lender’s ecosystem. This model creates a win-win-win situation for fintech partners, UnionBank and its clients, fostering growth and innovation within the industry.
Since its launch, the partnerships initiative has disbursed PHP1.7bn in loans to more than 60 businesses in various industries including real estate, logistics, education, government and healthcare.
Meanwhile, the UnionBank Fintech Partnerships initiative is designed to offer accessible and comprehensive access to fintech solutions for companies and clients that are not yet prepared for application programming interfaces (APIs). By accelerating the digitalisation process, the programme benefits companies and industries across all sectors and not just the fintech industry.
UnionBank has established itself as a provider of flexible solutions to its clients that utilise technology to improve digital banking capabilities, increase operational efficiency and manage potential risks. The bank’s recognition at this year’s awards has reinforced its position as one of the leaders in digital banking across the Asia-Pacific region.
UnionBank of the Philippines has achieved a remarkable hat-trick at the 14th Annual Retail Banker International Asia Trailblazer Awards, taking home top honours in three categories: Excellence in Internet Banking, Most Innovative Branch Offering and Trailblazing use of AI or Machine Learning in Financial Services.
The bank has also been highly commended in the Best Fintech Partnership category.