UnionBank, a publicly-listed universal bank in the Philippines, has once again outperformed its peers after being recognized with its fourth consecutive “Best Retail Bank in the Philippines” award and honored for being voted as the “Most Recommended Retail Bank in the Philippines” at the just-concluded The Asian Banker Awards 2023.
Facade shot of UnionBank building in Pasig City. (IMAGE CREDIT: Dreamstime.com)
Held earlier this year at the Lotte Hotel in Hanoi, Vietnam, The Asian Banker’s Global Excellence in Retail Financial Services Awards Program 2023 is one of the most rigorous, prestigious, and transparent annual awards programs to recognize institutional and individual leadership in retail financial services in the Asia Pacific region.
Union Bank named best retail bank in PH for 4 years now
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.
Union Bank as the most recommended retail bank in PH
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 just some of the accolades the bank received from its customers.
The customers surveyed responded positively, saying that UnionBank provided convenient banking, fast and smooth transactions, and features that were easy to use and hassle-free, when it launched different technological and digital innovations such as eDAO (ePaycard Digital Account Opening), remote cheque deposit (RCD), and embedded banking.
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 made between January and February every year.
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.