The Asset: UnionBank only local bank in Asia to win “Digital Bank of the Year” 6 years in a row!
Union Bank of the Philippines (UnionBank) has consistently proven itself to be the undisputed digital leader in the country’s banking industry. Its recent win of an unprecedented sixth consecutive “Digital Bank of the Year” award from renowned financial news and research publication The Asset Triple A is proof that UnionBank has indeed established a Digital Dynasty in the Philippine banking industry.
“Digital transformation has been a mantra at the bank and what’s behind its rapid growth these past years. With a strong focus on client experience, embracing innovation, and delivering better outcomes, UnionBank has altered mindsets to become the winning digital bank in the Philippines. A testament to that was its success in acquiring Citi Philippines’ consumer banking business, which was completed less than a year following its winning bid at the end of 2021. With the integration firmly underway, the bank has set the stage for its next phase of growth expanding its market share and staying ahead of the competition,” said Daniel Yu, The Asset’s editor-in-chief.
UnionBank embarked on its digital transformation journey over seven years ago, long before other Philippine banks and industries recognized digital transformation as critical for survival. The vision has always been to be the pioneer in digital banking on the journey to be a great retail bank.
What made the Bank’s digital transformation journey notable was the promise that “no one gets left behind.” Beyond simply digitizing its assets and capabilities, the Bank made sure that no one—not its customers, not its colleagues, not its countrymen—gets left behind.
Since winning its first “Digital Bank of the Year” award from The Asset in 2017, UnionBank has consistently been streets ahead of the competition in introducing innovative solutions that continue to redefine the future of banking today.
UnionBank President and CEO Edwin R. Bautista attributes the Bank’s phenomenal success to its customers, “When we were starting, our internal rallying cry was ‘we need to move from being a bank, to a tech company with a banking franchise.’ Innovation became an obsession. But without customer centricity, innovation could become an end and not a means to an end. Often, we need to remind ourselves, lest we forget and get carried away—that Digital Transformation is anchored on having the customer at the center.”
The Asset Triple A Digital Awards is an annual ceremony that recognizes “financial institutions and technology firms that have excelled in innovation and developing a unique digital experience for customers across the Asia-Pacific and the Middle East.” Countless financial institutions, technology vendors, and digital service providers are nominated every year, and all undergo a rigorous selection process conducted by The Asset’s board of editors to determine the best of the best.