The Aboitiz-led Union Bank of the Philippines has always been at the forefront of embracing and pioneering innovations in the banking sector. It has consistently pushed for developments in mobile banking and the expansion of digital channels. Among the many firsts for the Bank are: the first among its peers to start a bank website; spearhead online banking; launch the country’s first electronic savings account (EON), introduce the first chatbot, implement the first fully-digital account opening, and fully-digital branch called The Ark, to name a few.
UnionBank recognizes the value of nurturing relationships with partners like corporations and micro, small, and medium enterprises (MSMEs) who continue to stay, believe, and remain working together with the Bank through the years. As part of its celebration of its 40th anniversary, UnionBank recently held an appreciation event, the Future Forward Awards for its partners.
As UnionBank President and CEO Edwin R. Bautista shared, “Our success today has been a product of our co-creation efforts, looking ahead into the future and preparing for the evolution of banking. “Together, we can be future forward and leap to being a bank of enduring greatness.”
Moving Future Forward
The Future Forward Awards acknowledged the vision, dedication, and hard work of partners who supported and closely collaborated with UnionBank for the design and successful execution and implementation of the Bank’s digital business solutions.
There were three main award categories:
Steadfast is an award given to long-time clients of UnionBank who became supporters and partners of the Bank’s innovative quests. Recipients were recognized as having been vital to growing the bank’s core transaction banking business over time, paving the way for its digital transformation. The awardees include both a leading bookstore/office supplies chain and a pioneering laser-printing/paper copying technology company.
The Pathfinder award was given to Corporate and MSME clients who collaborated closely with the Bank for it to be able to create and refine its business solution products, which then became instrumental for these clients’ financial growth. Among the winners of this award are a leading pharmacy chain and an active community of mothers/entrepreneurs.
Finally, the Trailblazer, is an award for digital forward thinkers. Just like UnionBank, they are clients who think out of the box, find new ways to engage customers, grow their enterprise, and improve their business processes. These awardees are role models to other companies of what it means to innovate in the digital age. Recipients of the award such as the country’s premier micropayments service and a multinational investment/financial services company, all built their ecosystems with UnionBank’s solutions and integrated their services with the Bank. They are committed to building a future driven by growth and innovation.
“No matter the size or scope of their business, one common denominator among all awardees is the dedication to ingenuity and progress,” said Bautista. “These businesses are the ones with the vision to shape what the future could be. We couldn’t be prouder to work with them.”
Innovation never stops
UnionBank’s digital transformation is an ongoing journey, continuously raising the bar with the end goal of improving customer experience and operational efficiencies. During the event, UnionBank highlighted one of its game changing product Unified Payments and Collections Solution, also known as UPAY for Business.
UPAY was created with the vision of helping enterprises offer complete payment channels to its customers. UPAY provides a complete suite of payment channels that clients may integrate with, made more simpler, housed under one platform. The UPAY platform can even track payments until these get settled to a business account and tagged as paid in its system.
“It doesn’t just make the payment process easier for business,” clarified Samantha Lacorte, Vice President and Product Owner, UPAY for Business. “Clients now have a wider range of choices when settling their payments. They also get added peace of mind with real-time confirmation and settlement of their transactions in a breeze.”
Overall, UPAY creates a payment experience that is beneficial for both payee and payor –something that captures the spirit of innovation crucial to UnionBank.
Client partners can continue to look forward to more UPAY features that leverage the InstaPay Person-to-Biller feature coming soon! This will enable scanning a QR code to quickly pay bills and invoices in real-time.
