UnionBank Pioneers Digital Transformation in Philippine Banking

MANILA: Union Bank of the Philippines (UnionBank) has been at the forefront of digital transformation in the financial sector since 2016, showcasing its commitment to innovation and customer-centric services. This strategic shift has established UnionBank as a leader in digital banking, offering advanced solutions to meet the evolving needs of businesses and consumers.

Digital Transformation Initiatives:

Customer Experience Redefined: UnionBank has transformed its customer touchpoints, converting physical branches into advanced, digitally-integrated ‘Arks’, and developing user-friendly online banking applications. These enhancements cater to a broad spectrum of customer needs, demonstrating UnionBank’s dedication to providing a seamless and diverse banking experience.

Strength in Transaction Banking: With over half of its deposits coming from corporate clients, UnionBank excels in transaction banking. This proficiency has led to faster, more secure financial transactions, bolstering the bank’s reputation among its corporate clientele.

Innovative Banking Solutions:

PayExpress: This electronic supplier payment solution automates Check Disbursements and Creditable Withholding Tax (CWT) generation, streamlining supplier payments and enhancing efficiency. PayExpress aligns with the Bureau of Internal Revenue’s e-Invoicing and e-Receipt System, contributing to the modernization of the Philippines’ tax documentation processes.

Payroll Digital Account Opening (eDAO): eDAO revolutionizes payroll account setup, offering a paperless, fully-digital solution for corporate clients. This system is aligned with the upcoming Bank Account Portability For Workers Act, enhancing financial flexibility and convenience for employees.

Remote Check Deposit (RCD): RCD allows corporate clients to deposit checks online, eliminating the need for physical branch visits. This system complements the Mobile Check Deposit service, enabling convenient check deposits via smartphones.

The Portal: UnionBank offers a unified platform, ‘The Portal’, providing seamless access to a wide range of products and services. This platform caters to the diverse needs of large corporate entities, enhancing the efficiency and security of their financial transactions.

UnionBank’s digital transformation journey exemplifies a forward-thinking approach to banking, positioning the institution as a digital trailblazer in the financial sector. These initiatives not only cater to the current needs of the market but also pave the way for future advancements in the industry.