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Dispelling myths: Stay the course in the bourse during Ghost Month

Thursday, August 31

Ghost Month 2023

BDO Securities encourages investors to maintain a steadfast approach to their investment strategies and not be swayed by superstitions as the ‘Ghost Month’ approaches. 

“Ghost Month”, an annual observance believed to bring bad luck, is often associated with cautious behaviors and superstitions that supposedly affect financial markets. 

“Making investment decisions based on sound research, diversification, and long-term goals are crucial, regardless of the time of the year,” said John Michael Raz, Assistant Vice President and Head of Online Sales of BDO Securities Corp.--the stock brokerage arm of BDO Unibank. 

He said the 30-stock Philippine Stock Exchange index has generally exhibited weakness in the month of August, which happens historically 60% of the time. 

To date, the support has been established at the 6,350 level with the market trading at the 6,350-6,750 range currently.

"This range may persist if participants continue to stay on the sidelines due to lack of catalysts. There's really no rule against buying in the month of August," he said.

Instead of getting "scared" from trading at this time, Raz pointed out that investors should instead consider the ghost month as an opportunity to go bargain-hunting. 

"While historically weak, investors should take it as an opportunity to buy the dips and initiate positions in their favorite stocks. For a lot of investors, they see weakness as an opportunity to even improve their cost," he stressed.

For sectors to look out for with strong growth potential, Raz listed financial and power sectors with a dash of opportunistic buying of select conglomerates. 

"We suggest investors look at sectors that can sustain earnings growth. We continue to prefer the financials sector on the back of still healthy loan growth and improving lending margins. We are also bullish on the power sector which is seen to benefit from inelastic power demand and higher spot market prices," he added. "We also like conglomerates with consumer-centric portfolios that benefit from the country’s economic resilience."

BDO Securities further stressed that a down or flat market still provides investors with decent returns and not a reason for them to stay on the sidelines.

"For active investors who like trading, a flat market offers an opportunity to trade in and out of a well-established range--buying near support and selling at or near resistance. A down market doesn't mean no opportunities to make decent returns. Rather, you just need to be more selective of the stocks to buy and manage your expectations in terms of returns," Raz pointed out. "For investors with a long-term view, our comprehensive research coverage provides up-to-date fair value estimates. This aids our clients in identifying opportunities at bargain prices."

BDO Securities regularly provides guidance to investors through its Weekly Wrap and Technically Speaking articles, among others, using a sound investing strategy or trading plan which caters to the individual's objectives and risk preferences.

By year-end, BDO's brokerage arm is looking at an index level of 7,700 based on an average earnings growth estimate of 15%.
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Reminder to qualified UMID applicants: Upgrade to UnionBank SSS UMID ATM Pay Card today

Thursday, January 19

 

SSS members with pending UMID ID releases may avail of free upgrade online

Union Bank of the Philippines (UnionBank) is reminding members of the Social Security System (SSS) who are qualified for a free upgrade to the UnionBank SSS UMID ATM Pay Card to avail of the offer now so they can enjoy an easy and convenient way to receive their SSS proceeds.

Announced a few months ago, the UnionBank SSS UMID ATM Pay Card is a government-issued ID card and fully functional ATM card that is linked to a UnionBank savings account, where SSS members can receive the proceeds of their benefits, loans, and refunds. The savings account doesn't require maintaining balance.

SSS members who are registered on My.SSS and have applied for the standard UMID card but have not received it yet may avail of the UnionBank SSS UMID ATM Pay Card upgrade for free. To let them know about the upgrade option, SSS also sent invitations to qualified members via email, so they may want to check their email. The upgrade will be available to all SSS members applying for the UMID card eventually.

Qualified members may upgrade their card by logging in to their My.SSS account, or register if they haven’t yet. They will then need to go to the "E-Services" tab, access the "Data Sharing Consent for UMID Pay Card" option, and give their consent to share their information with UnionBank.

Next, they must download the UnionBank Online app, which is available on the Google Play Store, Apple App Store, and Huawei AppGallery. They can also visit https://www.unionbankph.com/unionbankonline and or scan the download QR code.

On the app, they need to select the "Open an Account" option, choose "Government ID," click "SSS UMID Pay Card Account," and then click “Agree to the Terms & Conditions and Data Privacy Consent” to continue. After making sure that their SSS information is updated and correct, they will need to complete the form to open their savings account. More details are available at https://www.unionbankph.com/sss-umid.

Upgrading to the UnionBank SSS UMID ATM Pay Card comes with a few perks. Once the free upgrade is completed, funding the account with a minimum of PHP1,000 entitles the owner to a free Jollibee eGC worth P200 and a chance to win a brand-new Mitsubishi Xpander GLS sponsored by UnionBank. Account holders must fund their account on or before Feb 28, 2023 to enjoy these perks.

Because the card is linked to a UnionBank account, users will be able to enjoy fully-featured ATM transactions, as well as digital banking services and advanced features like financial goal setting and payment requests via the UnionBank Online app.

UnionBank has been a long-time partner of the government in the issuance of two-in-one ID and pay cards that have benefited countless Filipinos over the years, and the new UnionBank SSS UMID ATM Pay Card is just one of the many innovative offers that have come from its partnerships with government agencies like the SSS and the Government Service Insurance System (GSIS), to name a few.

To learn more about the UnionBank SSS UMID ATM Pay Card, visit https://www.unionbankph.com/sss-umid.
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UnionBank leverages AI for improved customer experiences

Monday, January 2

 Data Science and Artificial Intelligence

In order to keep up with the changing behaviors of today’s banking customers, Union Bank of the Philippines (UnionBank), the country’s leading digital trailblazer, has unveiled an innovative tool that leverages Data Science and Artificial Intelligence (DSAI) to enable and accelerate better and more meaningful experiences for its customers while maximizing value creation for the Bank when it comes to its products and services.

“At UnionBank, we take delivering the best customer experience very seriously. To ensure our products, services and interactions across channels keep on delighting our customers, we make sure we continuously get feedback from them and we work closely with our Data Science and AI counterparts to help us analyze the vast data we get to allow us to keep on providing what our customers love and quickly address those that need improvement,” said Albert Cuadrante, UnionBank’s Chief Marketing Officer.

One of the key aspects of this DSAI-powered tool from UnionBank, the Net Promoter Score (NPS) Free-text Analysis Tool, is that it can automate the identification of user needs and gains through direct feedback analysis. NPS is an important consumer metric used by the Bank to estimate the loyalty and satisfaction of its customers towards its products and services. Customers can rate the Bank with a satisfaction score ranging from 0 (lowest) to 10 (highest) and give feedback or reviews to expound on their scores and recent experiences.

The solution is designed in a way that allows it to understand the sentiments of customers through free text found in various channels and platforms, such as the UnionBank Online mobile app or surveys answered in branches.

“The information that we are able to get from our various feedback channels, whether through online surveys, comments on social media and actual interviews, allow us to have more personalized offers and engagements with our different customers, ultimately deepening their relationship with us,” said Cuadrante.

Based on the tool’s performance over a period of eight months, UnionBank said it was able to streamline the analysis of more than 10,000 monthly survey responses and over 35,000 monthly inquiries and complaints from customers. This has proven to be invaluable for the bank’s product teams in understanding the customers’ key concerns and prioritizing actions to be implemented in a fast and efficient manner.

“The tool, which leverages NLP (Natural Language Processing), customer data analytics, and clustering techniques, identifies the top issues raised by multiple customer segments in just three to five minutes, saving around one to two weeks and significant man-hours of manually screening and processing texts,” said Gabriel Isaac Ramolete, a Data Scientist from UnionBank’s AI and Innovation Center of Excellence (AI & Innovation CoE). 

"It is challenging for humans to read thousands of feedback texts to understand its impact on customer experience. Technologies like NLP function best at manually extracting insights from big and unstructured data. The tool that we developed and deployed at UnionBank acts as a decision support system that helps with prioritizing and making more informed decisions”, said Dr. Adrienne Heinrich, UnonBank’s AI & Innovation CoE Head.

To help the product teams analyze root causes and provide proactive recommendations that can help customers, the tool has an automated dashboard featuring sentiment analysis for reported customer experiences and product performance summaries, which is made readily available to the Bank’s customer experience teams.

“Because of this, we were able to raise the bank's NPS above its local competitors, and more importantly, leave more human-critical tasks to the bank's employees, so they can ideate, communicate, and execute actions optimally,” Dr. Heinrich concluded.
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Open a Kabayan Savings now at the newest BDO branch in SM City Tanza

Wednesday, October 26

 

Working abroad for the betterment of the family's way of living requires a lot of sacrifice. Our OFWs have to deal with loneliness. Being far from the family also means missing out important occasions and gatherings. BDO understands the importance of helping our kababayans save money so that they can be reunited with their loved ones soon.

To encourage our kababayan from Cavite, BDO offered assistance to make the process of opening an account easier. The overwhelming response of our kababayan was evident as they flocked to the BDO booth at the event area. The hardworking BDO employees gladly accommodated inquiries on Kabayan Savings account and Cash Agad services.


BDO Kabayan Savings ambassador Piolo Pascual graced the event with song performance and invited the Caviteños to visit the BDO branch in SM City Tanza.

For those interested, you only need 100 Pesos initial deposit for Peso Account or US$100 for Dollar Account  to open a Kabayan Savings account. Make sure you bring one (1) valid ID. 

For those who wished to transact online, you can open a BDO Kabayan Savings HERE


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BDO Trust consistent winner of the Best Online and Mobile Platform Award

Monday, August 29


BDO Trust and Investments Group (BDO Trust) bags the Best Online and Mobile Platform Award for the 3rd straight year since first earning the prestigious win in 2019 at Alpha Southeast Asia’s 13th Annual Fund Management Awards. 

Investors can easily utilize BDO Trust’s Invest Online facility, an internationally recognized online platform that allows clients to access and invest in Unit Investment Trust Funds (UITFs) at the convenience and safety of their own homes. With its fully straight-through digital process, customers can quickly open an investment account and invest in UITFs immediately so not to miss any opportunities. Furthermore, only BDO Invest Online has the capability to show clients their entire portfolio in one portal. They can view their segregated portfolio, UITF, BDO Easy Investment Plan (EIP) and Personal Equity and Retirement Account (PERA) accounts in one page, providing them with a full comprehensive view of their investment portfolio.

Alpha Southeast Asia is a Hong Kong-based institutional investment publication which recognizes the solid performance of multi-asset fund management companies, their robust liquidity and capital positions given the dramatic changes in the industry for the past two years.

“This award signifies that we are committed to improve our clients’ overall customer experience as we deliver reliable and flexible investment products and services through our enhanced online infrastructure and mobile platform,” said Rafael G. Ayuste Jr., Senior Vice President and Head of BDO Trust.

Apart from Alpha Southeast Asia Awards, BDO Trust has received multiple recognitions internationally from various prestigious publications such as The Asset, Reader’s Digest Asia, World Finance and Asian Banking & Finance.


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Cash Agad makes it easier for Pinay champion weightlifter Rosegie Ramos to pursue her Olympic gold dream

Thursday, August 18

Rosegie Ramos

It is undeniable that many young athletes in the field of weightlifting were inspired with the achievements of Olympic gold medalist Hidilyn Diaz-Naranjo. One of them 18-year old Rosegie Ramos. Rosegie is a grade 10 student of Mampang National High School in Zamboanga.

Rosegie recently brought honor to the country by winning three gold medals at the Asian Youth and Junior Weightlifting Championships held at Tashkent City, Uzbekistan. She registered her best score in snatch (71 kg), clean and jerk (90 kg), and total (161 kg) in the Junior division category of the competition. Prior to this competition, she has also won bronze medal in the women's 49 kg category from the Southeast Asian Games held in Vietnam last May.

One of the challenges for Rosegie is balancing her studies as a student and her training as an athlete. That is why it's a big help for her when BDO Cash Agad became available in Zamboanga. It makes cash withdrawal easier and faster whenever she needs money.

"Nung wala pa po ang BDO Cash Agad dito, bumibiyahe pa po ako nang 30 minutes para lang makapunta sa town para makapag-withdraw. Minsan ginagabi pa po ako. Ngayon andito na ang BDO Cash Agad, nagpapasalamat po ako kay ate Hidilyn na hindi ko na kailangan bumiyahe ng 30 minutes, menos gastos po." said Rosegie.

Nowadays, Rosegie only needs to go to the Hidilyn Diaz Gym near her house in Mampang whenever she needs to withdraw cash. The training facility gym of Hidilyn is a BDO Cash Agad partner-agent. The country's pride had this built for weightlifters like Rosegie who dream of one day bring honor to the Philippines.

"Nabanggit nga ng coach ko na nagkaroon ng Cash Agad dito sa gym ni Ate Hidi. Napaka convenient po sa akin saka hindi delikado, five minutes away lang po sa amin pag naka motor ako," added Rosegie.

Rosegie also opened a savings account at BDO Network Bank in preparation for her future.

"Thirteen years old pa lang ako, sumasabak na 'ko sa mga weighlifting competition. Noong nagsimula na akong manalo, nakakapag-ipon na rin ako mula sa winnings ko. May ATM ako dahil National Team member ako. Nag-open na rin ako ng savings account sa BDO Network Bank. Gusto kong makapag-ipon para na rin sa future ko." said Rosegie.

By using ATM cards of BDO Unibank, BDO Kabayan Savings, BDO Network Bank, and other local banks, you can make withdrawal  at Cash Agad point-of-sale (POS) terminal located at the gym of Hidilyn Diaz and other establishments that are Cash Agad partner-agent like sari-sari store, water refilling stations, and mini-groceries. 

With Cash Agad, ATM cardholders don't need to travel far and spend money commuting just to withdraw money. 

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3 reasons why Komo by EastWest should be your go-to digital banking service

Tuesday, July 12

 

As the world continues shifting to the digital space, online banking becomes even more of a necessity and not just a convenience.

In May 2020, universal bank EastWest launched Komo, a fully digital banking service backed by the security of a strong, established bank. With just the app, Komo provides customers a convenient and digital experience from account opening to transactions to even card management, all without going to a branch, being stuck in lines, and worrying about any hidden charges.

“In this new normal, there’s an even greater emphasis on convenience, and being able to perform financial transactions anytime and anywhere. Komo was launched to equip our customers with services that not only helps them meet their needs, but also goes beyond and empowers customers to take control of their money,” said Isabelle Yap,Komo Business Head.

She added, “From being able to skip lines and pay bills at home, to transferring money nationwide whenever and wherever they are, Komo also offers its customers money management tools that can help them build smarter money habits, and the ability to get insured in just a few taps. With Komo, Kontrol Mo ang Pera mo.”

In an industry with so many choices, selecting an e-wallet or digital bank can be confusing, but Komo is here to make life easier for you. Here are the top reasons whyyou should open a Komo account: 

1. It lets you access your money anytime and anywhere. 

Opening a Komo account is free, but it also comes with a free Visa debit card you can use for cashless and online transactions. The best part is that if ever you need cash, Komo offers free ATM withdrawals nationwide! Even on transfers, Komo gives you more freedom and flexibility with less limits on restrictions than other providers. 

2. It lets you grow your money. 

Every Peso counts and, in some wallets, parking your money there doesn’t earn much interest. With Komo, you can enjoy 2.5% annual interest on top of your savings, giving you peace of mind that your money is growing. Komo kicks it up a notch with its money management tools – services designed to help you form better saving habits. 

3. It keeps your funds safe. 

With all things digital, security is always at the forefront. With the support of both the EastWest Unibank and the EastWest Rural bank, customers can rest easy knowing their accounts are safe, secure, and compliant. Komo also lets you lock your card via the app for total protection and even offers customizable and affordable insurance for you and your loved ones.

With just one valid ID, a smartphone, and just 5 minutes of your time, you can easily create a Komo account for free by tapping this link. Komo is also free to use as it does not require any minimum or maintaining balances. 

“With its overall convenience, competitive interest rates, zero fees, and top-notch security, Komo is already a contender in the digital banking landscape. Nonetheless, EastWest is committed to further develop the app to ensure that its customers’ progressing digital banking needs will continue to be addressed,” Isabelle Yap concluded.
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RBank at 25: Putting You at the Heart of Service

Tuesday, July 5

Robinsons Bank

Robinsons Bank (RBank) crosses another milestone this November 27, 2022, celebrating its Silver Anniversary – 25 years of Putting the Customer at the Heart of Service. 

RBank began as a humble service-oriented Bank for the Gokongwei Group, but over the years, it has fortified its vision and mission to focus on fulfilling the changing needs of the Filipino people. 

RBank now rises to stand tall among other industry leaders of today, remaining competitive in developing innovative products and services that are responsive to the demands of the market. 

“Our continued growth and success today are a testament of the Bank’s resilience and agile culture — which has especially been evident amid the crises we are experiencing. The Bank’s growth did not stop nor slow down but rather, it accelerated its initiatives as we saw the need to create banking products and services that remain relevant to the needs of the Filipino people today,” said RBank President & CEO Elfren Antonio Sarte. 

As a testament to its growing momentum, RBank continued to be recognized as the Fastest Growing Commercial Bank in the Philippines, for four consecutive years and as awarded by the Global Business Outlook and the Global Business Review Magazine. In addition to this, its digital innovations and product developments have also caught the global eye, garnering recognitions from the Asian Banking and Finance Retail Banking awards for Service Innovation of the Year 2021 (RBank Sign Up) and Consumer Finance Product of the Year 2021 (GO!Salary Loan). It also garnered award for having the Most Innovative Digital Banking Services from The Global Economics. 

Throughout RBank’s 25 years, the Bank has been a witness to more and more Filipinos achieving their goals and dreams – from getting their first savings account to building their dream home. 


Driven by commitment and passion for service, Robinsons Bank has transcended generations, a testament that RBank is more than just a bank, but a life partner. It carries its mission to be better every day to provide the best banking solutions to help customers achieve a better and brighter future. 

Robinsons Bank is the financial services arm of the Gokongwei Group, one of the largest conglomerates in the Philippines. It currently ranks 17th among universal and commercial banks in the country, with assets amounting to Php 176.93 Bn as of December 2021. The Bank is recognized as the Fastest Growing Retail Bank in the Philippines for 2019-2020 by The Global Banking and Finance Review; Fastest Growing Commercial Bank in the Philippines for 2019 and 2020 by the Global Business Outlook; and the Best Commercial Bank in the Philippines for 2020 by the International Business Magazine.
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The future of business is OPEN: UnionBank discusses how Open Banking will drive the digital economy

Thursday, June 30


Open banking and open finance are two models that are now slowly taking over the financial sector, with the promise of revolutionizing banking and financial services like never before and acting as "a catalyst for the new wave in financial innovation."

This was the main point of discussion during the 14th edition of Union Bank of the Philippines' (UnionBank) virtual roundtable series E-TalkTales, which took place last June 28 via Zoom. The event was led by UnionBank's Fintech Business Group Head Erika Dizon as its main speaker. 

In her presentation, Dizon explained that while open banking and open finance may differ slightly from each other—the former promotes data sharing on banking services, while the latter promotes data and capability sharing across the financial sector—the goal is the same, which is the creation of an open ecosystem.

An open ecosystem, she said, provides numerous benefits, including seamless data access and sharing, more opportunities for cooperation and collaboration, and most importantly, unprecedented customer-centricity. All of these point to the potential of the movement to completely change the way people see banking and finance.

Dizon listed down a few examples of how the open finance movement can positively impact different sectors of society. For service providers, it can inspire innovation and create new revenue streams. For businesses, it can promote increased transparency and operational efficiency. For customers, it can help enable better personalization, and in turn more meaningful experiences. 

Dizon also named several pillars supporting open banking, namely, (1) regulatory push for frameworks built on principles of consent, interoperability, and collaboration; (2) heightened expectations coming from the digital and modern social experiences that are redefining banking and finance; (3) competition especially with the emergence of non-traditional players; and (4) infrastructure, which is increasingly becoming more reliant on application programming interfaces.

"All of these factors are coming in to play and have triggered the open banking and open finance movement and the beginning of the unbundling of the traditional banking models," Dizon said.

After her presentation, Dizon participated in a fireside chat with the event’s moderator, veteran journalist Rico Hizon. One of the questions that she answered was on data privacy, which is currently one of the biggest concerns related to open banking and open finance. She reiterated that, at the core of open banking, there should be customer consent, where end users can have the choice to share their data or not, and limit how much of their data is used.

Another topic discussed during the chat was balancing competition with collaboration, especially since open ecosystems require the latter for them to truly serve their purpose. She said that for UnionBank, rather than competing, the focus is more on “coopetition,” adding that there is a place for different industry players to benefit from a win-win-win model.

“We understand that some financial institutions, some fintechs, some third parties have specific products and services that we don’t, and we believe that for us to be able to better serve our customers, we should be able to integrate those specific products and services into our own,” Dizon said.

“Open banking and open finance are only as good as the number of players that cooperate within that ecosystem, and that’s, I think, one of the biggest things that we have to consider.”

On the topic of how open banking and open finance can create more value for UnionBank, she said that these allow the Bank to identify new potential business models, and with these, generate more income streams and revenue models.

“More importantly, it adds value to our customers and how they do their financial transactions, and that is what’s really important to us,” Dizon said. “Of course, as a bank, there is a bottom line that we need to think of, but we believe that there is a space for both to co-exist, for the customers to be served appropriately and for the Bank to be able to have new business models.”
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How AI and blockchain make banks more inclusive in the Philippines

Wednesday, June 22

David R. Hardoon

Dr. David R. Hardoon, Chief Data and AI Officer at Union Bank of the Philippines shares how AI and blockchain in banks can promote financial resilience.

Imagine having an AI-powered fridge that can predict what ingredients you need for the day, make purchases online automatically, while helping you take a microloan at the same time. This can be the future—where banking not only occurs in ATMs or branches, but also in every part of your life.

Digitalization in banking can extend banking services to everyone, everywhere. This can benefit rural communities greatly, since they are traditionally excluded from accessing banking services like getting a loan.

Dr. David R. Hardoon, Chief Data and AI Officer at the Union Bank of the Philippines (UnionBank), shares how digitalization can promote financial resilience and improve the lives of rural communities in the Philippines.

Ensuring financial resilience amongst rural communities

In the Philippines, many communities struggle to access banking services. 47 per cent of Filipinos still lack a bank account in 2021, reported Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. This includes many farmers and those working in the informal sector, like handicraft vendors.

A reason is that some rural residents do not have the documents needed to open a bank account, like identification or income statements. Without a bank account, it is harder for them to receive or transfer money.

But giving rural farmers a bank account does not solve all problems, says Hardoon. It might seem like financial inclusion, but they still cannot access services like getting a loan if they lack the necessary documents.

Banks need to go beyond financial inclusion, Hardoon emphasizes. This means promoting financial resilience—giving rural communities continuous opportunities to improve their finances.

AI helps excluded communities access banking services 

Banks can use AI to help citizens achieve financial resilience. UnionBank’s MSME Business Loan project was created with the aim of extending credit access to the bank’s Mass Market clients—including rural communities—through the enhanced, alternative AI-powered credit scoring and risk models. UnionBank Business Loan is being offered in SeekCap, an online lending marketplace managed by UnionBankthe bank’s fintech arm UBX.

Many rural residents struggle to get a loan to start a business or go to college as they need credit scores. Farmers or vendors mainly use cash instead of credit cards, Hardoon explains. As it is harder for banks to assess their credit scoresworthiness, they might not be eligible for a loan.

The enhanced, alternative AI-powered credit scoring and risk models calculateevaluate credit scores based on alternative data such as macro and socio-economic data, geographical attributes such as points of interests and land elevation, and internet footprint.

TheseWith the help of data analytics and machine learning, tools can generate data-driven recommendations are generated on whether to extend the loan to the customer in a few seconds. This makes it faster and more flexible for rural residents to get loans.

Connecting rural banks using blockchain 

Blockchain technology in banking can “rapidly connect institutions that were previously not connected,” says Hardoon. Blockchain allows transactions to occur immediately without going through a third party.

53 per cent of Filipinos in 2020 live in rural areas, reported the World Bank. But rural banks are disconnected from major banks and each other because they do not have the tools to provide electronic banking services. This makes it hard for rural residents to receive or transfer funds quickly.

Bank connectivity is also important for overseas workers to easily transfer money to families in rural villages. In the Philippines, overseas remittances make up 10 per cent of the GDP, shared UnionBank.

UnionBank’s Project i2i uses blockchain solutions that remove manual processes in transferring money, making it faster. When you transfer money to and from rural banks without blockchain, it might take hours or a few days because the banks need to verify the transaction without blockchain tech.

But blockchain is very secure. It isAdditionally, as blockchain technologies are not centrally controlled, so it is hard for cyberattackers to access the data through a single-entry point. Others cannot change transactions made via blockchain, so they can be verified and processed in real- time. As transactions in blockchain are very secure, they can occur even outside of the bank’s business hours.

The hyperpersonalisation of banking

UnionBank is also using digitalization to make banking engage more closely with the citizens’ lifestyles. They launched tThe ARK, a fully -digital branch in the Philippines, which uses technology to align banking services to the individual’s needs.

Virtual reality headsets allow customers to check out the car or house that they are applying to get a loan for. This can help them make better and more informed decisions. “It’s almost like a gamification of banking,” says Hardoon.

Meanwhile, a virtual teller machine provides virtual customer service, cash deposits, and withdrawals. This makes it more convenient for customers who are rushing to work or do other activities.

The whole narrative of banking doesn’t need to be just in terms of finances, but a lifestyle, Hardoon highlights. People don’t just open their wallets and say, “I’m missing a credit card,” he explains. Instead, they are motivated by certain lifestyles and needs. They might be taking a loan to buy a house or to attend college, for example.

To better address their needs, banks need to be hyperpersonalised, Hardoon says. It’s not just about showing customers the wonderful range of loans, but why they are relevant to them by meeting some of their needs, he adds.

The future of AI and digital banking 

What excites Hardoon the most about AI is how widespread it has become. “There is AI, but no one realizes it,” he notes. From getting our food delivered to using a carsharing app, AI is everywhere in our lives. But we never notice it.

When people in the streets access financial services, they don’t know that the system is using AI, says Hardoon. They only focus on the benefits AI offers: an easy and convenient way to assess banking services.

For exampleinstance, with an AIthe enhanced, alternative AI-powered credit- scoring and risk models enable a same-day approval process provided thatsystem, they just have to submit the required details are submittedbefore they can access the loan within minutes. “It’s the practicality—in fact, the simplicity—that I find very exciting,” shares Hardoon.

When it comes to unlocking the potential of AI, it’s just a matter of doing it. “Ai is an investment that pays for itself,” Hardoon says. AI is a learning process—and it’s a process that will only get better, he adds.

Financial inclusion is one of the key elements of eliminatingreducing poverty, as outlined in the Global Goals set by. It is present in seven of the United Nations’ Sustainable Development Goals. With the help of AI and blockchain, banks can help more rural residents access financial services and build a better life for themselves.



Credit to: GovInsider

https://govinsider.asia/inclusive-gov/how-ai-and-blockchain-are-making-banks-more-inclusive-in-the-philippines-unionbank-david-hardoon/


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Filipinos will soon have access to game-changing banking services with GoTyme Bank, a Gokongwei Group Fintech

 GoTyme Bank

Set to launch Q3 2022, GoTyme Bank is set to excite the market with world-class banking integrated into the Gokongwei Group ecosystem

Technology continues to change our lives for the better, in ways we least expect. Anyone can now have a bouquet of flowers delivered to loved ones wherever they are in the world, or even get in touch with a personal shopper to do all the shopping for them. Banking has also been a witness to these breakthroughs. Going cashless and managing our finances through an app were once unthinkable, but we’re closer than ever to a society where those are the norm. Now we ask: how else can we make the use of money exciting?

As one of the key innovators and disruptors in the Philippines, the Gokongwei Group has always created new options to make the life of Filipinos easier and better. Now, Filipinos can have access to high-quality digital banking where one can easily open an account, get better interest rates, earn more rewards for purchases, and experience a more personal customer service. “In fact, GoTyme’s vision is to deliver the best banking experience in the Philippines, one that stands up against the best banks in the world,” shares Jojo Malolos, President of GoTyme Bank. 

Companies under the Gokongwei Group, namely JG Summit Holdings’ business units Robinsons Bank and Robinsons Land Corporation, and Robinsons Retail Holdings, Inc.,have invested and collaborated with Singapore-based digital banking group Tyme to create GoTyme Bank, a digital bank that offers industry-leading financial solutions and products that will make Filipinos excited about banking. Tyme, one of the world’s fastest growing digital banks, has created a safe and secure global platform that has successfully rolled out in South Africa, now set to launch in the Philippines, and soon, in more countries. “This partnership aims to create a sense of trust that Filipinos can bank on,” adds Malolos.

What’s game-changing about GoTyme Bank

Consumers nowadays are changing the meaning of banking convenience. From the traditional branch locations to enabling the digital capabilities of financial institutions via improved apps, world-class banking is now within easy reach of everyone, paving the concept of "take your money everywhere" banking – which is what Tyme literally means – a reality. 

Filipinos can now have access to world-class banking. GoTyme Bank plans to do this by making possible the opening of a new bank account as easy as can be. As Nate Clarke, a member of Tyme’s founding team and co-CEO of GoTyme Bank, explained, “With the help of our digital kiosk, GoTyme Bank will disrupt the industry with an unprecedented onboarding process that opens a bank account and puts a personalized debit card in the hands of our customers, all in under 5 minutes.” These digital kiosks will be placed in convenient locations in selected Robinsons Malls and Robinsons Supermarkets, allowing customers to bank where they already shop, eat, and relax every day. 

Bigger rewards, better deals. Wouldn’t it be exciting if your next piso flight, or your next grocery trip gives you a lot more than what you paid for? Imagine the game-changing potential of a GoTyme Bank account - purchases with exciting rewards, priority access to sales, and exclusive promos for account holders, just to name a few. In addition to rewards, GoTyme Bank will differentiate with disruptive savings, credit, and investment products that truly maximize the Filipino financial potential.

A high tech - high touch approach. GoTyme Bank’s hybrid distribution model that highlights customer interaction allows you to choose whether to perform self-service on their GoTyme Bank app or to visit the nearest kiosk for that human touch. This “phygital” model consists of three key elements: digital kiosks, GoTyme Bank ambassadors, and an established lifestyle and leisure ecosystem. Whether the customer is opening an account, depositing or withdrawing cash, or has forgotten their PIN, the smiling face of a GoTyme Bank ambassador will be there to assist customers along their banking journey. “We believe this ‘human touch’ is something that will allow GoTyme Bank to stand out against other digital-only competitors” adds Clarke.

All of these make GoTyme Bank a banking experience to get excited about as it gears up for launch in Q3 this year.

Visit GoTyme Bank’s official website to get early access to features and updates.
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BDO recognized social partner at 2022 Migrant Workers Day Araw ng Pasasalamat

Friday, June 10



We all know the sacrifices of our OFWs. It takes courage and a big heart to leave the family and work overseas. The global crisis brought by the pandemic has made the situation more difficult. Most of our kababayans were not able to go home on vacation because of the lockdown. While some were not able to return to their respective jobs. 

The Philippine Overseas Employment Administration (POEA) and Overseas Workers Welfare Administration (OWWA) hosted the 2022 Migrant Workers Day Araw ng Pasasalamat at the SM Mall of Asia Music Hall last June 7 with the theme "Kabayan sa galing at sakripisyo mo, nakabangon ang Mundo" During the event, BDO Unibank was recognized as a social partner by the Philippine Overseas Employment Administration (POEA) and Overseas Workers Welfare Administration (OWWA). The award was received by BDO SVP & Remittance Head Genie T. Gloria together with “Mr. BDO”, Senior Assistant Vice President Vicente “Teteng” Lopez.


BDO continues to provide digital products and services catering to  OFWs and their families back home that will help them bank with ease. Mr. BDO Teteng Lopez also conduct webinars to further educate our OFWs about financial literacy. Teteng emphasizes the importance of saving up and BDO makes it possible through the BDO Kabayan Savings. 


There has been many challenges in remittances due to the pandemic but BDO remains committed in ensuring that our OFWs can send money back home via BDO Remit. They have a strong network of remittance partners worldwide to give OFWs convenient way to bank. 


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Globe, UnionBank partner to fight online banking fraud

Friday, March 25


Leading Philippine digital technology companies Globe and UnionBank recently inked an agreement to provide mutual support on investigations involving online banking fraud.

The alliance, the first of its kind in the country today, covers information sharing among others. 

Under the agreement signed on March 24, Globe will provide UnionBank information about mobile numbers potentially used by fraudsters to help in online banking fraud investigations. This will help Globe detect illicit activity within its network. UnionBank for its part, will likewise trigger and share relevant information necessary to pursue investigations in accordance with the Data Privacy Act and the aforementioned Data Sharing Agreement. 

The pact came as online fraud has become a growing threat, with the rise in digital transactions especially during the pandemic. 

“Currently, when it comes to gathering information in relation to fraud investigations, banks and telcos have to go through a tedious process of court orders first. This partnership will make that process a lot faster, and is a step forward in working with the BSP to ensure a safe and secure digital economy for all,” said Joey Rufo, UnionBank Chief Information Security Officer. 

“Also, this partnership is the first of its kind in the Philippines between a telco and a bank, which makes it truly a game-changer,” he said.

Globe’s Chief Information Security Officer Anton Bonifacio said the agreement takes the existing collaboration between Globe and the banks a step further. At present, banks report phishing campaigns to Globe, which Globe investigates and blocks accordingly. Globe has also implemented free whitelisting of official aggregators of the banks to prevent spoofing of their official SMS sender names. This sets an example on how private sector initiatives for cooperation could reinforce efforts against cybercrime.

Details on how this initiative was pushed forward were also shared by Globe’s Chief Privacy Officer, Atty. Irish Salandanan-Almeida, “Our agreement with UnionBank is an important step in our shared fight against online banking fraud. We hope that strengthening the bank’s capacity to investigate these cases would lead to the prosecution of fraudsters. This ultimately leads to better protection of our customers.”

Privacy Commissioner Atty. John Henry Naga congratulated the two companies for the groundbreaking partnership as he talked about its importance in the current digital landscape. “I would like to commend Globe and UnionBank in executing this agreement despite it not being required under the Data Privacy Act. This goes to show our stakeholders' continued efforts in promoting data privacy and protection within their organizations.”

In its Q2 2021 Financial Crime Report, Feedzai, a US-based company specializing in artificial intelligence-driven financial crime solutions, bared that 93 percent of banking fraud committed within the period was online.

Among the many ways online banking fraud is committed is through using mobile numbers in a racket called “SMiShing.” In this attack vector done via SMS, a perpetrator uses an anonymous phone number claiming they are a representative of a reputable company to extract sensitive personal information from unwitting victims, such as one-time passwords (OTPs) and credit card numbers. This in turn allows them to commit fraudulent financial transactions, usually at the expense of the victims.

UnionBank is confident that its partnership with Globe will help facilitate faster data gathering in fraud investigations linked to the use of mobile numbers, as the agreement does away with the need for court orders for such information exchange. 

The bank also hopes that the joint effort will help boost consumer confidence and trust in financial institutions, while making it harder for malicious entities to commit online banking fraud.

For its part, Globe has for long been campaigning for a safer cyberspace through its #MakeITSafePH and Alagang Globe programs, which seek to protect customers and businesses from illicit online activity. Globe Business, meanwhile, provides large enterprises and government agencies with cybersecurity tools and solutions, and easy-to-digest information on threats they may face to promote vigilance against cybercriminals. 

UnionBank has always advised customers to approach law enforcement agencies such as the NBI and PNP, who can help go after cybercriminals. For more information about how one can keep #CyberSure, please visit unionbankph.com and look for CyberSure.
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5 things to consider when choosing the right bank for your long-term financial goals

Monday, March 21

ipad couple

Are you in a long-term relationship with your bank? If you can think of many reasons why you’re loyal to your bank, then good for you. It looks like your bank’s a keeper. But depending on what life stage you are in right now, financial needs change. And so, we should be open to new financial partners who can cater to our evolving needs, in keeping with your long-term financial goals. 

To help you decide, here are some things to consider.

1. Convenience

Beyond the branch locations and ATMs, you should have instant access to your funds through a slew of digital banking features that you can use anywhere, anytime, on any device. It’s being able to do your transactions 24/7, without the need to visit your branch or go to an ATM. 

Even though restrictions on physical movement are slowly being lifted, it is still important that your bank offers digital banking services. This allows you to skip the trip to the bank for a transaction that should only take you two minutes on a mobile banking app. Not to mention digital banking is safer and reduces your health worries by being out in public. 

With just a few taps on your device―you’re done! 

2. Relevant and Reliable Products

Banking should never be complicated. Sometimes, all you need is a product that allows you to maximize your funds. For some, it makes sense to have multiple deposit accounts depending on your financial goals. 

Whatever you think suits your needs, you should be able to conveniently open an account that has the features you will need, or at least, should give you the option to choose the features that matters most to you, to help you manage your funds better – without costing you so much to maintain.

Customization is key.

3. Intuitive and User-Friendly Online Banking Platform 

Whether you’re using your mobile phone, tablet, or laptop computer, your digital banking experience should be easy, seamless, and uncomplicated. It means being able to navigate the app effortlessly, enabling you to accomplish your goals in no time. Signing up should be quick and simple, too. 

Check out the rating of the app too! If it’s 4 stars out of 5, that’s a good indicator that the app is comprehensive enough, packed with superior features, but less complicated.

Your banking app should be responsive and allow you to perform transactions in just a few taps and swipes.

4. Reliable Security 

Your data should always be protected and secured. With banks’ many innovative technologies, there should also be strict regulatory data requirements that will protect sensitive customer information. 

Look for multi-factor authentication protocols and suspicious activity notifications. As much as possible, you should be able to activate in-app alerts to monitor your transactions and protect yourself from unauthorized transactions. 

These are a must for digital banking.

5. Customer Service 

Good and reliable customer service is one of the major drivers of the banking business. While everything else is done online, you should still be able to talk to someone not just during banking hours, but anytime you need to. Especially when you have time-sensitive account issues that need to be sorted out. 

When it comes to choosing the right bank for your long-term financial goals, convenience and simplicity should be top of mind. 

Consider a bank with fast and reliable digital-first experiences. It’s also important that the bank is tuned to your needs and removes the barriers to opening a digital account. Wouldn’t you prefer to submit just a few requirements and only wait a few minutes to get an account opened? 

RCBC Digital offers a fast and simple way to open a deposit account online. With just one government-issued ID requirement, you can open a customizable bank account with zero-maintaining balance subject to verification. Upon verification within 24 hours, you get full access to the online banking facility, enabling you to do advanced transactions such as converting foreign exchange, investing in UITFs, cardless withdrawal, and paying for shopping through QR codes. 

When you partner with the right bank, you’ll be rewarded with a great banking experience. So upgrade your digital banking experience today with RCBC Digital. Account opening is quick and easy. Its award-winning mobile banking app is also secure and easy to use, making it possible to do more than just banking on the app.

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UnionBank of the Philippines selects METACO and IBM to orchestrate its Digital Asset Custody Operations

Monday, January 24

 

METACO, the leading provider of security-critical software and infrastructure to the digital asset ecosystem, has announced that Union Bank of the Philippines (UnionBank) is implementing its digital asset management services. UnionBank is deploying services on IBM Cloud, in order to leverage the confidential computing capabilities of IBM’s digital asset infrastructure which are fully integrated with METACO’s digital asset orchestration system, METACO Harmonize

One of the largest universal banks in the Philippines, with over $15 billion in assets under management, UnionBank, will leverage METACO Harmonize, METACO’s digital asset orchestration system, to manage its digital asset operations. UnionBank can improve insurability with additional FIPS 140-2 Level 4 certified physical controls for managing and migrating keys, mitigate potential operational risk and loss events through trusted threshold signatures and hardened policies, and address insider collusions with third-party audited source code deployments. These capabilities are supported by IBM Cloud Hyper Protect Services[1]

METACO Harmonize enables institutions to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to tokenization, smart contract management and decentralized finance (DeFi). UnionBank’s launch follows the recent opening of METACO’s Asia Pacific headquarters in Singapore, established to ensure that METACO offers best-in-class services to UnionBank and other customers in the region.

Patrick Enjalbal, VP Customer Success and MD, APAC at METACO, commented, “We are proud further to expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services. METACO continues to grow at a significant pace. With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region.”

Founded in 1982, UnionBank is a leader in innovation in banking technology and was one of the first institutions to launch electronic savings accounts in the country with the EON Cyber Account. With over 388 branches nationwide, UnionBank is a key provider of corporate cash management and B2B banking services for local and multinational companies in the Philippines.

“We have the passion for meaningful and sustainable reinvention. We value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a common vision. And for UnionBank, that common vision is customer centricity driven by emerging technologies and innovation”, said Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer and Chief Transformation Officer.

As the digital asset industry matures, most organizations require optionality to reduce the risk of third-party dependency, seeking to work with multiple vaults, sub-custodians, and liquidity providers. Working with numerous service providers creates additional complexity. Institutions face challenges in terms of security, and scalability, with a proliferation of access points weakening end-to-end processes. METACO Harmonize manages this complexity and mitigates the risks in working with an ecosystem of partners by acting as the overarching policy layer to ensure tight management of digital asset operations, coupled with a single point of integration to its various internal systems.



[1] Includes IBM Cloud Hyper Protect Crypto Services built upon IBM’s FIPS 140-2 Level 4 hardware security module, Hyper Protect Virtual Services featuring Common Criteria Evaluation Assurance Level 5+ logical partition isolation, and IBM Hyper Protect Secure Build Server for CI/CD
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Promoting financial independence empowers Filipino women

financial independence

“You can’t empower women without helping them become financially independent.”

That is how award-winning Filipina entrepreneur Rissa Mananquil Trillo put it squarely on the issue of gender equality in the 21st century.

According to Trillo, there is need for a change in mindset involved in this advocacy. 

During a virtual tribe meet-up for She Talks Asia called Ladyboss Money Guide: Mastering your finances through a healthy money mindset, Trillo said there is a need to amend the gender roles at home when it comes to women empowerment.

"One of the biggest mindsets that we should change about financial independence among women is this is not about money but more about women and their roles," Trillo said. 

She added: "If you think about it, it really starts as kids. We see the dynamics in the household—who pays the bills? Who makes the decisions in the family when there's an expensive item to buy or a big decision to be made? Even seeing your own mom asking permission from your dad to buy something or pocket money to shop unconsciously shapes our gender roles at home. That's why so many women today are uncomfortable about money, and are hesitant to talk or learn about money. We're really influenced by the kind of culture or household we grew up in. We should change that mindset and remember that women should be comfortable to be financially independent and handle their own money—that women can be both bread makers and breadwinners of the home.”

This is why Trillo is so certain that when it comes to empowering women, it should always involve helping them save and earn their own money. 

“It is hard to empower women if they are not financially independent. Financial independence helps create the life that you want. In singlehood or in marriage, being economically independent empowers women to stand on their own two feet and take charge of their future,” the mom of three and women empowerment advocate emphasized. 

Certified financial consultant Nicole Suarez, who was also in the tribe meet-up, agreed with Trillo, adding that it is also about finding what your goals are.

Suarez thinks a solid financial foundation includes getting rid of irresponsible spending habits. 

“Find out what your goals are and make sure these goals are your goals and not the goals of the people you see on social media. Make sure you dig deep and find out what you really want,”Suarez said. 

The 'I deserve this mindset’ is like -- I had a rough day, I'm going out and drink and party and splurge. I worked so hard all week, I deserve to buy a bag or I deserve to buy new shoes.

“I am not saying that you're not supposed to do this. Of course, you are allowed to pamper yourself. But what happened was, I was doing it at the expense of my budget. I was living beyond my means,” she further said. 

This is why Rizal Commercial Banking Corp. (RCBC) senior product manager Maple Solano emphasized the importance of taking charge of finances – through savings and investment – as soon as possible.

“A very unhealthy habit is procrastinating. We have a tendency to set aside things for later. We have to start now. If you don’t have a savings bank account, open it now. If you don’t have investments, do it now. The mindset is now,” Solano said. 

Solano then injected that it is important for women to have the perfect banking partner for their savings and investment. 

Investment opportunities, according to her, include tapping time deposits, foreign exchange, and unit investment trust funds (UITFs), can all easily be undertaken with RCBC mobile banking app.

As a start, Solano said those who still don’t have a banking account can easily open an online banking account with RCBC. That way, they don’t have to go to a physical store and apply for one. 

The “Ladyboss Money Guide: Mastering your finances through a healthy money mindset” tribe meet-up was organized by She Talks Asia in partnership with RCBC. 

She Talks Asia, on the other hand, is a movement that celebrates the modern woman, providing a space for inspiration, and support among women across multiple platforms.
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UnionBank at 40: Future Forward, a leap to enduring greatness

Thursday, January 20


Aboitiz-led Union Bank of the Philippines (UnionBank) is widely-known to have been trailblazing many firsts in the country since it began operations forty years ago. UnionBank has always been among the first to embrace technological innovations to empower its customers into the future of banking. The Bank’s 40-year journey began with a simple vision: to become one of the top three universal banks in the country with respect to market capitalization, profits, and customer coverage.

UnionBank began building the foundations for its operations in 1981, and in just a year, became a commercial bank on January 19, 1982. A decade after, in 1992, the Bank debuted at the Manila and Makati Stock Exchanges in June of that year, and was granted a Universal Banking License the month after.

In 1994, UnionBank acquired the International Corporate Bank, which marked the first of a series of acquisitions that would strengthen UnionBank's capabilities to deliver banking services tailored to the unique needs of Filipino customers.

In 2006, UnionBank purchased 98 percent of one of the top 20 largest banks in the country International Exchange Bank (iBank), making it the 7th largest private domestic commercial bank in the Philippines.

In 2013, in line with a renewed thrust to enable financial inclusion in the country, UnionBank acquired thrift bank City Savings Bank. The acquisition enabled the Bank to expand its customer franchise and achieve its goal of financial inclusion that is also driven by sustainability.

In its thrust to promote sustainable financial inclusion, the Bank entered into its first venture into rural banking and micro-financing by acquiring a majority stake in the Cebu-based First-Agro Industrial Bank (FairBank) in 2016.

In the same year, UnionBank embarked on its radical digital transformation journey, favoring expansion through digital channels over the traditional opening of more branches, while reinforcing its commitment to deliver superior customer experience and making a promise that ‘no one gets left behind’ to promote inclusive prosperity in the Philippines.

The rest, as they say, is history as UnionBank went full throttle on its journey and continued to achieve numerous industry-firsts, gaining the reputation as the country's most innovative bank even before the Filipino mass adoption of the internet. 

UnionBank was the first Philippine bank to introduce mobile banking through wireless application protocol-enabled cellphones, the first Philippine Bank to launch a banking website, first to use an online payment card through EON, first to use a chat bot (Talk to Rafa), first to launch its own stablecoin (PHX), first to introduce mobile check deposit through its award-winning app UnionBank Online, opened The ARK—the first fully digital bank branch in the country, launched UBX—the Bank’s fintech and corporate venture capital arm, leveraging ecosystems and data to explore new possibilities to make financial services more instinctive and accessible, the first Philippine bank to go fully on the cloud, and launched UnionDigital becoming the first publicly listed Philippine bank with a digital banking license.

Capping off the year 2021, UnionBank surprised the country with the announcement of a game-changing deal to acquire the consumer banking business of American banking giant Citi in the Philippines. Seen as the largest transaction in the local banking community in recent years, UnionBank Chairman Erramon Isidro M. Aboitiz said, “This acquisition further cements our position as a leading bank in the Philippines, as well as fast-tracks our growth aspirations in the retail banking segment.”

Today as it ushers in its 40th year, UnionBank is globally-recognized by International Banker magazine as “already an unequivocal digital trailblazer in both the Philippines and Southeast Asia”, named ‘Asia Trailblazer Institution of the Year’ by Retail Banker International, and ‘Best Bank for Customer Experience in Southeast Asia’ from Global Brands Magazine, among many other international recognitions.


“Our success today has been a product of looking ahead into the future and preparing for the evolution of banking. We will continue to help ‘tech up’ customers, partners, institutions in line with our ‘Tech Up, Pilipinas’ aspiration, empowering all of us to weather this pandemic and emerge more resilient than ever. Together, we can be future forward and leap to being a bank of enduring greatness,” said UnionBank President and CEO Edwin R. Bautista.

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UnionBank Bank on Wheels in Cebu makes banking convenient for typhoon-affected customers

Monday, January 17


In a bid to aid the victims of Typhoon Odette in their journey toward recovery, Union Bank of the Philippines (UnionBank) recently deployed its "Bank on Wheels" (BOW) mobile banking facility in Cebu, to provide customers with easy access to much needed basic financial services.

BOW is UnionBank's 5G-capable banking kiosk in a van, designed to bring the Bank's trailblazing technology and innovation directly to its customers. It is a mobile version of its first-in-industry fully digital banking branch, The ARK, allowing customers to experience the features of the said branch potentially anywhere in the country.

Cebu residents were able to use the automatic teller machine (ATM) inside the kiosk that enabled them (UnionBank cardholders) to do balance inquiry, withdrawal, funds transfer, and bills payment transactions. Non-UnionBank cardholders were able make balance inquiry and withdraw cash.

With the cash recycler machine (CRM) also inside the kiosk, the Cebuano UnionBank customers were in addition to the transactions mentioned earlier, were able to do card-less withdrawal as well as cash deposit for both carded and card-less transactions. Non-UnionBank cardholders, on the other hand, were able to do balance inquiries and cash withdrawals.

Housed in an air-conditioned and internet-connected facility, both machines replicate the fully digital banking branch experience, ensuring security and ease during transactions. The BOW moved to various typhoon-affected areas to make its features accessible to as many banking customers as possible.

“In the wake of Typhoon Odette’s devastation, many banking customers in Cebu and other affected areas were left with little to no access to basic banking services. Committed to address this urgent concern, we deployed BOW while we worked on restoring the bank’s ATM network in these areas,” said UnionBank’s SEVP, CTOO and CTO Henry Aguda.

In the aftermath of the typhoon, UnionBank's ATM availability in disaster-stricken areas was cut to only 21 percent. But through the Bank's agility and superior digital banking capabilities, availability of its ATMs was up to 64 percent after just one day. As of writing, 97 percent of the Bank's ATMs in the said areas are now operational.

“UnionBank will go the extra mile to serve the needs of our customers especially in times like these,” said Henry Aguda. “We take our corporate social responsibility and business continuity very seriously, and customers can rest assured that their banking needs will be met even in the most difficult of situations.”
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