Smart partners with UnionBank to reward subscribers with up to P5,000 Welcome Gift

Tweet

Smart subscribers have one more reason to celebrate the new year as mobile services provider Smart Communications, Inc. (Smart) has teamed up with Union Bank of the Philippines (UnionBank) to bring more exclusive rewards to subscribers with their new UnionBank Credit Card.

Under this exciting partnership, qualified Smart Prepaid subscribers will receive a P2,000 Welcome Gift with their new UnionBank Rewards Credit Card, while qualified Smart Postpaid and Smart Infinity subscribers will receive a P5,000 Welcome Gift with their new UnionBank Rewards, UnionBank Miles+, or UnionBank Reserve Credit Card.

Eligible subscribers can make the most of this exclusive Welcome Gift as they shop at their favorite stores or their go-to online shopping apps and e-commerce platforms. Smart subscribers can learn more about the perfect UnionBank Credit Card that suits their lifestyle at https://smart.com.ph/Pages/ubwelcomegift/.

How to redeem your exclusive Welcome Gift from Smart and UnionBank

Smart Prepaid subscribers with a new UnionBank Rewards Credit Card may receive their P2,000 Welcome Gift by linking their UnionBank Rewards Credit Card to GigaPay on the Smart App, and then purchasing PowerAll 99 on the Smart App.

On the other hand, Smart Postpaid subscribers with a new UnionBank Rewards Credit Card may receive their P5,000 Welcome Gift by simply enrolling their Smart Postpaid account to the Auto Bills Payment on UnionBank’s website.

Aside from this exclusive Welcome Gift, UnionBank Rewards cardholders may also enjoy No Annual Fees Forever with an accumulated spend worth P20,000 within 60 days of card approval.

UnionBank Miles+ and UnionBank Reserve for Smart Infinity members

Meanwhile, Smart Infinity members on Plan 3500 may get their P5,000 Welcome Gift with their new UnionBank Miles+ Credit Card by simply enrolling their Smart Infinity account to the Auto Bills Payment on UnionBank’s website. UnionBank Miles+ Credit Card also gives users a chance to redeem a Welcome Gift of 30,000 never-expiring miles with an accumulated spend of P40,000 within 60 days of card approval.

In addition, Smart Infinity members on Plan 5000 and Plan 8000 may also receive their P5,000 Welcome Gift with their new UnionBank Reserve Credit Card by simply enrolling their Smart Infinity account to the Auto Bills Payment on UnionBank’s website. Application to UnionBank Reserve Credit Card is by invite only and Plan 5000 and Plan 8000 members are automatically eligible to apply.

On top of this Welcome Gift, UnionBank Reserve cardholders may also redeem as much as P18,000 worth of eGift from Giftaway merchants with an accumulated spend of P40,000 within 60 days of card approval.

This exclusive promo will run until February 29, 2024.

Smart’s collaboration with UnionBank is part of its thrust to bring exclusive rewards and epic lifestyle treats to the fingertips of subscribers on top of empowering them with the best mobile network experience possible. Learn more about the latest treat from Smart and UnionBank at https://smart.com.ph/Pages/ubwelcomegift .

Here’s why you should upgrade to the UnionBank SSS UMID Pay Card

Tweet

In case you missed it - Union Bank of the Philippines (UnionBank) has partnered up with the Social Security System (SSS) for the new UnionBank SSS UMID ATM Pay Card, which functions as both a government-issued ID card and ATM card linked to a UnionBank savings account.

Since the launch, many qualified SSS members have already upgraded to a UnionBank SSS UMID ATM Pay Card and are currently enjoying its perks and benefits.

“As soon as I saw the post from SSS [about the card] on Facebook, I tried to apply that same day,” Kenneth Sulmayor, a 32-year-old business owner, said. “I visited my My.SSS account, shared my consent, downloaded the UnionBank app and applied. After that, I received an email confirmation that my application was successful.”

“It’s very easy, since the instructions on how to get the Pay Card are clear on the app,” shared 38-year-old call center agent, Ryan Abouelo. “UnionBank’s app is also easy to navigate.”

SSS members can expect to receive their upgraded UMID cards faster. Sulmayor’s UnionBank SSS UMID ATM Pay Card was delivered to him more or less 15 banking days after he applied on the UnionBank app, while Abouelo says he received his within two weeks.

UnionBank also makes sure that the cards are delivered safely and securely. “[The courier] is quite strict, they won’t release the card if the owner isn’t there to receive it,” Sulmayor recounted. “Even then, they still asked me for an ID to verify. There was no hassle.”

There are also a variety of ways holders can use their UnionBank SSS UMID ATM Pay Card. One SSS member, a 23-year-old HR officer, shared her friend’s experience after choosing to upgrade. “[My friend] uses it right now to receive her SSS loan proceeds,” she said. “Back then, she experienced difficulties in connecting her bank account to receive her SSS loan. But since she has the UnionBank Pay Card now, the proceeds go straight to the connected [UnionBank savings] account.”

Sulmayor, on the other hand, has already tried using the card in his bank transactions. “It’s just like a typical bank account, the transaction process went well,” he said. “I was able to transfer my funds from my other bank account to this [UnionBank Pay Card account].”

These users, and many others like them, only have good things to say about their experiences with their new UnionBank SSS UMID ATM Pay Card, from the simple application process to the quick processing time and ease of use.

“There is so much you can do with it. You can view [your account balance] online, and it doubles as a savings account,” Abouelo noted. “I say grab [the opportunity to upgrade], it’s legit.”

“I’ve already recommended [the UnionBank Pay Card] to the people I know who are still waiting for the release of their UMID card,” Sulmayor shared. “This is the first time I’ve seen and experienced something like this, you have a valid ID, and at the same time, an ATM card and savings account. It’s quick, and easy, and you can receive customer care from both SSS and UnionBank. It’s a great opportunity.”

Interested? Right now, qualified SSS members may apply for or upgrade their card to the UnionBank SSS UMID Pay Card, which will be linked to a regular savings account with no required maintaining balance. Members will be able to receive their SSS benefits, loans, and refunds through here.

Members will also be able to use the UnionBank mobile banking platform to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through UnionBank’s branches, self-service machines, and BancNet automated teller machines nationwide.

Upgrading to the UnionBank SSS UMID ATM Pay Card is FREE, and members who fund their account with a minimum of Php 1,000 are entitled to a free Jollibee eGC worth Php 200 and a chance to win a brand-new Mitsubishi Xpander GLS, or one of three iPhone 14 128GB units. This promo is extended to April 30, 2023 - so don’t miss out!

To learn more about the UnionBank SSS UMID ATM Pay Card, visit https://www.unionbankph.com/sss-umid.

Reminder to qualified UMID applicants: Upgrade to UnionBank SSS UMID ATM Pay Card today

Tweet

 

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.

BENCH Techs-up with UnionBank: Digital payments enhanced in 800+ stores across the nation

Tweet

Union Bank of the Philippines (UnionBank) has partnered with Suyen Corporation (BENCH Group) to help the leading clothing and lifestyle brand digitize payments in its more than 800 brick-and-mortar and affiliate stores all over the country, for easier and more convenient transactions for its customers.

The contract signing ceremony between UnionBank and BENCH took place last November 14 at the UnionBank Plaza in Pasig City.

To help BENCH digitize its transactions, UnionBank will be generating in-store QRPH codes that will serve as additional payment channels for shoppers. This will allow them to quickly pay for their purchases without worrying about loose change. They also won't need to use their on-hand cash or fall in line to withdraw cash at ATMs, saving them time.

Because the partnership leverages QRPH's wide range of accepted payment providers through partner banks and popular digital wallets, shoppers can pay for their purchases digitally without worrying about using services or apps they are not familiar with, and simply opt for those that they are already using.

"We believe that the use of QRPH in our offline stores should bring many benefits and convenience to our customers. We want to thank UnionBank for this initiative in tapping us as a partner," said Vice President for Business Development Group of BENCH Bryan Lim.

"This great milestone promises to trailblaze the way we do our business in our respective fields and keep up with the changing needs of our customers," said UnionBank Merchant Acquiring and Payment Gateway Head Gerry Austria. "This is a valuable opportunity to ensure that our customers will have a more enjoyable way of shopping."

UnionBank Techs Up with Globe Fleet Management Solutions

Tweet

Partnership to promote better efficiency, personnel productivity in company managed vehicles.

UnionBank is known for bringing digital banking innovations that have an immediate impact to clients. On the back-end of things operational and technical innovations that ultimately benefit the clients are also what the bank constantly works on. Union Bank of the Philippines (UnionBank) has tapped Globe Business for a partnership that will help the Bank in making the operation of their vehicles more efficient. The partnership was made official through a contract signing ceremony that took place last November 16 at the UnionBank Plaza in Pasig City.

"With our drive to 'Tech Up Pilipinas' and be an enabler of the Philippines' push to be a G20 country by 2050, we partnered with Globe Business to co-create innovations that are crucial to the success of our Digital Transformation Plan," shares Vincent Paul M. Castillo, Vice President, Cash Services Group Head. "Together, we innovated technology derived from our internal and external customers’ unique experiences and perspectives."

As part of their partnership, UnionBank will utilize the wide range of fleet management solutions offered by Globe Business, which are powered by Globe's next-generation connectivity and expansive nationwide coverage enabled by its thousands of cell towers located in strategic areas nationwide.

Among the benefits provided by the partnership are improved correspondence between UnionBank's vehicles and their communication centers, top-notch internet connectivity for each vehicle for better use of relevant in-vehicle tools and apps, and stronger security measures to protect the vehicles and their operators especially while on the road.

Ultimately, the partnership will help UnionBank serve its customers across different segments better, while making it easier for its fleet personnel, as well as those who work in its bank branches being served by the vehicles, to perform their roles more effectively in line with UnionBank's goal of promoting inclusive prosperity in the country.

"We've always looked at UnionBank as very like-minded, and we've always been very proud about being able to provide solutions and partner constantly in being able to digitally transform and always be a step ahead of all digital banking initiatives in the Philippines," said Globe Business Vice President for Enterprise Sales Tanya Gil-Padilla.

"This solution will ensure productivity, save fuel costs, and offer fleet management efficiency," said UnionBank's Chief Security Officer and Head of Security Management Group, retired RAdm. Rommel Galang. "In line with the desire to deliver innovative solutions, we stand firm with the Bank's promises to power the future of banking through innovation."

UnionDigital Banks 1.73-M Customers in Four Months, Onboards PDAX as First Corporate Account Customer

Tweet

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size, and collected US$ 50-M in deposits from its first four months of operations in the country. UnionDigital Bank has achieved double digit growth in digital loans to mass market communities through ecosystem partnerships powered by UnionBank.

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products overtime,” shared Arvie de Vera, co-founder, President, and CEO, UnionDigital Bank. “The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

de Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.

“As a bank we’re very clear: it’s not just about having a cool app or millions of users who don’t generate revenue - it’s about a balance sheet. It’s about growing the loan book because that’s where the revenues come from- it doesn’t come from payments, it doesn’t come from sign ups. Valuation is great, but it’s not profitability.”

As a subsidiary of the Philippine’s largest techglomerate, UnionDigital Bank’s success in growing its loan book is due in part to its sophisticated use of available data of consumer behavior within the larger Aboitiz ecosystem to create tailor-fit loan products.

“If you’re lending within an ecosystem, you have an anchor community, and that’s a robust way to provide credit because you have more data. Rather than using payments data, which is really not a good proxy for someone’s capacity and willingness to pay. But if you have robust set of data with context on their financial behavior, then you can properly price the risk, because you have historical data on the customer, you know you can give him a customized interest rate. A one-size-fits-all pricing is an inappropriate lending business strategy and sub-optimal consumer experience.”

UnionDigital Bank’s mission to drive financial inclusion begins with improving access to credit to the underserved communities by capitalizing on technology and decades of alternative data from the UnionBank ecosystem to create robust credit models that fit the Philippines.

In yet another milestone, UnionDigital Bank onboarded its first corporate account customer, Philippine Digital Asset Exchange (PDAX), marking the commencement of accumulating corporate account openings at UnionDigital Bank. Following PDAX, UnionDigital Bank aims to expand its partnership base with other leading communities and corporates, following its commercial launch.

Starting with PDAX, UnionDigital Bank has been expanding its partnership base with other leading communities and corporations. UnionDigital Bank looks to provide a smooth customer experience for corporates to make payments, transfer money, and even more core banking services such as treasury services, empowering businesses to do more with their financial assets.

"Corporate partnerships are vital to helping us reach the communities who need it the most. They are integral to the cohesive network the bank seeks to build and I believe their involvement is critical to reaching a fully digital Philippines," said de Vera. "With this in mind, the start we’ve had with PDAX joining us on our journey affirms my excitement to include more corporate partners. We look forward to collaborating with partners of the same caliber to maximize the difference we bring to the financial lives of fellow Filipinos.”

The PDAX corporate account partnership demonstrates how UnionDigital Bank is committed to being approachable to fintechs and regulated institutions by offering products relevant to them, their community, and partners.

“We are confident that UnionDigital Bank offers the banking solutions that digital natives, such as PDAX, need to continuously grow,” said Nichel Gaba, Founder & CEO, PDAX.

UnionDigital Bank dares to make bold strides that result in direct changes to how Filipinos interact with their finances digitally. A homegrown fintech expert, PDAX, being the digital bank’s first customer is a good start to kick things off, continuing our rally to support our higher purpose of Tech-ing Up Philippines.

The UnionDigital Bank app is now live for a limited set of customers. For now, the app is currently available by invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.

--------------------------------

About UnionDigital Bank

UnionDigital Bank is a digital bank entity wholly owned by UnionBank of the Philippines. We are a Bangko Sentral ng Pilipinas (BSP) licensed digital bank that aims to empower the country’s journey towards a fully digital economy. We enable Filipino communities, businesses, and regulators to leverage FinTech, Blockchain, and Open Finance technologies to achieve inclusive prosperity.

UnionDigital Bank is primed to pave the way for the future of finance and for the democratization of access to digital banking and virtual assets, empowering the lives of Filipino communities. Learn more at www.uniondigitalbank.io.

PDAX believes that blockchain technology and digital assets are the key to financial inclusion in the Philippines and can create a level playing field that can empower Filipinos. For more information on PDAX, visit www.pdax.ph.

UnionBank Innovation Festival 2022 brings together key tech industry players under one roof

Tweet

Many of the biggest technology players in the industry recently banded together in the name of innovation at the first annual Innovation Festival 2022 organized by Union Bank of the Philippines (UnionBank). The event took place on September 7 to 9 at the newly inaugurated UnionBank Innovation Campus (UBIC) in San Pedro City, Laguna.

The companies who supported the Bank as Platinum Sponsors were Huawei, Cloudera, Globe Business, TIM Corp., eCloudvalley, VMware, Questronix Corp., BlueVoyant, Palo Alto Networks, Integrated Computer Systems Inc., Via Appia PH, Twilio, and METACO.

Salesforce joined as a Gold Sponsor; while Pointwest, Converge ICT, PDAX, and Blancco participated as Silver Sponsors. Meanwhile, XLOG, the Department of Trade and Industry (DTI), Synetcom, and PLDT were tapped as Special Partners for the three-day event.

The said partners led informative and timely discussions on various issues and trends affecting the technology and tech-adjacent industries during the Innovation Festival. At the Sponsors’ Tent, they also welcomed guests who toured their respective booths, giving updates and freebies that attendees really enjoyed.

The wide range of topics presented included embracing a new era of customer understanding for financial services (Salesforce); DNS Security (Synetcom); the power of low code technology (Via Appia); tapping into new markets for assets (METACO); demystifying data mesh, data lakehouse and data fabric (Cloudera); enabling digital transformation (Twilio); data center security modernization (VMWare); business transformation through cloud technology (eCloudvalley); governance, compliance and shifting left through automation (Questronix); cloud technology (TIM Corp); open banking (Integrated Computer Systems); creating new frameworks on economic recovery amid the pandemic (Google) and the UBIC as a Smart Campus and how such accelerates digital transformation (Huawei).

Put together by UnionBank to celebrate Filipino ingenuity and talent, the UB Innovation Festival 2022 channeled the Bank's belief that co-creation is an important driver of innovation. Allowing various teams and providers to collaborate and come up with solutions can help address the many pain points that Filipinos encounter in their day-to-day lives.

UnionBank is grateful to all those who contributed to the success of its Innovation Festival 2022. Around 3,000 people were estimated to have gathered during the three-day affair. The Bank is looking forward to next year’s edition of the festival.

QR ng AUB, GCash, Metrobank, and Unionbank? I-Maya na yan!

Tweet

You can now use your Maya app to scan to pay AUB, GCash, Metrobank, and Unionbank QR codes at your favorite stores – making your payments easy and hassle-free. Similarly, the Maya QR is ready to be scanned by these different financial apps as soon as these apps make the feature available.

To start paying with Maya using the QR codes of these e-wallets and banks, just look for the QR Ph logo featuring the blue, red, and yellow design in the middle. QR Ph is the national standard for QR payments, launched by the Bangko Sentral ng Pilipinas (BSP).

Spotting this design in a QR code means it is QR Ph-enabled, and you can conveniently scan it using your Maya app to pay for your purchases. Maya users will be delighted to know that they can quickly scan to pay for their purchases in more merchants nationwide wherever they see the QR Ph symbol. In the same way, users of any financial app that is QR Ph-compliant can also scan Maya QR codes to pay for their purchases.

Maya is the first fintech in the Philippines to adopt the QR Ph national standard for person-to-person payments in November 2019 and for person-to-merchant payments in April 2021. As the leader in QR Ph adoption, Maya fully supports the BSP thrust for interoperable payments, including QR Ph, making convenient cashless payments more accessible to Filipinos.

Maya is the all-in-one money app bringing Filipinos bolder ways to master their money. On top of enabling users to pay via QR, it empowers users to manage all their finances in one app. Completely free to download and register, it packs a feature-rich e-wallet, an inclusive digital bank, and everything else you need to save, spend, grow, and manage your money—right from your smartphone.

Maya is powered by the country's only end-to-end digital payments company, PayMaya Philippines, and Maya Bank for digital banking services. To know more about Maya, visit maya.ph or follow @mayaiseverything on Facebook, IG, Tiktok, and YouTube and @mayaofficialph on Twitter. Join our Telegram community at https://t.me/TeamMayaPH for Maya exclusives.

UnionBank joins PSE Investment Forum 2022, talks crypto as future of banking, finance

Tweet

Union Bank of the Philippines (UnionBank) Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda joined discussions on digital and crypto assets as the future of financial investments at the recently concluded PSE Investment Forum 2022.

As the country’s first bank to successfully carry out financial transactions through blockchain, UnionBank attests to the use of technology in banking securely and efficiently. Blockchain can thus, be applied in a wide array of use cases.

“In fact, one of the very good applications we started with early on, was how to address the problem where rural banks don't have access to one another; and to the basic banking requirements in the industry,” Aguda explained.

“We found a cheaper solution, and we gave this to the rural banks in the form of i2i, a platform that allows us to provide them a channel to interconnect with each other. And we wouldn't have been able to do that if not for blockchain, specifically because of its low-cost operations and how easy it is to program,” he added.

Asked whether blockchain-based transactions are the future of banking and finance, Aguda agreed. "If you follow trends in history, we went from gold to paper, now it's moving toward digital. So, if you go by that trend, everything is going to be digitized form of transactions. It's no longer going to be a transfer of record of value, it will be a digital transfer of value."

As to crypto being a viable investment, the UnionBank executive answered in the affirmative but expounded. "Yes, but subject to the following. First, keep it to the top 10 coins. Second, it shouldn't be above five percent of your total investible portfolio, meaning it's money that you can afford to lose. And third, do your own research," Aguda said.

To conclude his talk, Aguda reminded the attendees: "First, on blockchain technology, it's something that every company should explore. We've proven that it's useful in terms of increasing efficiency in operations, and it's easy to use. Second, as an investment instrument, (crypto or currency based on blockchain) it's in the early stages. If you want to experiment and include it in your portfolio, it's at your own risk. The regulation is still evolving, so treat it as a high-risk instrument and then explore,” Aguda said. 

“Hopefully, venues like these where it is discussed, help the regulators form the right risk management framework and policies around it."

Priority for AI implementation should be trust, not regulation – UnionBank data science, AI expert

Tweet

Dr. David Hardoon, UnionBank Senior Adviser for Data & Artificial Intelligence, was recently invited to discuss his views on data science and artificial intelligence (AI) at an EFMA Sustainability & Regulation Community Best Practice Forum.

The Data & AI expert believes that “regulating AI is the wrong goalpost,” arguing that the objective must be safety first and equality, promoting trust in the technology. Adding that there are safety nets to mitigate the risks associated with it.

"Data, and to an extent, the AI as a mechanism and tool which manifests possibilities out of data, is an onion,” Hardoon said. "And what you find with this onion is that it's not just about data. It's not just about application. It's not just about consumer engagement. It's also about history. It's also about our understanding of our own current behavior. It's essentially opening up an immense view that potentially, previously, we were completely unaware of.”

Dr. Hardoon explains that AI may broken down to at least three buckets. First is data, which may be historically good or bad as it is a genuine representation of issues or errors that happened in the past or may happen moving forward. Then there is the AI system itself, specifically the approach of extracting information from the available data. And finally, there is the operationalization of the information that comes out.

"When thinking about operationalizing AI governance, it is imperative to have a broad appreciation of the risk that comes from your available historical data—the potential disadvantages, or errors, or issues, or elements that may result in lack of trust that may come from that," Dr. Hardoon cited.

He emphasized that the most important thing about operationalizing AI within an organization is trust. Dr. Hardoon likened this on how individuals trust their closest friends and family members.

"Our trust in them isn't that they always are correct or even always tell the truth, but it is in their ability to say 'I'm sorry, I made a mistake. Allow me to correct myself.' That is the exact same principle which we need to hold ourselves accountable for when we're applying new technology, in making sure we're putting in place safety nets, in assuring that we are able to validate what we're doing and making sure that we are doing the right thing."

Dr. Hardoon said that part of the ‘peeling’ process, especially of a new set of technology, is best to still have people in the loop.

"Not that the human may be any better, but we trust humans so far a bit more right now, until we get to that stage of realizing it's good. Or perhaps in certain areas, we must simply accept that AI should never play a role, because we want to have the ability of continuous intervention in terms of outcome," Dr. Hardoon concluded.

UnionBank clients can now seamlessly do direct cash-in to their Shopee and Lazada wallets!

Tweet

UnionBank clients can now do their online shopping more conveniently through the country’s major e-commerce giants Shopee and Lazada -- by directly cashing-in their e-wallets. This new option opens another channel for Bank customers to do their online transactions seamlessly.

Surely, buying essentials online has never been this easy! Shopee and Lazada buyers can now easily cash-in, in real-time from their UnionBank accounts. Customers also enjoy discounts and added benefits with their online purchases, for every top-up transaction.

This was made possible with the collaboration of tech-savvy ShopeePay, Lazada Wallet and UnionBank, combining the power of three digital leaders.

“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” shared by Erika Denise Dizon, UnionBank FVP and Head of Fintech Business Group.

Here’s how it works. To cash-in your ShopeePay using UnionBank Online Banking, go to ShopeePay Wallet, select Cash-in, enter the amount, select online banking as the payment method, and choose UnionBank. You will then be directed to the Bank’s online banking to confirm the transaction.

For Lazada Wallet, click the wallet icon on the upper right portion of the homepage. Select the cash-in button, enter the amount, and select “Add UnionBank account” in the Cash-in Methods page. You will then be directed to the Bank’s online banking site for confirmation of the transaction. Then enjoy shopping!

Former Citibank PH country manager confident with Citi’s choice of UnionBank

Tweet

Insular Life Assurance Co. Ltd. (InLife) Executive Chairman Nina D. Aguas, first female regional audit director in Citibank as well as the first woman country manager in Citibank Philippines, shares her excitement after Union Bank of the Philippines (UnionBank) announced that it has entered into an agreement with Citigroup Inc. (Citi) to acquire Citi’s consumer banking business in the country. Together with the Aboitiz and SSS, Insular Life Assurance is a key shareholder in UnionBank.

Citi started in the Philippines in July 1902 when the International Banking Corporation, forerunner of Citibank, established a branch in Manila. Today, Citi Philippines is the largest foreign bank in the country in terms of customers, assets, and revenues.

Citi Philippines is an acknowledged leader in consumer banking owing to its enviable track record for innovation and customer service. It offers a full range of world-class banking products and services, including credit cards and Citigold Wealth Management.

“Citi Philippines was the first consumer banking business established by technology pioneer and visionary John Reed in Asia. It is one of Citi’s crown jewels in Asia, so bequeathing this business to UnionBank says a lot about how much confidence and trust Citi’s management has for the new owner” said Aguas, one of Forbes Asia’s 25 most influential persons in 2020.

In a text message to her fellow former Citibankers, Aguas also assures her fellow Citi Alums that UnionBank will continue to build on the successes of Citi. The legacy, the culture of professionalism, innovation and impact to the community lives on. Quite a number of former Citibankers hold Board and Senior Executive positions in UnionBank

Prior to being InLife’s executive chairman, Aguas was Citigroup Inc.’s Managing Director for Corporate Center Compliance in New York; Country Business Manager of Global Consumer Group in the Philippines; Head of Sales & Distribution of Global Consumer Group in the Philippines; and Regional Audit Director of Asia Pacific. Aguas is Citibank’s 2021 Distinguished Alumni for Leadership & Ingenuity.

UnionBank attributes DX success, innovation in part to BSP's openness

Tweet

Embracing digital transformation early on, Union Bank of the Philippines (UnionBank) continues to blaze the trail and excite customers with innovative solutions driven by technology and co-creation. Henry Aguda, Senior Executive Vice President, the Bank’s Chief Technology & Operations Officer and Chief Transformation Officer, cites how enabling and essential it is to have your regulator’s support.

"A lot of people claim that if you're in a heavily regulated industry, you won't be able to become agile. Worse, the regulators may stand in the way," Aguda articulated as a panelist during the recently concluded IBPAP International Innovation Summit. But he was quick to say, "Strangely enough, they're the ones encouraging us to innovate."

UnionBank attributes its success in digital transformation and innovation in part to the openness of the Bangko Sentral ng Pilipinas (BSP), which has been opening an environment that is conducive to thinking outside of the box. "I think regulation would normally be the blocker, but fortunately enough, the BSP has created a sandbox for experimentation, like UnionBank's API platform, and open finance experiments," Aguda said.

Another example is the BSP's push for digital payments. It was in late 2017 when the banking regulator launched the National Retail Payment System (NRPS), providing the framework for the modernization of retail payments in the country.

"Prior to the pandemic, the BSP already pushed for the NRPS. It was actually the BSP who was saying, 'hey, we should go to digital payments.' There was some resistance in the industry, but UnionBank signed up for it early. Now, BSP is looking into how to create a responsible regulatory framework for digital currency."

Aguda also mentioned a UnionBank experience with the BSP, reflecting its openness to innovation and willingness to collaborate despite tight timelines, with the customers’ benefit in mind.

"During the pandemic, we had to send out a new product that will allow us to launch an app that will enable our customers to cash out in 11,000 counters nationwide. And the framework for us to execute that, as well as the product approval -- we got that covered in a matter of two weeks. We apologized to the BSP team because we had to work with them over the weekend, up to 11 in the evening. So, talk about a regulator who's responsive to the times."

"Fortunately, our regulators don't stand in the way of moving quickly towards the goal of a more digitized financial industry," Aguda concluded.

Achievements, future projects take the spotlight at UnionBank’s E-TalkTales year-ender event

Tweet

In celebration of its numerous accomplishments and milestones this past year, and to give a small preview of what its customers can expect in 2022, Union Bank of the Philippines (UnionBank) held another iteration of its long-running virtual media roundtable series E-TalkTales last December 15.

During the virtual event, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda talked about some of the Bank's achievements for the year, while the Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital, Arvie de Vera, talked about the role that the newly formed digital bank will play in UnionBank's digital transformation journey going forward.

Aguda began the discussion by recounting how UnionBank's digital transformation journey has enabled it to brave 2020 and the equally challenging 2021. "The pandemic created this shift to digital, which we now refer to as the “new digital normal”. We changed the way we live, the way we travel, the way we interact with one another, and basically we've changed forever in terms of how we transact in the financial sector."

"But even before the pandemic, UnionBank already had this forward-looking view that digital is the way for us to move forward, and when the pandemic hit, not only did we survive, but I'm happy to say that the Bank actually thrived," according to Aguda.

He then highlighted the top 10 most notable achievements of UnionBank in 2021. These include being the only publicly listed Philippine bank to be granted a license to operate a digital-native bank; the successful groundbreaking of the UnionBank Innovation Campus, the country's first-ever learning institution focused on digital innovation; and having 21 patents for its innovative offers already approved and 18 more on the way.

Other notable achievements include the integration of Instapay 2.0 into its digital banking platform; the successful launch of the UnionBank SME Banking App; the launch of wealth management educational campaigns including the NextGen Academy; significant user growths for UBX’s platforms SeekCap, Bux, and Sentro; and the significant increase in its customer base to almost 10 million to date, from just nearly 7 million as of end-2020.

Meanwhile, de Vera provided a quick introduction to UnionDigital. UnionDigital is one of only six financial institutions in the Philippines that have officially been granted digital banking licenses by the Bangko Central ng Pilipinas to date. As UnionBank's digital banking arm, UnionDigital will focus on delivering banking and financial services to underserved sectors which the parent bank is not able to optimally cater to.

"While UnionDigital aims to empower the country's digital economy, we also aim to elevate it by bringing trust and governance into the space. We embrace innovation like a fintech, but offer all the powers, experience, and track record of a fully regulated bank,” de Vera said.

“At the heart of our work will always be the desire to provide our customers with what they want and what they need, while ensuring that they have what they need in terms of security, compliance with regulation, and proper governance," de Vera added.

In terms of what customers can expect from the Bank and its subsidiaries in 2022, some of the things that Aguda and de Vera gave a sneak preview of were the Bank's possible foray into non-fungible tokens (NFTs), several new solutions aimed at helping workers in the thriving gig economy through EON, and participating in the growing interest and opportunities relating to the metaverse, just to name a few.

UnionBank Chief Marketing Officer Albert Cuadrante capped off the event with a promise that the Bank will continue to do even better in 2022 in terms of delivering great customer experience across channels and platforms. He also reiterated that "UnionBank’s goal is not just to help people survive, but to actually enable them to thrive in this new environment through the latest financial technologies; staying true to our commitment to “Tech-up Pilipinas!”

"I hope you are as eager as I am to welcome 2022. What I can promise you is that what you heard today is just the tip of the iceberg. There’s a lot more exciting news you can look forward to from UnionBank," Cuadrante concluded.

UnionBank CTO recognized as one of the biggest names in Data in the world

Tweet

Industry leader Informatica has recently named Union Bank of the Philippines (UnionBank) Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda as one of the thirteen globally recognized recipients of the first-ever Informatica Chief Data Officers (CDO) Awards.

Informatica has chosen its 13 awardees and honorees in its Awards across four categories, based on Informatica’s archetypes for data-driven leadership. Namely, these categories are the “Governance Gurus”, “Digital Innovators”, “Operational Optimizers”, and “Analytics Champions”.

Aguda was recognized as an honoree under the “Digital Innovators” category. He was recognized "for achieving 12x higher revenue by empowering customers to use digital banking services on mobile devices".

As a result of its incredibly fast and effective digital transformation, UnionBank is seeing strong evidence of financial inclusion: its customers are spending 6 times as much and maintaining 4 times higher outstanding balances, translating to 12 times higher revenue for the bank.

“I am very honored to receive this recognition from Informatica. Rest assured that we in UnionBank will continue to be at the forefront of digital innovation in the financial industry, both in the Philippines and in the region as well. This award is again dedicated to all UnionBankers who all believe in the responsible and effective use of data to serve our customers.” said Aguda. Aguda has been instrumental in the digital transformation journey of UnionBank leading several projects that aim to achieve the Bank’s ultimate goal of enhancing financial inclusion in the country.

Informatica is a software development company based in California that has launched several initiatives this year for the CDOs, who they consider as innovative business leaders. One of these initiatives is the CDO Awards that Informatica promises to be a new annual tradition. This event aims to acknowledge data-driven leaders who spearhead the new wave of innovation, as well as value creation in this data-led culture.

Nowadays, CDOs are appointed in two of three Fortune 1000 organizations. CDOs acknowledge the relevance of data as a strategic asset, and they are expected to manage and grow data-driven organizations and implement digital transformations while keeping up with day-to-day business needs.

UnionBank wins big at the 2021 Asian Technology Excellence Awards

Tweet

The bank secured the Philippines Technology Excellence Awards for E-Commerce - Financial Technology and AI - Financial Technology categories.

UnionBank once again proved to be the Philippines’ leading digital trailblazer after winning awards for E-Commerce - Financial Technology and AI – Financial Technology categories at the Asian Technology Excellence Awards 2021. The bank was recognized for its responsive efforts to assist e-commerce of micro, small, and medium enterprises (MSMEs) during the pandemic.

The bank won their E-Commerce - Financial Technology award for the successful launch of the Sentro Online Store Builder, a project aimed to help Philippine MSMEs launch their own online stores in the fastest and easiest way possible. The said project was conceptualized by the Bank’s fintech spinoff UBX, before the pandemic hit in 2019, but became more timely as more businesses moved their transactions online.

“When the pandemic hit, going online was no longer an option but a necessity. We decided to push our launch up as we knew that the Philippines needed us more than ever,” said John Januszczak, UBX President and CEO.

The key features of Sentro Online Store Builder were the integration of payment and logistic services to its banking features. These features enabled its users to have a smoother deal within the platform and have their transactions monitored in just one system.

“We made sure to pre-integrate payments and logistics services into Sentro so MSMEs would not have to think about who and how to integrate these necessary services. Because of our intimate understanding of the pain points of MSMEs, we were able to quickly sign up over 30,000 users,” Januszczak explained.

UBX aims to follow through with the initial success of the project and plans to add more logistics partners. It also aims to launch a Marketplace that comprises all stores built on the Sentro platform.

UBX also recognized that the success of the project for small-scale enterprises could be replicated and multiplied on a larger scale. This moved the company into helping the Philippines’ first Wedding Expo Organizer, Themes, and Motifs, take their physical expos online. The positive outcome of the expo then led to the launch of TheBridalMarketplace.com – The First and Only Wedding Marketplace in the Philippines.

“We soon realized that it was not just MSMEs that needed help going online. Larger enterprises, such as mall operators, event organizers, professional associations and many more, needed their businesses to get online... We currently have a long pipeline of businesses looking to launch their own marketplaces and we plan to go live with several more before year-end,” UBX said.

Meanwhile, the second award of UnionBank for the AI - Financial Technology category was earned for their innovative approach in revamping loan processing in the country through the SeekCap Alternative Credit Scoring Model.

SeekCap uses a technologically advanced credit scoring system that integrates the use of artificial intelligence and machine learning to create a risk-based lending approach. For UnionBank, this new system is the future of banking and shall overcome traditional limitations of the past. Through the implementation of this innovative system, UnionBank was able to manage risks better and offer loans in a more efficient manner to a wider range of individuals and small businesses—that profoundly needed lifelines during the uncertain pandemic economy.

“Most of the time, traditional credit and risk assessment methods simply assess loan applicants using hard-coded, preset rules, sometimes unfairly ruling out potential loan prospects. This is why we developed the new AI-powered credit scoring models. These credit scoring models intelligently and autonomously go through the application, alternative, and external data to create a more holistic, comprehensive profile of loan applicants with insights into customer behavior and needs,” said David Hardoon, UnionBank’s Senior Advisor for Data and Artificial Intelligence.

Hardoon explained that SeekCap helped both parties in multiple ways. It not only empowered previously underserved groups to have access to products and services that were not available through older conventional means, but it also increased the rate of efficiency of the banking process.

“Our new model is now giving us a monthly average approval rate of 54% - nearly double the performance of our old process. Overall, our loans services have generated over US$5 million (over P280 million) in new loans with low delinquency rates. In terms of customer experience, the loan approval process can take as short as one day if no issue is found in the application,” Hardoon explained.

UnionBank will receive the awards at the 2021 Technology Excellence Awards, the most prestigious awards programme in the region dedicated to technological projects and innovations. The award-giving body aims to recognize exceptional companies that are riding the digital disruption wave and leading the technological revolution and digital transformation journeys in their respective industries.

UnionBank UPAY for MSME: Helping level the playing field for the country’s growing number of MSMEs

Tweet

UnionBank recently held the 12th E-Media TalkTales as the Philippines’ foremost bank for MSMES discussed the critical role of digitizing payments in the country’s fast-evolving market.

Filipinos are now utilizing digital payments more than ever. Last month, the Banko Sentral ng Pilipinas reported that digital payments made up 20.1 percent of all transactions in 2020, more than double the figure from two years ago of 10 percent. This strong momentum is creating opportunities particularly for enterprising Filipinos who engage in e-commerce.

To help micro, small, and medium enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank of the Philippines (UnionBank), the region’s digital trailblazer and the country’s foremost bank for MSMEs, has launched a groundbreaking feature that will make e-payments easier and secure not only for customers but also for MSMEs—the new UPAY for MSME.

This was unveiled at the Bank's 12th E-TalkTales media event, wherein UnionBank Vice President and MSME Segment Head Jaypee Soliman, and UnionBank Merchant Acquiring and Payment Gateway Head Gerry Austria led discussions on the critical role of digitizing payments in the country's fast evolving market.

Soliman began the discussions by talking about the state of digital payments in the country, citing the significant growth in the number of Filipinos who utilize these payment solutions. This is an indication that Filipinos are now more open to the idea of becoming a cash-lite society.

“This shows how the consumers are now transacting digitally. They are ready. They are there. The number of Filipinos having e-wallets and bank accounts continue to grow. But the question is, are the MSMEs ready to accept digital payments?"

This is where UPAY comes in. UPAY is a groundbreaking digital payments solution designed to make acceptance of multiple payment options accessible to MSMEs. It offers a fully integrated, single platform payment collection complete with other features that can make inbound payments easier for entrepreneurs, including the option to generate payment links with multiple collection channels, and the option to generate InstaPay QRPH for digital and physical channels.

"UPAY for MSMEs is a payment gateway that is embedded in our MSME Business Banking App. Businesses of all sizes and types now have the power to generate payment links, request payments, send it to their customers and provide multiple payment options, all these reconciled and credited to a single UnionBank account," Soliman said.

What makes UPAY convenient for accepting payments is that customers can choose their preferred payment channel either via Unionbank Online, InstaPay, Other Digital Wallets, Credit/Debit Cards and even over-the-counter through UnionBank’s expansive network of partner channels nationwide.

"When we conceptualized UPAY for MSMEs, we wanted to do away with all the different hassles that the merchant is experiencing to set up his payments, one of which is having to connect to a point-of-sale system, having to have different devices, having to have to download different apps," Austria said.

"Second, it's the efficiency in doing business. You don't need to be in your physical store to actually have a customer pay you. You can actually be vacationing somewhere else and someone wants to buy a product that they saw through your post on Instagram or Facebook. You can actually just create a payment link and send it to that customer, so it's very convenient for both the merchant and the customer," Austria added.

Through the new feature, UnionBank wants to level the playing field for MSMEs by making the feature accessible to them, which was previously only available to the bigger merchants as part of enterprise platforms that are too technologically demanding and expensive for smaller players.

 

For more information about the company and this article, please visit

www.unionbankph.com/msme/upay

 

 

UnionBank doubles down on digital, invests in San Pedro Innovation Campus

Tweet

Union Bank of the Philippines (UnionBank) is set to break ground on its Innovation Campus in Laguna on May 26 in a virtual ceremony.  The Campus is a first in the Philippine banking industry and will integrate UnionBank’s institutes on Data Science and Artificial Intelligence, Blockchain, as well as its digital bank EON in one roof.

Located in a one-hectare real property development in San Pedro, Laguna, the five-story building will be the hub for research and development to further boost the Bank’s digital capabilities by creating solutions for the future of banking, fintech as well as other industries.

“The UnionBank Innovation Campus is a testament to the commitment of Management and the Board to innovation as a major strategic thrust of the Bank,” said UnionBank President and CEO Edwin R. Bautista.

Set as the peak of its digital transformation that started five years ago, the Campus provides a digital native environment which will allow research and discovery of digital initiatives that will amplify the Bank’s thrust to Tech Up Pilipinas and enable inclusive prosperity making sure that no one gets left behind. 

“I am really looking forward to inviting our customers and our partners to a place where we can showcase the great things we are doing and share what we have learned, so that the Filipino companies can be globally competitive in this new digital age as we continue our efforts to ‘Tech Up Pilipinas’ while pioneering innovations for a better world,” Bautista said