Union Bank of the Philippines was named as the best retail bank in the country for the fourth time in a row.
The Asian Banker’s Global Excellence in Retail Financial Services Awards Program 2023 held recently in Hanoi, Vietnam recognized UnionBank with its fourth consecutive Best Retail Bank in the Philippines award and honored for being voted the Most Recommended Retail Bank in the Philippines.
According to The Asian Banker, UnionBank “outperformed its peers in 2022 with 26 percent retail revenue growth, compared to the market average of 10 percent, an improved net interest margin of 4.9 percent and strong deposit growth of 32 percent.”
Contributing to the bank’s performance in 2022 was the bank’s ecosystem-focused customer acquisition strategy through its mobile app and platforms, adding up to a customer base of 7.9 million in 2022.
The bank also launched apps such as Insurance Marketplace, InstaPay2 to receive international remittances and a business banking app for micro and small and medium-sized enterprises.
“By investing heavily in building a strong digital infrastructure, advanced analytics capabilities, and a cloud-first approach the Best Retail Bank in the Philippines is Union Bank of the Philippines,” The Asian Banker said.
Based on the BankQuality Consumer Survey, a digital consumer feedback channel developed by The Asian Banker, UnionBank was voted by consumers as the Most Recommended Retail Bank in the Philippines, “for sustaining its position in the country as a pioneer and with a 100.90 BankQuality Score.”
The Annual BankQuality Consumer Survey conducts interviews with approximately 11,000 bank customers in 11 markets across the Asia Pacific region. The survey period is between January and February every year.
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco.