Digitalization will be an important component of banking in a post-pandemic environment, according to a big number of clients of the Aboitiz-led UnionBank of the Philippines.
In a recent survey, 87 percent of the respondents said going digital is the best way to move forward while 81 percent also think that more digital initiatives will be become the new normal once the crisis has ended.
Atty. Arlene Joan T. Agustin, senior vice president and head of UnionBank Private Banking Group, said the emergence and rapid adoption of new technologies such as artificial intelligence (AI), blockchain or distributed ledger technology (DLT) and cloud computing would absolutely create disruptions and drastically change industry paradigms.
Meanwhile, 59 percent of the bank’s clients belonging to the ultra-high network families preferred to engage in a personal interaction with the bank personnel over e-mail and videoconferencing. “Technology is not the sole driver of change and banks have to offer new services as next steps in the evolution of banking,” Agustin explained.
The clients want to have an interaction through e-mail, letter video, calls and social media. “Technology is a pillar in our business and being the leader in this is part of the bank’s strategy. Moreover, it has built technology platforms that aim to improve the customer experience,” Agustin said.
The Philippine domicile ranked slightly higher than its counterparts in Japan and Hong Kong.
According to Agustin, UnionBank believes their digital transformation journey went on the right track because it made banking experts work together with experts from other industries. Being a believer in the power of diversity, experience and perspectives—when driven by a common vision—is, Agustin said, capable of producing truly endless innovations.
Meanwhile, Agustin said UnionBank’s Private Banking unit proved to be a valuable partner in the wealth management of their ultra-high network clients. A relatively new entrant to the local wealth management landscape, UnionBank Private Banking is in a strategic alliance with Lombard Odier, a leading global wealth and asset manager headquartered in Switzerland with 225 years of private banking experience. UnionBank draws on Lombard Odier’s vast wealth management and family services expertise, and its two-century history of innovation to unlock global opportunities for its local private clients.
“Our clients have turned to us more than ever for guidance while the world has faced unprecedented challenges from the Covid-19 pandemic. This shared trust for UnionBank Private Banking and Lombard Odier enables us to actively engage and serve our clients, to not only weather the crisis but also to thrive in an environment that requires a risk-based and technology-driven approach to preserving and managing wealth,” Agustin said.