PER estimate, more than 41 million Filipinos still do not have formal bank accounts and are missing out on economic opportunities and financial security. Now, UNO Digital Bank has launched its platform that solely operates online, bringing a convenient alternative financial service to both the unbanked and underserved markets.
“The opportunity for us to make better financial services is huge. But you always have to keep in mind what the customer really wants. You should look at trying to solve their problems and pain points in creating a product,” UNO Digital Bank Founder, president, and chief executive officer Manish Bhai said during the recent inaugural Philippine FinTech Festival and the World Fintech Festival Philippines.
UNO Digital Bank is one of the six licensed virtual banks by Bangko Sentral ng Pilipinas and the first financial technology in Southeast Asia to get an outright online banking license.
The initial version of its mobile app offers various products like #UNOready High-Rate savings account. Accounts with an available end of day balance (ADB) below P5,000 have a base interest rate of 3.50 percent gross per annum (GPA), while those with P5,000 and above have a step-up interest rate of 4.25 percent GPA.
#UNOready Savings Account comes with a free life insurance with P50,000 coverage. This is automatically activated with a minimum P10,000 ADB. Also, it has a free UNO Virtual Debit Mastercard (this is automatically activated with a P100 minimum deposit) to purchase and manage banking transactions.
#UNOboost Time Deposit earns a guaranteed interest of 6.5 percent, with terms from three to 12 months. Its opening balance is at least P5,000 and deposit is up to P2.5 million (or five tranches of P500,000).
#UNOearn Time Deposit adds another source of income with #UNOearn, a High-Yield Time Deposit that provides a monthly payout. It boasts of a guaranteed interest rate of 6.5 percent for a longer period to enjoy an additional income stream credited to the UNO Savings Account on a monthly basis. Terms are between 12 and 24 months. At least P5,000 is needed to open this account and deposit is up to P2.5 million (or five tranches of P500,000).
All deposit products are insured up to P500,000 per depositor by Philippine Deposit Insurance Corp. Another innovation is UNO Digital Bank’s Numberless Card developed in cooperation with Mastercard. Its built-in chip contains all the customer’s card information with none of the usual details being printed on the card, thus making it secured from fraudulent transactions in case of misplacement or loss.
Downloadable for free at the Apple App Store and Google Play Store, the UNO mobile app can also be used to send and receive money. Cash in is free in over 7,500 outlets nationwide. It can also pay bills and scan to pay. UNO Digital Bank plans to expand its services with loans, insurance and investment products.