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CitySavings: Revolutionising banking with ‘Simple is Good’ philosophy

IFM_CitySavings
Established in 1965, CitySavings currently operates in over 140 branches throughout the Philippines

City Savings Bank, the thrift bank subsidiary of Aboitiz-led Union Bank of the Philippines (UnionBank), is known for providing financial products and services like salary loans to public and private school teachers, pension loans to GSIS and SSS pensioners, motorcycle loans, government salary loans, AFP salary loans, BFP salary loans, and traditional deposit products.

CitySavings operates with the principle of “Simple is Good”, thereby offering its clients simple and straightforward banking options, coupled with relevant market products and digital innovations to ensure that the customer gets the best experience he/she deserves.

Established in 1965, CitySavings currently operates in over 140 branches throughout the Philippines. Their goal is to become the leading mass market bank in the Southeast Asian country. CitySavings was recently announced “The Most Customer-Centric Savings Bank in the Philippines” by International Finance.

CitySavings bagged this prestigious award for its various customer-centric initiatives along with its excellent services and innovative products.

Charting A New Course

One of the bank’s major initiatives in 2023 has been its mobile app that provides public school teachers with a fast and secure way to check their savings and loan account balances, as well as apply for a reloan online. Clients can also pay their bills and soon, can receive and transfer funds, and use other customer-friendly features. Take the ‘Teachers’ Salary Loan’ programme for example, where the teaching professionals are getting a maximum lending amount of 2,000,000.00 pesos from the CitySavings, with a flexible term of 12-60 months (accompanied by a variable interest rate) depending on their financial needs.

CitySavings also provides budget-friendly two-wheeler loans, flexible pension loans and other salary loans for public and private sector employees.

Talking about the app, called the ‘Loan Ranger’, helps the CitySavings clients to view their accounts from their smartphones, apart from locating the venture’s branches and ATMs. Also, through the app, one can apply for a reloan. In the coming days, the app will also help CitySavings customers to transfer and receive funds, pay bills, and earn and redeem reward points.

In addition, CitySavings’ innovation game, its chatbot, ‘Talk to Maria’, is now offering a convenient 24/7 enquiry service and a seamless new loan application process. In collaboration with its parent company UnionBank, CitySavings has also rolled out its ‘Bank-on-Wheels’ to make its services more accessible.

“All these initiatives are anchored on CitySavings’ vision to be the leading mass market bank in the Philippines creating innovative solutions that make banking simple for its customers. The thrift bank continues to serve the underserved and the underbanked in the country as it offers them a wide range of financial products,” the venture told International Finance.

The Road Ahead

Like any other 21st century business, CitySavings also strives to create positive economic, environmental, and social changes to be a market leader.

While continuously providing affordable and accessible financial services for its customers, CitySavings is also working towards a better and more inclusive banking experience for its clients, while strengthening engagement with partners, employees, and all stakeholders. CitySavings’ digital transformation initiatives envision the venture modelling a sustainability path that is driven by investments in people, technology, and products.

Keeping that in mind, the venture has set operational objectives like environmental protection, through the responsible management of resources and digital innovations. Also, it strives to empower and equip its organisational structure to create innovative solutions for inclusive prosperity, while elevating the living standards of the communities.

CitySavings’ focus areas in the coming days will be developing digital talent capabilities, gaming up the engagement between its staffers and the communities through the pinch of technology, cultivating inclusive prosperity, ensuring better resource management and operational efficiency, encouraging digital and sustainable innovations more, and making its overall financial services affordable and accessible.

During an interaction with International Finance, CitySavings Chief Executive Officer Lorenzo T. Ocampo, said, “As CitySavings continues to embrace digital tools that enhance and improve the customer experience, we stand by our commitment to provide simple and straightforward banking coupled with our warm and helpful customer service. We always put the needs of our customers first in everything that we do.”

Echoing similar thoughts, CitySavings President Manuel G. Santiago, Jr. said, “The recognition as the Most Customer-Centric Savings Bank in the Philippines is a solid testament to CitySavings fulfilment of its purpose of elevating communities through financial inclusion.”

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