International Finance recognized CitySavings for its straightforward banking and easy user-friendly services.

City Savings Bank provides simple solutions to one’s banking needs thanks to its digital innovations. The Bank also has a chatbot called Talk to Maria, which played a crucial role in helping their customers during the COVID-19 pandemic.

Aligned with its purpose of elevating communities in the Philippines through financial inclusion, CitySavings has expanded its loan portfolio. While maintaining its lead as the preferred teachers’ bank in the Southeast Asian country, it also offers pension, motorcycle, company employee, and government salary loans.

CitySavings has been at the forefront of providing innovative banking solutions for its customers. Some of its financial products are Visa Debit Card, which enables customers to perform seamless online money transactions, and the Talk to Maria chatbot, which provides 24/7 customer service.

CitySavings is poised to expand its digital transformation initiatives, while driven by data science and artificial intelligence (AI).

The financial institution is also piloting artificial intelligence-driven solutions designed to improve customer relevance for availing loans and enhance its credit scoring model for loan processing.

The Aboitiz Group, which is a Philippine holding company and operates in major industries like power, banking and financial services, food, infrastructure, data science and artificial intelligence, has a transformation growth strategy to become the archipelago country’s first techglomerate. By leveraging both, CitySavings is able to better serve its customers.

While already regarded as the “Most Innovative Savings Bank in the Philippines” by International Finance, this is only the beginning of CitySavings’ digital transformation journey.

After receiving the honour, CitySavings Vice Chairman and CEO Lorenzo T. Ocampo said, “We remain steadfast in our commitment to serving our customers and communities to make banking simple for them. On behalf of all CitySavings Bankers, I humbly accept this international recognition. This award is a testament to our dedication to customers and our advocacy to elevate the lives of our clients through relevant digital solutions.”

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According to UnionBank president and chief executive officer Edwin R. Bautista, the blockchain-enabled mobile application is Asia’s first retail treasury bond issuance to leverage on blockchain technology.

He told the media, “This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”

Treasurer De Leon, Finance Secretary Carlos Dominguez and UnionBank vice Chairman Justo Ortiz onsite, together with BSP Governor Benjamin Diokno and National Economic and Development Authority (NEDA) Secretary Karl Kendrick Chua virtually, did a demo of the blockchain-enabled app at the official launch held earlier this week.

With regard to the launch of the blockchain-enabled app in partnership with UnionBank, the National Treasurer of the Philippines, Rosalia V. De Leon told the media, “The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response.”

Through the mobile application, Filipinos will be able to easily invest in retail treasury bonds for as little as 5,000 Philippine pesos. App users will be able to make instant payments using internet payment services such as InstaPay, GCash and Paymaya.

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UnionBank, one of the leading banks in the country, has recorded a 160 percent increase in daily sign-ups on its online banking and mobile banking platforms, the local media reported.

UnionBank, president and chief executive officer Edwin Bautista said that the coronavirus pandemic has made Filipinos realise the importance of digital banking.

According to media reports, UnionBank also enabled more than 500,000 credit card transactions as well over one million InstaPay and PesoNet fund transfer transactions for free.

The number of new accounts opened through UnionBank’s online platform also surged 2700 times when compared to last year.

Bank of the Philippine Islands (BPI), also recorded a 25 percent jump in its retail digital transactions including money transfers to other BPI accounts, interbank transfers, transactions with e-commerce partners, bills payments during the first two weeks of lockdown.

Noel Santiago, chief digital officer at BPI told the media, “The transaction statistics have confirmed that digital banking is no longer just an option, but a mainstream financial service. People are realizing they can do financial transactions from the comfort of their homes. Our foresight and investments in digitalization prepared us to be ready in times like this.”

He further revealed that money transfers within BPI and BPI Family accounts reached almost a million transactions. Interbank transactions through InstaPay also doubled reaching close to 300,000 transactions.

BPI also facilitated more than 1.5 million transactions during the last 14 days of March and around 4.5 million ATM cash transactions.

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