Security Bank awarded Best Deposit Product of the Year in Philippines at The Asian Banker International Excellence in Retail Financial Services Awards 2019
- All Access Account service for clients’ personal benefits
- All Access Account meets clients’ requirements with multi-features
- Abundant band engagement campaigns boost public recognition to the new product
Dubai, March 21st, 2019 - Security Bank was awarded Best Deposit Product of the Year at The Asian Banker International Excellence in Retail Financial Awards 2019. The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019at Conrad Dubai, U.A.E on March 21st, 2019.
In the picture:Members of the International Advisory Council of Excellence in Retail Financial Services Awards Programme;Wilson Chia and Richard Hartung; John Holder, Chief Technologist, Realities Centre; Spiros Margaris, Founder, Margaris Ventures; Maria Christina A. Tingson, EVP and Head of Retail Banking Segment, Security Bank
All Access Account service for clients’ personal benefits
With the launch of the All Access Account service, the bank offered a free life insurance service to new customers aligned with its goal “You deserve better”. By signing up the All Access Account, clients were able to benefit from the coverage of free life insurance. This act is aiming to provide a convenient, simple process to access life insurance for clients. In line with keeping the client’s needs a priority, All Access clients can now get life insurance, accidental benefits, family assistance and terminal illness benefits covered up from $19,000 to $56,780 (PHP 1 to 3 million), highest among those provided by other banks in the market.
All Access Account meets clients’ requirements with multi-features
Security Bank enhanced the product then focused on offering online channels for a smoother customer experience. As such, clients can open All Access Account in the comfort of their homes with just ID card verification. Customers are suggested to complete the form onlinewhen visiting the branches, avoiding the hassles of manually answering an application form. Clients can get checkbooks and Mastercard debit cards immediately compared to the 5 working days requirement from other banks. The card has multiple features, allowing clients to make transactions in a more flexible way. In particular, the cardholder can access their cash anywhere in the world, shop locally, abroad and even online. The mobile application allows customers to access their accounts. They can pay bills, schedule payments and transfers, and set up forced savings or transfers to higher yielding funds. In addition, clients can send money to anyone with a mobile phone with its eGive Cash feature.
Abundant band engagement campaigns boost public recognition to the new product
The bank continued to concentrate on their branding with strategies including above-the-line, below the line and non-conventional. A series of media tunnels has been utilised to promote awareness of the account and to encourage more clients to sign up, such as television, Cinema and the LED billboard placements etc. The bank also spent over half of budget on digital platforms, such as YouTube and social media. The awareness and interest of the product has been increased effectively and the bank was nominated as top 4 best banks in a survey by YouTube. In addition, elevator ads in hospitals, lamp post banners and short message service were usedin the new attempt of branding. Since the first launching of its advertising campaign, the average account opening per month tripled in 2017 relative to 2016 and the bank recommended the same product in the branding campaign.With launching of All Access Account, the three-year compounded annual growth rate of adjusted revenue reached to 27.2% in 2018.
The International Excellence in Retail Financial Services programme is one of the most rigorous, prestigious and transparent awards programme for consumer financial services in the world. Covering all of the Asia Pacific, the Middle East and West Africa, the programme was instituted in 2001 to recognise the pursuit of excellence amongst retail financial institutions. The programme evaluates more than 300 banks and non-bank retail financial services players in more than 42 countries, via a rigorous audit-based approach. Detailed evaluation criteria for each category may be found at http://awards.asianbankerforums.com/retailfinancial/criteria-country
About The Asian Banker International
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. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157080239284804
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker