Best Retail Bank in the Philippines 2023 is UnionBank of the Philippines
5 min read
This bank has established a robust culture of innovation and collaboration supported by significant investments in productivity, growth and digitalisation both at the front-end and back-end, that allows the bank to maintain a competitive edge over its rivals.
The bank outperformed its peers in 2022 with 26% retail revenue growth, compared to the market average of 10%, an improved net interest margin of 4.9% and strong deposit growth of 32%.
Contributing to the bank’s performance in 2022 was the bank’s ecosystem-focused customer acquisition strategy through its mobile app and platforms, adding up to a customer base of 7.9 million in 2022.
The bank also launched apps such as Insurance Marketplace, InstaPay2 to receive international remittances and a business banking app for micro and small and medium-sized enterprises.
By investing heavily in building a strong digital infrastructure, advanced analytics capabilities, and a cloud-first approach the Best Retail Bank in the Philippines is UnionBank of the Philippines.