Union Bank of the Philippines was awarded The Automobile Lending Product of the Year for 2018 at The Asian Banker Philippines Country Awards 2018
- Union Bank of the Philippines has launched the “Autoloan Lite” to solve a customer pain point
- The bank successfully managed a favorable delinquency rate and non performing loan ratio
- The bank’s “Autoloan Lite” added value to its customers and improved the customer experience through its features
Mr. Foo Boon Ping (Managing Editor of The Asian Banker), Mr. Manuel Santiago (EVP, Head of Consumer Finance Center), Mr. Feliciano Angue (SVP, Head of Business Service Group), Mr. Edwin Bautista (Chairman of Union Bank), Mr. David Gyori (CEO of Banking Reports) and Mr. Richard Hartung (Managing Director of transcarta)
Manila,October 5th 2018 —Union Bank of the Philippinesreceived The Automobile Lending Product of the Year awardfor the Philippines at The Asian Banker Philippines Country Awards 2018. The awards ceremony was held in conjunction with the prestigious The Future of Finance Philippines 2018, the annual gathering for decision makers in the financial services industry in the country, held at the Fairmont Makati, Manila on October 5th, 2018.
Union Bank of the Philippines has launched the “Autoloan Lite” to solve a customer pain point
Union Bank of the Philippines has launched the “Autoloan Lite” to resolve a major customer painpoint by integrating the payment of monthly insurance premiums with the amortisation of the loan. As a source of affordable insurance, customers were freed of the need to renew their insurance yearly. This adds value to the bank’s customers.
The bank successfully managed a favorable delinquency rate and non performing loan ratio
The “Autoloan Lite” saw its non-performing loan (NPL) and delinquency rate at 1.3% and 3.6% respectively. This was below the industry standard for NPLs of 4% to 6%. This might be attributed to the lower financing rate that leads to easier monthly amortisation.
The bank’s “Autoloan Lite” added value to its customers and improved the customer experience through its features
The bank’s “Autoloan Lite” met the needs of its customers by offering a low initial cash out. It also offered easier car financing by combining the loan repayment with the loan repayment. Furthermore, the product offers numerous value-added services to its customers such as theft prevention tools and a 24 hour road assistance program that provides amenities such as towing and tire replacement.
About The Asian Banker
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
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For further information on the collaterals for winning banks, please contact:
Mr. Foo Boon Ping
Tel: (+65) 6236 6526