UnionBank eases borrowing, investing

Union Bank of the Philippines (UnionBank) continues to innovate, redesigning products to immediately meet Filipinos’ financial needs using digital platforms and efficient data-analyzing tools.

The bank assures clients a five-minute personal loan approval through its fully digitalized loan process, enabling them to obtain up to P2 million in funds immediately.

“With our all-new Personal Loan, we’re offering not just speed, but a seamless, empowering experience to help customers achieve their dreams faster,” said UnionBank’s chief of consumer loans and cards, Mukul Sukhani.

UnionBank does not require collateral or a guarantor to access the loan amount. The bank ensures that borrowers fulfill their obligations under flexible repayment terms.

Borrowers are allowed up to five years to repay their loans.

“At UnionBank, we’re redefining what customers should expect from their financial partners,” Sukhani said.

Given its modern banking systems and deep understanding of Filipino borrowers, UnionBank has expanded its client base to more than 17 million.

UnionBank has boosted the distribution of loans to individual consumers, resulting in a 62 percent share of the total loan portfolio.

“The underlying drivers of our financial performance remain solid, and we continue to see substantial new client acquisitions month-on-month,” UnionBank chief financial officer Manuel Lozano said.

Applying inclusive progress

UnionBank tapped UBX, its financial technology and open finance arm, and partnered with Japan’s SBI Holdings Inc. to provide more Filipinos with affordable loans and other wealth-building financial instruments.

UBX president John Januszczak said SBI shares the latest knowledge and technologies about digital banking to help UnionBank customize its products, including investments, wealth management, insurance and payments.

“Together we will create more integrated, more efficient, and ultimately more impactful solutions,” he said.

UBX started operating in 2019 as a financial technology provider. Januszczak said UBX has served around 200 financial firms and over 250,000 non-financial entities of all business sizes. They include government institutions, large corporations, and micro, small and medium enterprises. 

“Opening up their businesses to other businesses and institutions through our open-finance platform will extend their customer reach,” Januszczak said.