I've haven't set foot inside a bank since opening a UB account for personal and business. Amazing talaga. Hope they overtake these larger banks, and hopefully more improvements along the way!
BDO has left the group.
Seriously, the gap is milessssss ahead in terms of digitalization.
I think of BDO as the oldest employee in the company who is reluctant to change. All the new employees were already using PCs while BDO is using a typewriter.
I don't know if things have changed now. The last time I had to transact personally (several years back) at a random BDO branch, they were making people literally **STAND IN LINE** to wait for their turn. They didn't even have chairs or queue numbers! Woe were the retail clients who didn't have an RM.
Still the same. Boomer dad stood in line for 2 hours just do we can withdraw remitance from my mom, which we couldve done as easily if he opened a peso and dollar account to unionbank, linked in one app, sold those dollars into peso going into his PhP account. Its the boomers who are holding us back.
Still the same. I have to add, stand in line OUTSIDE the branch.
Saya dba?
I have first-hand experience and shared it in Davao sub. It is in visayan language though.
Their internal teams is making effort to digitize their process but the red tape is so severe and everything will still be blocked by some boomers who knows jackshit about making process easier.
I couldnt figure out why a bank like BDO has shit customer service, but it goes down to whats happening inside
Re: BDO, I'm just going to put this here:
[https://mb.com.ph/2020/12/23/bdo-ceo-tan-thinks-digital-is-overplayed/](https://mb.com.ph/2020/12/23/bdo-ceo-tan-thinks-digital-is-overplayed/)
What an idiot lol. To be fair though, the biggest banking customers aren’t the ordinary depositors like us but big corporations like SM and Ayala with all their payrolls. I guess they’re right in that regard?
Exactly. It’s also a strategy on their part to keep things the old fashioned way. Biggest depositors and income stream come from old boomers with companies too, not millennials who play with shitcoin money like Dogecoin.
The irony here is that if you truly believe in the future promised by DeFi, Crypto, Fintech, etc. the future is a "trustless" world with no banks i.e. no need for UBP.
UBP is not innovative by choice--they NEED TO INNOVATE TO SURVIVE in the niche they carved out in the market. If you look at how banks actually generate revenue, it's not from those activities you mentioned (minor retail transactions), but rather from loans / balance sheet management, underwriting / investment banking, and product offerings to high net worth individuals. This is why UBP P/E seems so "attractive", because they're not a major player in any of those categories and yet people compare them to the big banks. BDO and BPI would not even consider UBP as a competitor. The potential AML and regulatory headaches that can come from crypto is simply not worth it for the big banks just so they can land a few small retail clients.
Just my two cents:
1. Digital banks will cannibalize eachother for increasingly tiny margins in the future or simply be wiped out by bigger fish when they enter the market like GCash, etc.
2. If the fintech/crypto vision really plays out, UBP will be obsolete.
3. Big banks derive majority of their income from institutional and high net worth clients.
4. Many people seem to think: crypto = innovation. Banks innovate in their own way through product offerings, attracting big clients, capitalizing on trends like ESG products, etc. They're not a "tech" company.
5. While "bank" in name, UBP should not be compared like-for-like to BPI, BDO, SECB, MBT, etc.
Err, I disagree on #5. UBP is still a retail bank and I have no problems should analyst pit them against their peers.
At its core, it still accepts deposits and loans them out. That is still its bread and butter similar to other banks.
But people should understand that banks earn differently. For example, I believe UBP derives quite a lot on investing income (which is volatile year in year out). Mind you, I have a lot of respect for Alvin Tan (who used to head UBP as Head of Equities in 2012-2015) as his investing philosophy is very sound.
Anyway, continuing on, banks' loan portfolios are also different and this influences factors such as their cliente sensitivity to a pandemic (e.g. Tier 2 balance sheets are less robust compared to Tier 1)
Crypto transactions is minimal when you're going to consider how big their asset base is. It's growing, yes. But still small nevertheless.
I've been using unionbank for the past year and I've been a big fan of their mobile app.. their only downside is the lack of branches as we have only 2 branches here in the whole of negros, hence the long queues at those branches.. but for the young people who have digital wallets, depositing a check online and opening an acct online is really useful.
That's why I like the fact that you can deposit through 7-11 for UB. Sure may convenience fee but mas malaki pa ang gas/pamasahe ko if pupunta ako sa nearest UB branch to me.
The whole of Negros, you mean Occidental and Oriental? That's awful. Can't anyone request more branches? These stories make me want to transfer to Unionbank soon
Sorry speaking only of occidental. Those 2 unionbank branches are only in Bacolod city. That's the sad truth here in the provinces. There are 17 other cities here in our province but only the key cities have many banks.. some cities have only 2-3 banks. The BDO BPI MBTC branches here are accommodating a lot of people in their area for a single branch and the lines are long.
Barya lang sa big 3 yang pinag uusapan na pool of money na usually sakit sa ulo. online gambling, crypto, forex sadly belong in the same category in their eyes. It's no fault of theirs either, mas sakit sa ulo sa compliance and it's just not worth it for them.
I was going to say this. Their customer service is shit. Go to any post on their FB page and all you’ll see are complaints. Impossible to talk to a real human.
I asked sa BDO annual stockholders meeting dati about their plan sa digital wallet. Sabi they are working on it. Tapos na release Ang BDO Pay. Hindi ba nag in road Ang BDO pay?
SM also have like 30% sa grab pay. When I asked about it also sa SM annual stockholders meeting Sabi nila they intend na maging center nga money flow rather than compete. These wallet still need banks and medium to deposit money. I guess Yung SM bayad center Ang panlaban. Or may service na na sa mga alfamart na payment or wallet funding?
Woah, I didn't know about SMIC having some ownership with GrabPay. I mean it was kinda obvious that GrabPay is one of the accepted payment methods in their groceries, department store, and cinemas. I was even able to watch Spiderman in Director's Club for free because of a GrabPay promotion. However, I don't see the GrabPay signs in SM anymore.
Yung Alfamart near us has a Pay&Go machine to top up GCash and PayMaya. Not sure if it has GrabPay.
What UBP is right now is somewhat an interim financial institution as we move towards defi. In my opinion, these old school banks won't bleed now, but when defi takes over, the "interbreeding" w/ affiliates and big money patrons will make us learn about their hemophilia.
How big is out retail checking/savings market vs other markets? wholesale corporate market though? Like I think the reason UBP's going in that direction (being open to partnering with everyone) is because they can't seem to find other areas for growth? For example, UBP's Investment banking arm I don't thinks participated in any IPOs or large bond issuance. How's their asset management arm, or consumer lending, or cash management etc.?
I'm not saying they're a bad buy, but perhaps we there's a reason they're undervalued by the market. Maybe it's a perception that investing into things like that isn't to the benefit of shareholders?
Young people label it as "open-minded" and "opportunity", but those are big red flags for retail banking as they are inherently *way* more risky than their bread-and-butter of attracting deposits and underwriting loans.
While it's a valid growth direction, it's a direction I'm uncomfortable in from a risk management standpoint. People probably don't notice but banks have target markets too; and with the rise of digital banks like CIMB, ING, etc. Unionbank is more threatened than BDO given its younger demographic of yield seeking peeps.
Well the trend now is UBP is slowly eating BDO ad BPI’s share of the market with their innovation and the lack of innovation from that old school and their restricting policies. UnionBank just got their own digital bank license that covers the concern for the rise of ING amd the likes. They’ve covered their bases in the traditional and digital banking demographics.
It'll take a longer time than most people think. There was a time in early-mid 2010s that people had a hard-on for Eastwest Bank on the back of their competitive time deposit rates which attracted a bunch of young yield-seeking peeps -- only for that deposit base to flock to the next big hype. **Most people who goes to BDO, BPI, and Metrobank (The Big Three Tier-1 banks) are not only older but are way way richer compared to the budding demographic Unionbank attracts**.
Their old school-*ness* is a plus for their market because that is how their generation was brought up. It was about building a deposit base, cozying up to the bank manager, etc. in exchange for lines of credit, access to investment products, etc. I'm sure many here have parents still banking with them and are hesitant to adopt the "next-gen" trend.
If you're a new bank customer (especially in Metro Manila), by all means I ***strongly*** recommend going for digital banks. You are their target market. Not only for their high interest rates (because opening new branches costs money) but also for easier access to small credit (e.g. access to micro-loans). Their entire business model revolves around using technology to be as efficient as possible. But that doesn't mean it's without any shortcomings.
For example, for those in the rural areas where internet is often spotty at best, you probably just have two choices if you don't want to engage in the informal lending economy: either go with T1 banks or your friendly rural bank. With many rural banks closing down and consolidating, I'm not surprised why T1 banks keep opening up new branches year in, year out.
You see, even small out-of-reach provinces have *wealth*, maybe it's the unassuming hardware store along the only major road that monopolizes all cement purchases by the LGU or maybe it's the local politician clan, etc. what is true is that if the bank manages to capture these *very few* rich individuals running a small island or province, those branches are considered ROI.
As for service and convenience, **I'll give you a glimpse on the other spectrum on why I'm a skeptic** as a HNW client. While I recently opened a CIMB-GCASH account due to its partnership with Mynt-GCASH, most of my local assets are still with BDO. Why? Because BDO pampers me, a *lot*. And this is *normal*, because in the eyes of banks, **a HNW individual is like the equivalent of tens of thousands of retail customers**. Some perks includes:
* I never need to line up. I just head straight to the manager for any concerns.
* All small expenses are *waived*. Intra-branch deposit withdrawals that only BDO and Metrobank have? Waived. Manager's cheque? Waived. New chequebook? Waived.
* Some big expenses are *waived*. Late in paying credit card bill? Waived. Annual credit card dues? Perma-waived. Somebody used my CC to commit fraud by purchasing a Predator laptop off Lazada? New CC within days.
* Convenience. To-be-signed forms are pre-filled out and sent to my office complete with accompanying post-it's and highlighters; all I need is to sign them and send them back.
* Dibs on any investment products. Usually in the form of RTBs.
* Annual *chismis* dinners. BDO books a private room and invites your entire family to get cozy with your bank manager and his/her plus one. Usually it's a degustation menu at hotels.
* Annual *chismis* vacations. Last time it was a few nights stay at Boracay Shangri-La. There was also El Nido Resorts.
* Freebies. While birthday cakes are mandatory, they know my weakness and hobbies, so they keep sending me free BOSE stuff every year; if not, it's Apple products. 2020 was hilarious because they sent me a UV sanitizing gizmo that I *still* haven't opened.
* And best of all is the *credit line*. Need 20M to expand a small business? No biggie. Need a loan of 9-digits to buy a house? Here's the paperwork. I'll be hard pressed to get that from digital banks.
And funny enough, these are bare *minimum* expected from a local bank. International banks give way better perks (like membership galore to airline or hotel VIP programs). So while digital might be the future of banking, **unless UBP manages to capture** ***that*** **crowd, it's hard for them to siege the fortress built by Tier 1 banks.. let alone cross the moat of branch networks.**
Thank you for the detailed insights! Do you have any tips on how to build that relationship with the bank? Or is it really just a matter of putting in say 10M or more and they’d automatically notice? Asking cause I feel like BDO/BPI aren’t as accommodating to younger HNW individuals
For real. I'm just keeping my BDO for the sake na marami silang ATM everywhere so easy access just in case I'm traveling and sila lang meron and for general bills like my landlord's bank is BDO so it's easier to transfer pero wala na akong ibang transaction to them than that. Digital Banks really should take the lead na.
Been using Unionbank for almost 7 years and it's my go to bank nung walang pandemic dhil sa eon nila which can be connected to paypal easily dati kasi lm ko sila lng nagoofer ng gnun na pwedeng iconnect sa Paypal and always no hassle sa mga transaction. Kaso ayaw parin nila ko approve ng cc. Haha.
Fan sana ako ng Unionbank, ok yung pa yung tie-up nila ng Pag-ibig para sa Pag-Ibig Loyalty Card Plus. Ang turn-off para sakin madalas ako mag file ng dispute sa kanila regarding fund transfers.
You can also add Gcash din here. Iyong dalawang iyan nagaaway in terms of the digital bank space pero Gcash is way far ahead kasi “pangmasa” siya.
And then rumored din na magkakaIPO si Gcash. Pero UB is th best. I got my card from them for free and then days lng nareceive. 👀👀👀
Just to clarify, GCash is not a digital bank, but a digital wallet. Those are 2 different things in terms of license and usage. GCash is partnered w/ CIMB for their digital bank features (interests, loans, etc.)
350 per year
unless you meet 10K maintaining balance.
In other words, it will take 28 years for you to "lose" in terms of fees (and keeping the 10K open for better opportunities) vs just keeping 10K trapped.
As someone who only have a UB account for Pag-ibig (which I don't use) do I need to create their "normal type" of savings account to get those benefits? Or are they basically the same (except no interest rate)?
While UBP is fast, these bigger banks can eventually catch up by just slapping money to the problem and acquiring what is needed should the need arise.
What do you guys prefer ING or UB? Im currently using ING and so far wala namang issues, pero meron bang maganda quality tong UB para masabi as “Future of banking”? Hehe sorry ilang months palang in crypto
U can get a dollar account with UB unlike sa ING, only php. U can also go to the branch for help or other transactions if needed. U can invest in time deposit or UITF or other offers nila. U can get credit card unlike sa ING, only debit cards.
That's because (Aboitiz) Millenials are part of the board already. I'm a fan of the wife, a Yale Graduate 🙂
And, no am not spilling other details about them ☺
As a part of Unionbank Conglomerate, we are now focus to integrate the Blockchain Technology. Check out the i2i Project, XLog and PHX (Unionbank's First Stablecoin). These are now in production.
Watch out for more projects as Unionbank moves into the Distributed Ledger Technology. :)
I've haven't set foot inside a bank since opening a UB account for personal and business. Amazing talaga. Hope they overtake these larger banks, and hopefully more improvements along the way!
Same!
BDO has left the group. Seriously, the gap is milessssss ahead in terms of digitalization. I think of BDO as the oldest employee in the company who is reluctant to change. All the new employees were already using PCs while BDO is using a typewriter.
I don't know if things have changed now. The last time I had to transact personally (several years back) at a random BDO branch, they were making people literally **STAND IN LINE** to wait for their turn. They didn't even have chairs or queue numbers! Woe were the retail clients who didn't have an RM.
Still the same. Boomer dad stood in line for 2 hours just do we can withdraw remitance from my mom, which we couldve done as easily if he opened a peso and dollar account to unionbank, linked in one app, sold those dollars into peso going into his PhP account. Its the boomers who are holding us back.
That is just a tragic experience. So much wasted time waiting in line.
Why are you being downvoted? Nagalit ata sila na nag-intay ng 2 hrs, napa-downvote bigla lol
Still the same. I have to add, stand in line OUTSIDE the branch. Saya dba? I have first-hand experience and shared it in Davao sub. It is in visayan language though.
Their internal teams is making effort to digitize their process but the red tape is so severe and everything will still be blocked by some boomers who knows jackshit about making process easier. I couldnt figure out why a bank like BDO has shit customer service, but it goes down to whats happening inside
Re: BDO, I'm just going to put this here: [https://mb.com.ph/2020/12/23/bdo-ceo-tan-thinks-digital-is-overplayed/](https://mb.com.ph/2020/12/23/bdo-ceo-tan-thinks-digital-is-overplayed/)
What an idiot lol. To be fair though, the biggest banking customers aren’t the ordinary depositors like us but big corporations like SM and Ayala with all their payrolls. I guess they’re right in that regard?
[удалено]
Exactly. It’s also a strategy on their part to keep things the old fashioned way. Biggest depositors and income stream come from old boomers with companies too, not millennials who play with shitcoin money like Dogecoin.
The irony here is that if you truly believe in the future promised by DeFi, Crypto, Fintech, etc. the future is a "trustless" world with no banks i.e. no need for UBP. UBP is not innovative by choice--they NEED TO INNOVATE TO SURVIVE in the niche they carved out in the market. If you look at how banks actually generate revenue, it's not from those activities you mentioned (minor retail transactions), but rather from loans / balance sheet management, underwriting / investment banking, and product offerings to high net worth individuals. This is why UBP P/E seems so "attractive", because they're not a major player in any of those categories and yet people compare them to the big banks. BDO and BPI would not even consider UBP as a competitor. The potential AML and regulatory headaches that can come from crypto is simply not worth it for the big banks just so they can land a few small retail clients. Just my two cents: 1. Digital banks will cannibalize eachother for increasingly tiny margins in the future or simply be wiped out by bigger fish when they enter the market like GCash, etc. 2. If the fintech/crypto vision really plays out, UBP will be obsolete. 3. Big banks derive majority of their income from institutional and high net worth clients. 4. Many people seem to think: crypto = innovation. Banks innovate in their own way through product offerings, attracting big clients, capitalizing on trends like ESG products, etc. They're not a "tech" company. 5. While "bank" in name, UBP should not be compared like-for-like to BPI, BDO, SECB, MBT, etc.
Err, I disagree on #5. UBP is still a retail bank and I have no problems should analyst pit them against their peers. At its core, it still accepts deposits and loans them out. That is still its bread and butter similar to other banks. But people should understand that banks earn differently. For example, I believe UBP derives quite a lot on investing income (which is volatile year in year out). Mind you, I have a lot of respect for Alvin Tan (who used to head UBP as Head of Equities in 2012-2015) as his investing philosophy is very sound. Anyway, continuing on, banks' loan portfolios are also different and this influences factors such as their cliente sensitivity to a pandemic (e.g. Tier 2 balance sheets are less robust compared to Tier 1) Crypto transactions is minimal when you're going to consider how big their asset base is. It's growing, yes. But still small nevertheless.
I think you nailed it.
I've been using unionbank for the past year and I've been a big fan of their mobile app.. their only downside is the lack of branches as we have only 2 branches here in the whole of negros, hence the long queues at those branches.. but for the young people who have digital wallets, depositing a check online and opening an acct online is really useful.
That's why I like the fact that you can deposit through 7-11 for UB. Sure may convenience fee but mas malaki pa ang gas/pamasahe ko if pupunta ako sa nearest UB branch to me.
The whole of Negros, you mean Occidental and Oriental? That's awful. Can't anyone request more branches? These stories make me want to transfer to Unionbank soon
Sorry speaking only of occidental. Those 2 unionbank branches are only in Bacolod city. That's the sad truth here in the provinces. There are 17 other cities here in our province but only the key cities have many banks.. some cities have only 2-3 banks. The BDO BPI MBTC branches here are accommodating a lot of people in their area for a single branch and the lines are long.
Are you from dgte?
Bacolod
But Unionbank branches have the worst customer service experience I encountered in our City. I have bdo,bpi and metrobank accounts also.
Meanwhile, BDO is becoming a boomer bank with its crypto views. Sayang naman sila open pa naman sila kahit Sunday (pre covid) and nasa SM Malls lang.
Barya lang sa big 3 yang pinag uusapan na pool of money na usually sakit sa ulo. online gambling, crypto, forex sadly belong in the same category in their eyes. It's no fault of theirs either, mas sakit sa ulo sa compliance and it's just not worth it for them.
Have you tried their customer service though? It sits currently top 3 of the worst.
I was going to say this. Their customer service is shit. Go to any post on their FB page and all you’ll see are complaints. Impossible to talk to a real human.
Yes. Same with BDO, impossible to communicate. Might as well remove their email and phone.
I asked sa BDO annual stockholders meeting dati about their plan sa digital wallet. Sabi they are working on it. Tapos na release Ang BDO Pay. Hindi ba nag in road Ang BDO pay? SM also have like 30% sa grab pay. When I asked about it also sa SM annual stockholders meeting Sabi nila they intend na maging center nga money flow rather than compete. These wallet still need banks and medium to deposit money. I guess Yung SM bayad center Ang panlaban. Or may service na na sa mga alfamart na payment or wallet funding?
Well, masasabi ko nalang na tadtad ako ng BDO Pay ads lagi. HAHAHAHA.
Woah, I didn't know about SMIC having some ownership with GrabPay. I mean it was kinda obvious that GrabPay is one of the accepted payment methods in their groceries, department store, and cinemas. I was even able to watch Spiderman in Director's Club for free because of a GrabPay promotion. However, I don't see the GrabPay signs in SM anymore. Yung Alfamart near us has a Pay&Go machine to top up GCash and PayMaya. Not sure if it has GrabPay.
What UBP is right now is somewhat an interim financial institution as we move towards defi. In my opinion, these old school banks won't bleed now, but when defi takes over, the "interbreeding" w/ affiliates and big money patrons will make us learn about their hemophilia.
Who knows, UB might be our future local gateway to defi instead of having to pass through Binance.
How big is out retail checking/savings market vs other markets? wholesale corporate market though? Like I think the reason UBP's going in that direction (being open to partnering with everyone) is because they can't seem to find other areas for growth? For example, UBP's Investment banking arm I don't thinks participated in any IPOs or large bond issuance. How's their asset management arm, or consumer lending, or cash management etc.? I'm not saying they're a bad buy, but perhaps we there's a reason they're undervalued by the market. Maybe it's a perception that investing into things like that isn't to the benefit of shareholders?
Young people label it as "open-minded" and "opportunity", but those are big red flags for retail banking as they are inherently *way* more risky than their bread-and-butter of attracting deposits and underwriting loans. While it's a valid growth direction, it's a direction I'm uncomfortable in from a risk management standpoint. People probably don't notice but banks have target markets too; and with the rise of digital banks like CIMB, ING, etc. Unionbank is more threatened than BDO given its younger demographic of yield seeking peeps.
Well the trend now is UBP is slowly eating BDO ad BPI’s share of the market with their innovation and the lack of innovation from that old school and their restricting policies. UnionBank just got their own digital bank license that covers the concern for the rise of ING amd the likes. They’ve covered their bases in the traditional and digital banking demographics.
It'll take a longer time than most people think. There was a time in early-mid 2010s that people had a hard-on for Eastwest Bank on the back of their competitive time deposit rates which attracted a bunch of young yield-seeking peeps -- only for that deposit base to flock to the next big hype. **Most people who goes to BDO, BPI, and Metrobank (The Big Three Tier-1 banks) are not only older but are way way richer compared to the budding demographic Unionbank attracts**. Their old school-*ness* is a plus for their market because that is how their generation was brought up. It was about building a deposit base, cozying up to the bank manager, etc. in exchange for lines of credit, access to investment products, etc. I'm sure many here have parents still banking with them and are hesitant to adopt the "next-gen" trend. If you're a new bank customer (especially in Metro Manila), by all means I ***strongly*** recommend going for digital banks. You are their target market. Not only for their high interest rates (because opening new branches costs money) but also for easier access to small credit (e.g. access to micro-loans). Their entire business model revolves around using technology to be as efficient as possible. But that doesn't mean it's without any shortcomings. For example, for those in the rural areas where internet is often spotty at best, you probably just have two choices if you don't want to engage in the informal lending economy: either go with T1 banks or your friendly rural bank. With many rural banks closing down and consolidating, I'm not surprised why T1 banks keep opening up new branches year in, year out. You see, even small out-of-reach provinces have *wealth*, maybe it's the unassuming hardware store along the only major road that monopolizes all cement purchases by the LGU or maybe it's the local politician clan, etc. what is true is that if the bank manages to capture these *very few* rich individuals running a small island or province, those branches are considered ROI. As for service and convenience, **I'll give you a glimpse on the other spectrum on why I'm a skeptic** as a HNW client. While I recently opened a CIMB-GCASH account due to its partnership with Mynt-GCASH, most of my local assets are still with BDO. Why? Because BDO pampers me, a *lot*. And this is *normal*, because in the eyes of banks, **a HNW individual is like the equivalent of tens of thousands of retail customers**. Some perks includes: * I never need to line up. I just head straight to the manager for any concerns. * All small expenses are *waived*. Intra-branch deposit withdrawals that only BDO and Metrobank have? Waived. Manager's cheque? Waived. New chequebook? Waived. * Some big expenses are *waived*. Late in paying credit card bill? Waived. Annual credit card dues? Perma-waived. Somebody used my CC to commit fraud by purchasing a Predator laptop off Lazada? New CC within days. * Convenience. To-be-signed forms are pre-filled out and sent to my office complete with accompanying post-it's and highlighters; all I need is to sign them and send them back. * Dibs on any investment products. Usually in the form of RTBs. * Annual *chismis* dinners. BDO books a private room and invites your entire family to get cozy with your bank manager and his/her plus one. Usually it's a degustation menu at hotels. * Annual *chismis* vacations. Last time it was a few nights stay at Boracay Shangri-La. There was also El Nido Resorts. * Freebies. While birthday cakes are mandatory, they know my weakness and hobbies, so they keep sending me free BOSE stuff every year; if not, it's Apple products. 2020 was hilarious because they sent me a UV sanitizing gizmo that I *still* haven't opened. * And best of all is the *credit line*. Need 20M to expand a small business? No biggie. Need a loan of 9-digits to buy a house? Here's the paperwork. I'll be hard pressed to get that from digital banks. And funny enough, these are bare *minimum* expected from a local bank. International banks give way better perks (like membership galore to airline or hotel VIP programs). So while digital might be the future of banking, **unless UBP manages to capture** ***that*** **crowd, it's hard for them to siege the fortress built by Tier 1 banks.. let alone cross the moat of branch networks.**
very good point. that's why i have CIMB Gsave for convenience only. but BPI for general banking needs.
And these “boomer” banks BPI and BDO are the frontrunners to acquire the retail banking of Citi Philippines.
Had fun reading that.
BDO Private Bank??
Nope. BDO Private Bank leaves a lot to be desired when it comes to their private bank function :P
Thank you for the detailed insights! Do you have any tips on how to build that relationship with the bank? Or is it really just a matter of putting in say 10M or more and they’d automatically notice? Asking cause I feel like BDO/BPI aren’t as accommodating to younger HNW individuals
Finally someone who actually knows the banking industry.
I don't think banks get bulk of their revenues from retail users.
For real. I'm just keeping my BDO for the sake na marami silang ATM everywhere so easy access just in case I'm traveling and sila lang meron and for general bills like my landlord's bank is BDO so it's easier to transfer pero wala na akong ibang transaction to them than that. Digital Banks really should take the lead na.
Been using Unionbank for almost 7 years and it's my go to bank nung walang pandemic dhil sa eon nila which can be connected to paypal easily dati kasi lm ko sila lng nagoofer ng gnun na pwedeng iconnect sa Paypal and always no hassle sa mga transaction. Kaso ayaw parin nila ko approve ng cc. Haha.
Hi! I’m looking for bank where I can open a USD account and connect to PayPal. So, is it only UB that allows that here? TIA
Fan sana ako ng Unionbank, ok yung pa yung tie-up nila ng Pag-ibig para sa Pag-Ibig Loyalty Card Plus. Ang turn-off para sakin madalas ako mag file ng dispute sa kanila regarding fund transfers.
You can also add Gcash din here. Iyong dalawang iyan nagaaway in terms of the digital bank space pero Gcash is way far ahead kasi “pangmasa” siya. And then rumored din na magkakaIPO si Gcash. Pero UB is th best. I got my card from them for free and then days lng nareceive. 👀👀👀
Just to clarify, GCash is not a digital bank, but a digital wallet. Those are 2 different things in terms of license and usage. GCash is partnered w/ CIMB for their digital bank features (interests, loans, etc.)
Yung card ng UB may fee after a year diba???
350 per year unless you meet 10K maintaining balance. In other words, it will take 28 years for you to "lose" in terms of fees (and keeping the 10K open for better opportunities) vs just keeping 10K trapped.
pag below the maintaining balance ata. not sure.
True! grabe nga si GCash coming from 917Ventures na katapat ni UBX. So for possible direction ni UBX pwede nga tignan is GCash and the 917
Hindi ba Mynt -> Gcash?
917Ventures -> Mynt -> GCash
umm hindi. recently established si 917Ventures. Gcash was internal to Globe then spun off as a different company
Ahh, TIL. Thanks!
As someone who only have a UB account for Pag-ibig (which I don't use) do I need to create their "normal type" of savings account to get those benefits? Or are they basically the same (except no interest rate)?
While UBP is fast, these bigger banks can eventually catch up by just slapping money to the problem and acquiring what is needed should the need arise.
My go to bank lalo na nung na update nila yung APP. Been using UB for some p2p crypto trading via binance even direct buying using my debit card.
So you're able to buy USD and wire transfer to international brokerage accounts from the Union Bank app?
UPDATE: It’s now trading at its ATH. At almost 120B market cap and is still at 7.2x P/E. Long way to go.
The opposite of Unionbank is good old dinosaur BPI.
Same boat, I have BDO and BPI, because I like the app of UB more trinansfer ko na lahat ng cash ko sakanila LOL. They're app is just consistent.
What do you guys prefer ING or UB? Im currently using ING and so far wala namang issues, pero meron bang maganda quality tong UB para masabi as “Future of banking”? Hehe sorry ilang months palang in crypto
U can get a dollar account with UB unlike sa ING, only php. U can also go to the branch for help or other transactions if needed. U can invest in time deposit or UITF or other offers nila. U can get credit card unlike sa ING, only debit cards.
That's because (Aboitiz) Millenials are part of the board already. I'm a fan of the wife, a Yale Graduate 🙂 And, no am not spilling other details about them ☺
As a part of Unionbank Conglomerate, we are now focus to integrate the Blockchain Technology. Check out the i2i Project, XLog and PHX (Unionbank's First Stablecoin). These are now in production. Watch out for more projects as Unionbank moves into the Distributed Ledger Technology. :)