Security Bank Corporation (SBC) has been named the country’s Bank of the Year 2018 by The Banker for its strong performance and innovation in products and services. This is SBC’s fourth time to receive the prestigious award known as the “Oscars of the banking industry.”
The Banker, the international banking and finance magazine of the Financial Times Ltd. said, “Banks that delivered solid financial results while demonstrating prowess in developing new products, services and the employment of new technology came out on top in the Banker Awards.”
“Competition as always was fierce and we received some of the strongest entries in the history of our awards,” The Banker added. “To win an award, banks need to show not only a solid set of results but also a good performance in terms of overall strategy, new products and services and the use of technology,” said Brian Caplen, Editor of The Banker.
According to SBC President & CEO Alfonso L. Salcedo, Jr., “We are elated at winning this prestigious award for the fourth time. This award is a vote of confidence in Security Bank’s strategy, execution and results by a global expert award-giving body. At the center of this recognition are our valued customers. We made a BetterBanking commitment to them. We want to thank them for continuing to put their trust in us.”
Security Bank has focused mainly on the growth of its consumer banking business through product innovation, which has been one of the key drivers of its solid financial results. “Our success could be attributed to our commitment to become a better bank for our customers and to our adherence to execution excellence as we build our third business pillar – retail banking,” added Salcedo.
In line with growing its retail banking business, Security Bank has produced practical solutions that customers find highly useful and valuable. This is why the Bank emphasized online consumer loan applications and online deposit account opening. It is important for Security Bank to immediately service and fulfill the needs of the younger generation customers who like to do things online. Its Salary Advance (SALAD) facility and Business Express Loan were among the products which consistently supported the growth of the Bank’s consumer loan portfolio. In addition, its move to include free insurance coverage in its flagship deposit account, the All Access Account, was received positively by the banking public, helping to significantly increase the number of monthly account openings of new-to-bank clients.
“We do our best to cater to both older and younger generations. From renovating our Gold Circle lounge and building a Discovery Hub, to constantly updating and upgrading our products and services to keep up with the trends and consumer behavior, we always strive to bring the BetterBanking experience to more people,” Salcedo said.
As a result of its digital transformation initiatives, Security Bank has seen an increase in the e-commerce transactions of its credit card customers. The Bank currently offers a roster of credit cards fit for every individual’s needs and spending habits. E-commerce transactions are protected by an extra layer of security through an OTP or one-time password which is sent via SMS.
Security Bank was first recognized as Bank of the Year in 2012, followed by a back-to-back win in 2015 and 2016. The Banker’s Bank of the Year Awards program recognizes one bank per country, six regional winners and a global winner.