In less than five years from when it launched its BetterBanking campaign which focused on building its retail banking business, Security Bank (SBC) was recognized by no less than The Asian Banker as the Philippines’ Best Retail Bank at the recently concluded International Excellence in Retail Financial Services 2018 Awards ceremony held in Kuala Lumpur, Malaysia. Noteworthy too is that this is the first time the bank bested the country’s larger financial institutions that used to dominate the Retail banking category.
The Asian Banker explained that SBC was able to take advantage of its size in faster decision-making and execution of strategies and innovative solutions that surpassed the largest banks.
“Although younger and smaller compared to the three large banks in the industry, Security Bank leads in terms of process and technology and has leveraged on automation for seamless operations and straight-through processing,” The Asian Banker noted.
Security Bank began to seriously focus on and build its retail banking business merely four years ago with its rebranding campaign and retail banking transformation which introduced the BetterBanking experience to customers. Since then, the bank had received a number of awards that recognized its retail banking products and services.
“At the outset, we were driven by our commitment to become a better bank for our customers. With that as the foundation, we steadfastly built our retail banking business as the third business pillar of the bank complementing our strengths in wholesale banking and financial markets. This recognition also validates our direction and strategy thus further encouraging us to pursue offering BetterBanking solutions for our clients,” said Alfonso L. Salcedo Jr., Security Bank President and CEO.
The Asian Banker applauded how the bank strategically positioned itself as an innovative and customer-centric retail bank. It noted that, “Security Bank stood out as a bank that leverages technology and analytics to bring better customer experience.”
Among the highlighted retail banking initiatives of SBC were the Human Switch Kit and Online Account Application, which removed traditional banking hurdles, submission of numerous repetitive requirements and the long process in onboarding new customers.
In 2017, the bank focused on broadening its consumer finance product offerings by introducing Salary Advance and Business Express Loan. It also continued to expand its low-cost deposits by offering free insurance to its All Access Account.
“Our retail banking journey has always been about building capabilities towards a BetterBanking customer experience. Our team has been working hard to come up with innovative retail financial products and channels supported by the right process and the right technology and always with the end in mind of making our target market happy. We thank our customers who are at the center of our efforts,” said Maria Cristina Tingson, Security Bank Executive Vice President and Head of Retail Banking.
The Asian Banker’s International Excellence in Retail Financial Services Awards is the most rigorous, prestigious, transparent and coveted awards programme that recognizes excellence amongst the world’s leading retail financial institutions.
About 200 senior executives from award-winning retail financial services institutions from about 25 countries across the Asia Pacific, the Middle East and Africa attended The Asian Banker Digital Finance Convention. A stringent evaluation process across three months based on a balanced and transparent scorecard determined the winners of The Asian Banker International Excellence in Retail Financial Services Awards.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, 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 fora.
About Security Bank
Security Bank Corporation, one of the Philippines’ leading universal banks, has been a recipient of The Asian Banker awards for the past few years. In 2017 alone, the bank has received: Deposit Product of the Year Award for its All Access Account in both The Asian Banker’s Philippine Country Awards 2017 and The Asian Banker’s Future of Finance in Philippines Awards Programme 2017.