MANILA, Philippines – Union Bank of the Philippines (UnionBank) unveiled its newest wealth center on Friday, February 21, as it hopes to bring its “next-generation” banking experience to its affluent clients.
“What we do is we bring together a blend of premium and bespoke experiences, trusted personal relationships, and a seamless digital experience. We weave this all together so that we could provide them the services that they need from us, wherever and however the clients might need them,” said Therese Chan, UnionBank’s wealth management and brokerage head.
The pilot facility is located in UnionBank’s The Ark branch in Makati City.
UnionBank’s Wealth Center contains a gold lounge for its Elite members, where clients can conduct their transactions in private tellering rooms.
Elite members have a total relationship balance of at least P5 million with the Aboitiz-led bank. This refers to the consolidated balance of a client’s deposits with the bank and in investments purchased.
Chan said that the private tellering facilities aim to address affluent clients’ need for security and privacy.
“It’s because the transactions are [of] large value and our clients would appreciate others not seeing that these kinds of transactions are happening or that the conversations they’re having are, you know, kept very confidential,” she explained.
Adjacent to the UnionBank Elite Gold Lounge is a facility for wealth management clients.
A new addition to its Wealth Center is The Vault, a safety deposit box facility equipped with biometric and facial recognition security features.
According to UnionBank’s chief customer experience officer Albert Cuadrante, creating the Wealth Center began with interviews with the bank’s relationship managers.
“We also observed [for] ourselves, how clients move around, what types of services they hold most important to the least important. And all of these were matrixed to come out with these sections of what do you wish for in the next generation wealth center,” he said.
Cuadrante added that the bank will be evaluating the facilities annually to identify possible points of improvement.
UnionBank currently has three wealth centers. Apart from The Ark in Makati City, it also has wealth centers in San Juan City and Cebu City.
Cuadrante said the bank hopes to bring similar facilities to its other existing wealth centers. UnionBank is also studying the possibility of opening wealth centers in Mindanao.
“We know the market’s there. We just wanna know if they appreciate this kind of experience,” he said.
“It’s different per region. They’re [other affluent clients] very simple. So, you have to design it in a way na hindi sila ma-intimidate (they don’t feel intimated) but also feel comfortable with the amenities.” – Rappler.com