UnionBank expands partnership with Infobip Philippines
UNION BANK of the Philippines, Inc. (UnionBank) has expanded its partnership with cloud communications platform Infobip Philippines to enhance customer engagement through the latter’s Moments platform.
Moments is an omnichannel customer engagement solution with personalization and automation capabilities, Infobip said at a press briefing.
The Aboitiz-led bank has been using Moments to automate the sending of notifications for UnionBank’s Quick Loan products to its clients since June, UnionBank Head of Low Code Development and Automation Marc S. Angeles said.
“We’re reaching more people; conversion rate is higher because of the continuous follow ups. So that’s the power [of Moments],” Mr. Angeles said.
Moments is being used to automate notifications through SMS, Viber, e-mail, and in-app.
“So, even the customers that are abroad, OFWs (overseas Filipino workers) and even those traveling, we can already reach them. That was one of our pain points back then. So, in terms of reach, we’re maximizing all channels,” Mr. Angeles added.
During the two months since it began using Moments, UnionBank’s notification frequency has grown by five times, he added.
“Earlier, the engagements of the throughput of our Quick Loans actually multiplied by five. It’s in the tens of thousands before but now we’re talking hundreds of thousands per hour,” he said.
This also helped the bank surpass its revenue targets by 132% and contributed to its income, Mr. Angeles noted.
“We’re reaching more people. The conversion rate is higher because of the continuous follow-ups.”
While Moments is currently only being used for UnionBank’s Quick Loan products, Mr. Angeles said it will eventually be expanded to all of UnionBank’s products, and eventually, its whole system.
To increase on-boarding, InfoBip Asia-Pacific Sales Director Cecile P. Tizon said Moments will help greet new bank customers with a personalized welcome sequence. It will also automatically adjust campaigns based on user activity.
UnionBank booked a net profit of P6.4 billion in the first six months of the year amid growth from its consumer businesses, up 6% from P6.06 billion in the same period a year prior.
Its shares closed unchanged at P73 apiece on Wednesday. — A.M.C. Sy
