Finance Secretary Carlos G. Dominguez III on Wednesday said the old brick-and-mortar strategy of doing business, especially in the banking sector, may not be enough to meet clients’ needs in the post-pandemic era.
Dominguez said the Philippine economy need to quickly switch to digitalization for it to remain viable, adding that nowhere is the impact of digital technology more pronounced than in the field of finance.
“Our banking sector understands that the old brick-and-mortar industry can no longer suffice. We need to move quickly online, engage our clients through their smartphones, and improve on our internal processes to meet new standards of efficiency. Those that cannot swim in the digital tide will drown in its wake,” said Dominguez in his pre-recorded message during the virtual groundbreaking ceremonies of the Innovation Campus of the Union Bank of the Philippines (UnionBank).
Envisioned as a futuristic hub that will help develop talent to fuel UnionBank’s digital innovation strategies, the Innovation Campus based in San Pedro Laguna will also serve as the bank’s business continuity facility to ensure unhampered service in times of disasters and other unforeseen events.
Since the Innovation Campus will serve as a business continuity facility that will function as a back up of UnionBank’s operations, Dominguez also advised the bank’s officials to continue strengthening cyber-security safeguards of their digital systems to protect these from potential threats and risks.
The country’s finance chief also recognized UnionBank’s “well-deserved reputation for cutting-edge innovation” as it has been a reliable partner of the Social Security System and the Bureau of the Treasury in enabling Filipinos across the globe to participate in the government’s bond offerings online amid the pandemic through the Bonds.PH mobile app.
“The bank has been instrumental in helping us achieve President Duterte’s goal of financial inclusion and a comfortable life for all Filipinos,” Dominguez said.
UnionBank’s 5-story Innovation Campus will feature state-of-the-art facilities such as the Operational and IT Command Centers, security monitoring rooms, modern learning spaces, collaboration areas, cafeteria, dormitories, and health and wellness facilities.
Its business continuity facility situated inside the campus will serve to assure UnionBank’s clients of uninterrupted service in case of disasters and crises affecting the main office, similar to its seamless transition to a work-from-home set-up since the onset of the Covid-19 pandemic.