Union Bank of the Philippines (UnionBank) organized its inaugural Tech-Economic Briefing last 17 February 2023 at Shangri-La The Fort in Taguig City. The event, themed “Overcoming Economic Hurdles Through Digital Solutions,” featured insightful discussions on the latest technology trends that are transforming the economy. Attendees learned how fintech, tech, digital service companies, and corporate clients can navigate challenges by embracing digital transformation.
In her opening speech, Erika Dizon-Go, UnionBank’s Head of Fintech Business Group and Open Finance and Digital Services Center of Excellence, emphasized the importance of cultivating an open and collaborative mindset for growth, which was well-received by the 200 participants.
UnionBank Chief Economist Carlo Asuncion then kicked off the discussions by framing “The 2023 PH Economic Outlook: Navigating Through the Era of Uncertainty.” In his presentation, Asuncion tackled issues that are currently fueling volatility and uncertainty including record-high inflation, the fragmentation of globalization, and the global labor market.
“It’s not all volatility and uncertainty for this year. One, because we are basically insulated [from the potential global economic slowdown],” said Assuncion of the trends that could positively affect our economy. He also cited the expected growth of 2.6 percent for remittances this year, as well as the proposed budget for 2023, which he said will support growth, particularly for infrastructure, education, and health.
During the second session of the Tech-Economic Briefing, a panel discussion was moderated by Bella Santos, the Managing Director and Officer-in-Charge of Payments and Currency Subsector at the Bangko Sentral ng Pilipinas (BSP). Joining her were Atty. Bridget Romero, Officer-in-Charge of the Payments Policy and Development Department (PPDD), and German Constantino, Acting Deputy Director of PPDD. The panel explored the digitization of payments, emphasizing innovation as a catalyst for faster growth in the sector.
UnionBank Chief Marketing Officer Albert Cuadrante led capped off the event with “Engaging the Digital Consumer,” to paint a picture of the current digital marketing landscape. Citing the growth of internet usage in the Philippine market due to being the biggest social media users in the world, Cuadrante gave tips on what digital marketers must do in order to help their organization. He emphasized focusing on: creating content that can connect with people wherever they may be on their customer journey, keeping the message clear and simple, showing empathy, and choosing the right platform when talking to the customers.
“We have to get away from digital marketing as a separate discipline because it is the only [marketing] discipline right now in the digital environment,” concluded Cuadrante in urging organizations to take a fresh look at marketing as a whole.
The success of UnionBank’s inaugural Tech-Economic Briefing, which focused on the bank’s digitization efforts, leaves clients anticipating more information on what’s to come and how to prepare with the appropriate strategies, tools, and bank partners. UnionBank’s commitment to innovation is a promising sign for clients who seek to thrive in an ever-changing digital landscape.