Security Bank Corp. is the “best retail bank” in the Philippines for 2018, beating the country’s bigger banks for the first time and taking it only four years since reaching out more aggressively to consumers as a new area of growth.
This is according to Singapore-based banking magazine The Asian Banker, which honored Security Bank at the recently-concluded International Excellence in Retail Financial Services 2018 Awards ceremony in Kuala Lumpur, Malaysia.
The Asian Banker said that Security Bank had “strategically positioned itself as an innovative and customer-centric retail bank” and taken “advantage of its size in faster decision-making and execution of innovative solutions.”
Four years ago, the bank began to seriously build its retail banking business with its rebranding campaign and retail banking transformation which introduced the “BetterBanking” campaign to customers. Security Bank was erstwhile better known only for its wholesale lending and treasury businesses.
Since then, The Asian Banker said Security Bank had “built its consumer business as a strong third business pillar for the bank.”
“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 publication said.
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.
“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,” Security Bank president Alfonso Salcedo Jr. said.
“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.
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.
The Asian Banker’s International Excellence in Retail Financial Services Awards is deemed as the most rigorous, prestigious, transparent and coveted awards programme that recognizes excellence among the world’s leading retail financial institutions.