Security Bank Corporation: Best Digital Bank Philippines 2017
Frugal as a rule, but ready and willing to invest if the proposition is right, Security Bank Corporation of the Philippines is known for its agility. The bank leverages its size to move fast and decisively in order to help its customers seize exceptional opportunity. As a midsize bank, Security Bank had over the years branched out into the wholesale market, serving large corporate and institutional clients with a nimbleness not previously available in this segment. Thanks to its customized and multi-awarded corporate electronic banking and cash management solutions (branded as Security Digibanker) that are executed with speed, Security Bank managed to quickly establish itself as a major competitor in the wholesale banking market.
The bank is particularly strong in the Filipino-Chinese community. Since its founding in 1951, Security Bank has grown from a middle-market focused bank to a full-service universal bank currently ranked fifth largest among private domestic universal banks by total assets and capital. The bank is known among investors for its superior shareholder returns, cost efficiency and asset quality. It is this track record of superior financial results that attracted Japan’s Mitsubishi UFJ Financial Group, Inc. (MUFG) to invest Php37 billion in equity for a 20% stake in Security Bank in 2016. To date, this is the largest equity investment in a Philippine financial institution by a foreign investor. MUFG is one of the world’s leading financial groups.
Today, Security Bank, which is rated investment grade by Moody’s, aims to expand its retail operation. To do so it has revamped its entire I.T. network, including the customer-facing front-end which was redesigned by a group of millennials hired for the purpose.
Its retail banking offering includes highly differentiated services such as All Access deposit account with free life insurance, cardless ATM withdrawals, location-based mobile selling which enhances credit card transaction experience, and Business Express Loan for small-business owners. Human Switch Kit makes it very easy for potential customers to open deposit accounts — the bank, after receiving their online application, sends its representative from the branch nearest to the customer to personally assist in account opening. Customers also enjoy faster and paperless branch transactions, priority banking and digital banking. All these services have benefited older-generation customers who still like to do face-to-face banking, and the younger-generation customers who like to do things online.
The CFI.co judging panel commends Security Bank Corporation for pushing the technological envelope with innovative products, services, and apps that not just meet today’s needs but are ready as well to face the future. The bank has paid special attention to integrate its digital offerings with the facilities available to clients via its branch network. The judges are pleased to offer Security Bank Corporation the 2017 Best Digital Bank Philippines Award.
