BDO Unibank Inc. embraces new technology
MANILA, Philippines — BDO Unibank Inc. is embracing newer technology to provide seamless services to millions of clients.
In a CEO Forum titled “Surviving in Times of Digital Disruption,” BDO president Nestor Tan said digitization has greatly affected customer expectations and behavior that integration of services has become the way of the future for many industries including banks.
With lives becoming more fast paced, he pointed out customers no longer want to move in and out of applications more to spend time on transactions, especially inside banks.
“As we become more immersed into the digital world, customers also expect more initiative from companies and providers to help them not only with payments but also with decision-making, thus making them part and parcel of their lives,” he said.
Technology, he added, is more of an enabler, a tool, rather than a threat or a disruptor, thus helping the banks make their services more seamless.
Tan said the country’s largest bank owned by retail and banking magnate Henry Sy has taken great strides to adopt to the changing behavior of its customers, most especially the tech-savvy millennials, who have greatly influenced the traditional customers.
BDO customers now have an option to withdraw, pay bills, transfer funds, and even invest thru online or mobile banking, he said.
Meanwhile, the bigger challenge to adopting new technology, he noted, is not only to stay agile and meet customers’ needs but also to keep the bank’s focus on the kind of business that it is in, as most may easily be tempted to see themselves as tech companies because of digitization.
Apart from Tan, other industry leaders who sat as panelists at the CEO Forum were Globe CEO Ernest Cu, ABS-CBN Corp. chief strategy officer Raymund Miranda, SM Investments Corp. digital marketing head Nicky Santiago, and Google Philippines country head Kenneth Lingan.
Lingan said digitalization has significantly changed the purchase journey of the consumers, which companies need to look out for.
Describing the journey as more complex, he said consumers today are more curious, demanding and impatient.
Cu said the company has been following the journey of their customers through their mobile phones, allowing them to deliver exactly what they want.
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