Union Bank to Add More ARKs This Year

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Union Bank is pivoting more and more towards technology as it plans to add more ARK and ARKlets this year in the country. This is together with its plans on digitizing its processes and services.

The Union Bank of the Philippines sets its eyes on opening 3 more “The ARKs” this year as shared by the bank’s President and Chief Executive Officer, Mr. Edwin R. Bautista. The bank plans on converting its current brick and mortar branches to a fully digital branch which it calls “The ARK”.

Mr. Bautista said that new locations of The ARK will cover three major locations in the Philippines – Cebu, Davao, and Taguig (BGC). This is in addition to its pioneer ARK branch in Ayala Avenue, Makati City. The additional branches are expected to launch between second and fourth quarters this year.

Aside from The ARK branches, the bank will also launch 10 smaller digital branches that it calls the ARKlet and is expected to launch around fourth quarter.

“The ARKlets are scattered in the Philippines, but mostly in key centers, We will start with places with large concentrations of millennials and business executives who are more willing to adapt.” – Mr. Edwin R. Bautista, President and Chief Executive Officer, Union Bank of the Philippines

Chief Transformation Officer, Mr. Henry Rhoel R. Aguda, said that the bank is not trying to add branches but instead to make them all automated. He also added that the bank might add branches if there is an emerging city in the country.

It is previously reported that Union Bank wants to connect at least 100 rural banks to the blockchain this year with its Project i2i. Currently, there are five banks piloting the project namely: Cantilan Bank Inc., PR Savings Bank, City Savings Bank, FairBank, and Progressive Bank.

Source: BusinessWorld

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