EastWest Bank is embarking on a significant, yet carefully measured, technological evolution. The institution is poised to dramatically expand its digital offerings and enhance customer experiences through increased investment in its technological infrastructure.
CEO Jerry Ngo envisions a future where technology isn’t just about spending, but about strategic architecture. The bank currently allocates 9-10% of its expenses to tech – a figure they intend to gradually increase – but emphasizes that sustainable growth relies on deliberate investment, not simply large sums.
This isn’t merely about keeping pace with competitors; it’s about fundamentally reshaping the bank’s efficiency. The goal is to leverage technology to drive down unit costs, increase transaction volumes, and empower both employees and customers with enhanced capabilities and features.
The bank is proactively preparing for the arrival of Apple Pay in the Philippines, building on the recent successful integration of Google Pay. A key strategy involves encouraging customers to designate EastWest Bank cards as their preferred payment method for a growing number of digital transactions.
While acknowledging that the adoption of near-field communication (NFC) payments may start with smaller transactions, EastWest Bank aims to foster customer loyalty by becoming an integral part of their daily financial lives – from wallets and payments to investments and beyond.
Security is also paramount. The bank is introducing virtual card controls, allowing customers to dynamically adjust spending limits and monitor transactions through the app, providing an extra layer of protection against fraud.
Innovation extends to new account features. EastWest Bank will soon launch a digital wallet for debit cards, integrating investment accounts, and a unique “vault unlock” program offering a secure, physically-protected savings option.
In a move to broaden its consumer base, EastWest Bank has partnered with Foodpanda to launch a co-branded credit card. This card is designed to appeal to food enthusiasts, offering substantial cashback rewards on Foodpanda orders and at partner restaurants.
The Foodpanda Visa card boasts up to 10% cashback on qualifying purchases, alongside rewards for international and local spending. Cashback is conveniently credited weekly to the user’s pandapay wallet, and the annual fee is waived for new cardholders.
These strategic investments appear to be yielding positive results. EastWest Bank reported a 14% year-on-year increase in net income, reaching P6.6 billion during the first nine months of the year, driven by growth in its core businesses.
The bank’s leadership believes these technological advancements will ultimately translate into a stronger, more efficient, and customer-centric financial institution, poised for continued success in a rapidly evolving digital landscape.
