EastWest Bank was
recently recognized and awarded the Mobile Banking and Payment Initiative of
the Year for its innovative EastWest System Tech Assistant (ESTA), which was
honored as the Mobile Banking and Payment Initiative of the Year at the Asian
Banking and Finance Awards 2024. The award ceremony took place last July 4,
2024 at Marina Bay Sands Expo & Convention Center Singapore, recognizing
ESTA for its groundbreaking contributions to the digital banking landscape in
the Philippines.
The Asian Banking and Finance Awards remains as Asia Pacific region's most prestigious awards programme for banks and annually recognizes the industry's outstanding players. The Asian Banking & Finance Awards offers a platform for banks, like EastWest, to showcase their innovative solutions, products, services, and deals that have proven to be game-changers in the industry.
Award-Winning
Innovation
Since its launch in
2020, ESTA has been redefining the digital banking experience for EastWest
Bank’s credit cardholders, marking a significant milestone in the bank’s
commitment to technological advancement and customer service excellence. ESTA
leverages the widespread use of Facebook Messenger to offer a platform where
credit cardholders can effortlessly perform a variety of credit card services,
making it the first of its kind in the Philippines.
Key Features of ESTA
Designed to cater to
the modern-day banking needs of its users, ESTA provides full-service
functionality equivalent to a mobile app or web portal for credit card
services, with several enhanced features. Users can access real-time
transaction and balance displays, view unbilled, current, and historical
transactions, and request limit increases, supplementary cards, and points
redemption. Additionally, they can lock and unlock accounts in real-time for
security purposes, fulfill installment conversions immediately, and update
customer information on the spot. The platform also allows for promotions
search and display, submission of customer service support tickets with two-way
capability, and querying of EastWest credit card product features and related
information through ChatGPT.
As of now, ESTA is the
only locally known customer-facing electronic platform with AI capabilities,
setting it apart from other industry players. Its exceptional performance is
evidenced by a Net Promoter Score (NPS) of 60 for credit card servicing and an
impressive NPS of 81 for application onboarding.
Outstanding Digital
Impact and Adaptability
ESTA consistently
generates over PHP 1 billion in credit card installment transactions monthly,
with zero fraud incidents, highlighting its high engagement and relevance among
EastWest’s credit card client base. The platform’s agility and adaptability are
demonstrated by its ability to implement new features rapidly, such as a staff
referral program completed within a week upon request.
The onset of the
COVID-19 pandemic underscored the importance of digital banking solutions. With
Facebook Messenger having a 93% penetration rate in the Philippines, ESTA’s
presence on this platform played a crucial role in mitigating the effects of
the pandemic on EastWest’s credit card business.
Visionary Leadership at
the Awards
Representing EastWest Bank at the awards ceremony were Lawrence Lee, EVP
and Consumer Lending Head; Efren Dela Cruz, FVP and Head, Consumer
Service Delivery Group; and Anton Gumiran, Senior Manager and Head, Unsecured
Systems Department. Their attendance at the prestigious event further cemented the bank’s
ongoing commitment to innovation and excellence in digital banking.
“We are incredibly honored to receive the Mobile Banking and Payment Initiative of the Year award for EastWest System Tech Assistant (ESTA). This recognition is proof of our commitment to innovation and customer-centric solutions. ESTA has transformed the way our customers interact with their credit card services, providing a seamless and secure digital banking experience. We will continue to enhance ESTA with new features and improvements to meet the evolving needs of our customers and ensure they can bank easily and securely,” said Lee.
Looking
Ahead
As
it celebrates its 30th year in the industry, EastWest Bank continues to adapt
its processes and services for the digital age, with ESTA as a cornerstone of
its digital strategy. With ongoing improvements, upgrades, and updates, ESTA
will further enhance EastWest’s digital capabilities, ensuring customer
satisfaction and continued trust among valued clients.
For more information about EastWest Bank’s digital initiatives and services, please visit EastWest Bank.
About East West Banking Corporation:
East West Banking Corporation (EastWest) is a Filipino-owned universal bank. EastWest is a subsidiary of Filinvest Development Corporation (FDC), one of the country’s leading conglomerates with a diverse range of interests including real estate, banking, hospitality & tourism, infrastructure power generation, and sugar. It is not affiliated with any foreign financial institution which may bear the same name.
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