More than 170 clients joined the recent event, which marked the rollout of Business Class, one of the bank’s newest services that aims to provide these rising group of people with relevant financial solutions.
By Edwin P. Galvez
On a humid but serene May day, East West Banking Corp. (EastWest) CEO Jerry G. Ngo bantered with business owners and entrepreneurs on the greens and fairways of Mimosa Plus Golf Course, as EastWest launched its Business Class banking segment tailored for their needs.
More than a hundred valued clients joined the successful EastWest Golf Invitational 2024 held at Filinvest Mimosa+ Leisure City at the Clark Freeport Zone in Pampanga—the first among a host of activities lined up by the bank to celebrate its 30th anniversary this year.
It was an ideal day for golf for this affluent set of micro, small and medium enterprise (MSME) market, which EastWest aims to capture through “hyperlocalized strategy” backed by its “sustainable and steady” investment in trailblazing innovations in financial technology.
“Our portfolio is very unique (as it is) mostly consumer lending,” Ngo, 54, told PeopleAsia.
While the Philippine market has “80 percent of its loan book” on corporate banking, EastWest’s has “80 percent on the consumer side and 20 percent on the corporate side.”
But Ngo, who has also spent 30 years of his career as an international banker, sees supporting “up-and-coming” MSMEs in different cities outside the capital regions—especially business owners and their families—as critical in the country’s economic development since these “drivers of growth” create jobs and spur consumption, among other economic activities.
“They’re probably not the largest nationwide, but they’re probably very sizable in their own provinces or cities,” Ngo, who describes himself as trickle-down economist, said.
EastWest introduced its Business Class segment to provide them with financial solutions so they can “focus on their personal growth, while the bank handles their operational tasks.”
These include having dedicated relationship officers for personalized assistance; operational support and special cash management services such as payroll processing, automated payments, and check collection; and exclusive perks such as free access to airport lounges, discounted food and beverages deals, and preferred rates at sports centers and golf courses.
According to Ngo, EastWest wants to cater to MSMEs engaged in different industries such as fast-moving consumer goods, distribution, manufacturing and construction.
This expansion extends to EastWest’s financial technology innovations as well, consistent with the bank’s anniversary celebration theme, “Further for You.”
Ngo described the bank on its 30th year as “strong enough, agile enough, and virile enough” but still has a lot of future ahead of it. This includes “rolling out new products and services and refreshing a lot of things” for financial inclusion, especially with digital innovations.
Ngo emphasized that while EastWest has “392 branches for unibank and around 98 in the rural bank,” which is “quite large branch network wise,” investing in digital capabilities is equally important.
EastWest has invested over P 1 billion on technology last year and is looking at spending “between 15 percent to 20 percent of its net income going forward.”
“It’s all about developing the right products, services, (and) looking at it from the customer’s perspective,” Ngo said.
Through the bank’s digital assets and capabilities, Ngo expects EastWest customers to invest and do other transactions aligned with their financial goals and plans.
The bank has rolled out its own NFC (near-field communication) wireless connectivity called EastWest Pay, the first in the country, according to Ngo.
It is also investing on developing a digital wallet as it plans to reposition its application Komo as a digital wallet.
EasyWay, its mobile banking application, on the other hand, will be focused on core banking and investments, while it is launching EasyBiz as its application for businesses.
EastWest is also investing on a chatbot that uses generative artificial intelligence to make it more intuitive for transactions. Ngo estimates that about 300,000 to 400,000 of their clients use the chatbot.
Ngo, who has returned to the country two years ago after 25 years of working abroad, emphasized the importance of investing in the country’s young population “for them to participate, to consume, and to aspire.”
In supporting financial inclusion, Ngo said it is also important to promote “financial depth” by ensuring that your customers have access to products and services that can help them build wealth for themselves.
Leading the ceremonial tee-offs of the golf event, EastWest Bank and Filinvest Development Corp. vice chairperson Josephine Gotianun-Yap said: “At EastWest, we’ve always strived to go further for our clients, whose partnership we are always thankful for.”
“Our 30th anniversary is not just a celebration of our past achievements but a commitment to continue pushing boundaries and setting new standards in banking,” she added.
