DIGITAL INNOVATIONS FOR THE MASS MARKET: City Savings Bank (CitySavings) joins the 2022 UnionBank Innovations Festival held last September 7 – 9 at the newly inaugurated UnionBank Innovation Campus, City of San Pedro, Laguna. The booth features the thrift bank’s innovative and relevant products that make banking simple for the mass market. Aboitiz Group President and CEO Sabin Aboitiz (front, 4th from left) joins the CitySavings team.
On September 7 to 9, 2022, Union Bank of the Philippines (UnionBank) launched “The Future of Banking is with U”, the 2022 UnionBank Innovation Festival at the UnionBank Innovation Campus in San Pedro, Laguna. The event was hosted in celebration of numerous digital solutions, trends, and innovations in technology and their applications to the lives of Filipinos.
Among the participants at the prestigious event was UnionBank’s thrift bank subsidiary, City Savings Bank (CitySavings). CitySavings is one of the largest thrift banks in the country, with the goal of providing comprehensive yet simple banking solutions for the Filipino mass market.
With the tagline “Simple is Good”, CitySavings offers straightforward banking services, as well as a wide range of mass market financial products. These include salary loans for both public and private school teachers and government workers, pension loans, motorcycle loans, and even company loans.
CitySavings remains steafast in its commitment to serving customers and the community through innovative and relevant products that make banking simple. “Since the Bank was founded more than five decades ago, the focus is really on the mass market which differentiates us from the other featured groups here [at the UnionBank Innovation Festival],” said CitySavings AVP – Reputation and Brand Management Head Paula Ruelan. “Our goal is to become the leading digital mass market bank in the Philippines and further promote financial inclusion.”
Apart from promoting simple and straightforward banking solutions, CitySavings is also an advocate for sustainability. Because of transportation challenges posed by the country-wide lockdowns due to the COVID-19 pandemic, CitySavings saw an opportunity to provide a more affordable mode of transportation to Filipinos, while also giving traditional tricycle drivers a way to increase their income and switch to a more sustainable livelihood.
Tricycles are the most widespread mode of transportation in the country for its practicality and convenience especially in far-flung areas. However, due to their increasing population, tricycles are becoming one of the major contributors of air and noise pollution, as well as traffic congestion in some areas. This presents an opportunity for City Savings Bank to help in curbing and minimizing the adverse impacts of the use of conventional tricycles.
By partnering with Elaia Green Vehicles Corporation (Elaia), CitySavings was able to launch its e-trike program, which was proudly featured at the UnionBank Innovation Festival. Through the program, interested clients can apply for a motorcycle loan with CitySavings and receive their own e-trike unit supplied by Elaia.
This initiative contributes to the Sustainable Development Goals (SGDs) in reducing urban poverty by providing an affordable financing system and sustaining an affordable mode of transportation for the masses. This will also contribute to the reduction of greenhouse gas emissions mostly emitted by conventional tricycles.
“We see a lot of possibilities that can be achieved through this project with Elaia. It’s a win-win solution for everyone. CitySavings helps the tricycle drivers finance the e-trikes and earn a livelihood while we are all saving the environment through a sustainable mode of transportation for the masses,” shared CitySavings EVP – Motorcycle Loans Business Head Ret. Adm. Feliciano A. Angue.
CitySavings and Elaia’s e-trike program has seen growing success; during the UnionBank Innovation Festival, they recently signed a brand-new partnership with the City of San Pedro, Laguna, where both organizations would extend this program to the Tricycle Operators and Drivers’ Association (TODA) within the locality.
As for its future plans, CitySavings is hoping to expand its e-trike program even further.
For more information on City Savings Bank, its products, and its services, please visit www.citysavings.com.ph.