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.