In the vibrant world of banking and finance, EastWest has distinguished itself by securing the title of Mid-Sized Retail Bank of the Year at the ABF Retail Banking Awards 2025. To delve into the strategies and achievements that have propelled EastWest to this pinnacle, we have Priya Jaiswal, a preeminent figure in Banking, Business, and Finance. With her profound insights into market trends and portfolio management, she sheds light on the bank’s recent milestones and innovative approaches.
What does winning the Mid-Sized Retail Bank of the Year award at the ABF Retail Banking Awards 2025 mean for EastWest?
Winning this award is a significant acknowledgment of EastWest’s commitment to community-focused and customer-centric banking. It affirms the strength of our retail performance and underscores our success in creating banking experiences that are accessible and valuable to our clients. This recognition not only amplifies our brand’s reputation but also motivates us to continue refining our models to serve our communities better.
Can you tell us about the key achievements of EastWest in 2024?
One of the standout achievements was posting a net income of Php 7.6 billion, a record in our 30-year history. We successfully maintained a competitive edge with low-cost funding, particularly seeing our CASA deposits outpace the industry average for six consecutive quarters. Our strategic initiatives, which dovetail customer reach expansion and cost-efficiency improvements, have collectively driven our exceptional performance.
How did the Branch Banking Group contribute to EastWest’s record-breaking net income of Php 7.6 billion in 2024?
The Branch Banking Group (BBG) played a pivotal role by spearheading efforts to extend our customer reach and enhance cost efficiencies. They excelled in providing consistent service excellence, which has been instrumental in fostering deeper customer relationships and reinforcing our national retail presence. Their efforts in cross-selling products like loans and investments also drove efficiency and contributed significantly to our bottom line.
What specific strategies did EastWest employ to expand customer reach and enhance cost-efficiency?
Our strategies hinged on leveraging digital tools and community-tailored services to make banking easier for Filipinos. We’ve focused on efficiency by maintaining a low cost-to-income ratio, optimizing cross-selling opportunities, and introducing innovative products like SuperChecking. By doing so, we expanded our customer base while managing costs effectively.
How does EastWest’s retail model focus on making banking easier and more relevant for Filipinos?
We prioritize understanding the unique needs of our communities, which allows us to develop services that resonate with our customers. This involves harnessing digital technology to streamline operations and offer tailored financial products. Our aim is to simplify the banking experience, ensuring that every touchpoint delivers value and convenience to our customers.
How did your CASA deposits manage to outpace the industry average, and what impact did this have on EastWest’s performance?
We focused on building robust relationships with our customers and offered competitive products that encouraged more deposits. Outpacing the industry average in CASA deposits stabilized our funding costs and increased our liquidity, enabling us to finance growth initiatives and invest in customer-focused innovations.
Could you explain the significance of maintaining a CASA-to-Term Deposit ratio of 80% for EastWest?
A CASA-to-Term Deposit ratio of 80% is key to maintaining financial flexibility and lowering funding costs. This ratio allows us to benefit from more stable, low-cost deposits, freeing up capital for new products and services that enhance customer banking experiences. This balance is crucial in sustaining long-term growth and operational adaptability.
What benefits have you seen from maintaining a cost of funds below the industry average?
Keeping our cost of funds below the industry average, at less than 1.96%, has been strategically beneficial. It has allowed us to allocate more resources to product development and customer service while still offering competitive interest rates. This has further strengthened our market position and contributed to our financial success.
How did strategic cross-selling across loans, insurance, and investments improve EastWest’s efficiency?
Cross-selling has been a cornerstone of our strategy, effectively increasing customer loyalty and maximizing value per customer. By offering a broader range of services, we deepened engagements and optimized revenue streams while maintaining a lower cost-to-income ratio. This approach not only enhanced efficiency but also diversified our service offerings.
What role did the introduction of SuperChecking play in your financial performance last year?
SuperChecking had a significant impact, serving as a key pillar in encouraging both savings and transactions. Its introduction helped us broaden our portfolio and provided customers with a highly attractive banking option that aligns with our mission to enhance financial wellness. This product has strengthened customer engagement and contributed positively to our financial results.
Could you elaborate on how EastWest deepened relationships rather than just growing transactions?
We have always focused on building trust and understanding with our customers. This comes from offering personalized, contextually relevant services and products. Instead of a transactional focus, we aim to be a part of our customers’ financial growth, thus fostering loyalty and deeper long-lasting relationships.
What insights or strategies did you employ to remain relevant to the communities you serve?
Our local insights and commitment to community needs have been crucial. By staying attuned to the specific financial challenges and aspirations within each community, we’ve tailored our offerings accordingly. We actively engage and solicit feedback, ensuring that our services evolve with the needs of those we serve, maintaining our relevance and impact.
Do you have any advice for our readers?
For those in banking or finance, staying adaptable and customer-focused is vital. Always strive to understand your market deeply and be ready to innovate in line with changing needs. For individuals, it’s important to seek financial products that truly fit your lifestyle and long-term goals to ensure personal financial well-being.
