Typically, to receive their payroll, employees have to visit a bank branch, fill up application forms, create the account, and come back for the ATM card after several days. All of this is very inconvenient which can translate to dissatisfaction with their company so early in their employment. UnionBank radically streamlines this process with DAO (Digital Account Opening) for payroll.
DAO for payroll relies on two online services to make the process more efficient. The first is UnionBank’s corporate online banking facility, The Portal, that allows HR departments to access the company’s accounts, as well as manage their list of employees. Another key service is UnionBank Online for consumers which works with any computer or smart phone and allows employees to access their accounts anywhere, anytime. There’s no more need to take a leave and physically go to a bank. New employees simply need to download the app, sign up, and receive their payroll electronically.
“With DAO for payroll, we take away all paper requirements for opening an employee payroll account. The company’s assigned HR officer simply needs to upload their list of employees into The Portal together with their mobile numbers. The Portal now sends an SMS to each of the employees which contains a link to download the UnionBank Online App. After downloading, the employees click the button to start the payroll account opening process. They will then input their information right on their phones, take a picture of their IDs, sign on the screen and then click ‘Submit.’ All these done digitally,” said Dino Velasco, Senior Vice President, Institutional Segment Marketing Head, UnionBank.
Dino Velasco, Senior Vice President, Institutional Segment Marketing Head, UnionBank
Account creation can be done by the employee from the comfort of their own home or while on the go, even after office hours. No more time lost queueing at the bank and filling up needless forms. They also have the option to have their ATM card delivered to any address.
Wait and approve
The same convenience is afforded to the company itself. Setting up payroll is as simple as opening a UnionBank Corporate account and enrolling to The Portal. Once account is opened and access is granted, designated personnel can simply upload the list of employees to The Portal. The Portal takes care of informing the employees via SMS. When all employees have submitted, the company can see all submissions and even review to avoid any errors. Once all the information is approved, it’s then sent to UnionBank to open accounts instantly. All these accounts are ready to use, even without a debit card.
Fully-digital data encoding
Naturally, keeping track of large databases of employees and their payroll requires some serious paperwork, if not software. There may be many programs and productivity suites designed to digitize this process, but more often than not, they’re usually incompatible with one another. While each one can easily streamline certain processes, transferring the database from one program to the other is often a tedious experience.
With UnionBank, company personnel need only upload that data once. When approving payroll accounts, all the information submitted by employees is electronically sent to UnionBank once approved.
The Bank had also developed various APIs (Application Program Interfaces) especially on payments, that work seamlessly with popular management software and HR systems like Workday, Oracle’s Peoplesoft and many other productivity suites.
Easy management with the Portal
For those companies without these sophisticated programs and productivity suites, UnionBank’s The Portal on its own can already help manage the job. Besides managing payroll, The Portal also incorporates a multitude of peripheral services. These include collection, disbursement, electronic fund transfer (EFT), and supply chain financing. The Portal is designed to provide all the necessary information with just a few clicks. For even more savvy users, there are automation functions that can help improve efficiency.
Free up staff and resources
By addressing the tedious task of payroll management, UnionBank’s payroll solution helps business work more efficiently. Because all the data is online and easily integrated into several other software solutions, the tedious paperwork (and errors that come with it) is drastically reduced. In fact, many smaller tasks easily be automated. This helps companies that aspire to transition to a paperless, always online institution make the shift even more easily.
Thanks too to the drastically simplified process, managing payroll and payments will take up much less staff and resources than it used to. The need to maintain payroll operational support – staff to manage and encode – is reduced. This allows companies to reallocate team members to where they can further fuel the company’s growth.
“If you have these solutions in place, you can focus more on what's more important for your business,” adds Velasco.
Customizable to each company’s needs
As tempting as it is, some companies may still be hesitant to learn more about UnionBank’s Payroll solution. Many will be wary of the cost of such a vital tool. There should be little reason to worry as, unlike other banks however, UnionBank’s offering is flexible and dynamic, both in terms of capability and budget.
The Payroll solution is ideal for any company, from the top 1,000 companies of the Philippines to even fledgling SMEs with an eye toward expansion. It’s just as ideal for 100-year-old companies to those that just started operating this year. The solution is very flexible with the price and support unique to each client’s needs.
“A key value of our solution is ‘co-creation.’ What sets us apart is that we don’t offer a box of ready-made solutions. Every time we talk to a potential client, we deep dive into their pain points and needs. From there, we come up with design sessions with them to co-create solutions. We customize and tailor-fit solutions that are attuned and aligned to the company's needs. We tell them how they can do more with their current set-up,” said Mourese Soriano, Corporate Marketing Segment Head, UnionBank.
Mourese Soriano, Corporate Marketing Segment Head, UnionBank
Make the shift
Growing your company shouldn’t be something to be feared. Granted, it’s not easy, but it's important that companies recognize these challenges and want to address them. The obligations that come with expanding the workforce can easily be taken on with innovative solutions that are now available.
“Our goal is to strengthen the trust we’ve earned from our clients by showcasing our innovations” said Velasco
For those willing to take the leap, they may be surprised to realize it was easier than they thought. UnionBank’s efficient and readily available solutions can fix these operational woes, putting the future more clearly into focus.