UnionBank “Techs Up “ anew at the 2022 Singapore FinTech Festival

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Becoming a great retail bank is a journey and not a destination.

UnionBank stood-out on the global stage as the lone Filipino bank gold sponsor bannering the “Tech Up Pilipinas” advocacy that is the cornerstone of its digital strategy.

UnionBank has been part of the annual festival since 2018, working the room with the biggest banks in the region. This year, more than 60,000 participants, more than 850 speakers, and more than 500 exhibitors attended the event, a testament to its status as the “world’s most impactful fintech event.”

The UnionBank delegation, headed by Chairman Erramon I. Aboitiz and President and CEO Edwin R. Bautista, showcased key business units that are the pillars of its digital journey through a two-story exhibit booth at the priority sponsors area of the expo.

Trailblazing technologies developed by UnionBank for blockchain, data analytics and Artificial Intelligence, were featured on the booth’s Patent Wall, while the Bank’s digital journey was prominently displayed at the booth’s central area. Noteworthy was the video showing UnionBank’s game-changing acquisition of Citi’s ‘crown jewel’. The multiple screens on the booth highlighted how UnionBank’s technological innovations touched clients while top-level UnionBankers were on hand to tell the deeper stories behind these.

Aside from engaging with clients, entrepreneurs, investors, government, financial services, and technology leaders, UnionBank executives led discussion panels and speaking sessions in the various stages of the 2022 SFF. Corporate clients were also hosted to listen in to globally and locally relevant presentations affecting the financial industry at the festival.

Dignitaries from the Philippine government who visited the UnionBank booth include Bangko Sentral ng Pilipinas (BSP) officials Deputy Governor Mamerto Tangonan, Deputy Governor Chuchi Fonacier, Deputy Governor Bernadette Romulo-Puyat, and Director Mhel Plabasan; Securities and Exchange Commission (SEC) Commissioner Kelvin Lester K. Lee; and Department of Budget and Management Undersecretary Maria Francesca Montes-Del Rosario.

Union Bank of the Philippines (UnionBank) has always been among the first to embrace client-centric technological innovations, as a result it has consistently been recognized as of one of Asia’s digital trailblazers, ranking among the country’s top universal banks in terms of profitability and efficiency. It has garnered a record-breaking number of awards and recognition, such as the Most Recommended Retail Bank in Asia Pacific by BankQuality.com; 5-time Digital Bank of the Year by The Asset Triple A; Asia Pacific’s Digital Trailblazer by IDC Asia Pacific, and the Top 1 of Most Helpful Banks in the Philippines during COVID-19 by BankQuality.com.

With what can almost be anticipated as an annual endeavor, UnionBank’s participation in the Singapore FinTech Festival is a testament to its promise to power the future of banking by “Teching Up Pilipinas” to best serve the growing needs of Filipinos everywhere, fulfilling its vision of building a Bank of enduring greatness while pioneering innovations for a better world.

UnionBank’s “Tech’d up” highlights at SFF2022

SEC Commissioner Kelvin Lester K. Lee (left) with UnionBank Chief Marketing Officer Albert Cuadrante, and UnionDigital PCEO Arvie De Vera

Day 1

· UnionDigital Co-Founder, President and CEO Arvie de Vera got the show on the road, joining as a panelist for the session titled "Wake Up With the Leaders," which focused on building a resilient business model in light of the current macro climate.

· UnionBank SVP and Head of Fintech Business Group, Open Finance and Digital Services Center of Excellence Erika Dizon-Go gave a presentation on Digital Finance before joining the session "The Antifragile Digital Economy of ASEAN - The Digital Pilipinas Case Study.”

· Capping off the Bank's Day 1 talks was the launch of the Philippine Open Finance Foundation led by Jaime Garchitorena, UBX Managing Director for Open Finance. The institution aims to make the adoption of open finance as a technology that empowers Filipino consumers with the right set of financial tools and solutions for their needs. The foundation will bring together relevant stakeholders, including other financial institutions, government agencies, non-government organizations, civic groups, and the academe to come up with meaningful initiatives that will support the development of Open Finance in the Philippines.

Day 2

· UnionBank SVP, SME and Micropreneurs Segment Head Jaypee Soliman gave a presentation on Embedded Banking and Alternative Credit Scoring

· UnionBank SVP and Head of Blockchain Center of Excellence and API Business Group Cathy Casas sat down for an interview with METACO, and IBM focused on "Leveraging Digital Assets to Build New Business Models for Financial Institutions."

· UnionBank's Chief Data and AI Officer Dr. David Hardoon joined a roundtable discussion entitled "Open Finance and Beyond," capping off the Bank's Day 2 talks.

Day 3

· Dr. Hardoon returned to join the roundtable discussion titled "Distributed Data Ecosystems in a Web3 World - Heterodox Approaches to Data Portability," followed by De Vera who joined the roundtable discussion titled "Asia Digital Banking CEO Strategic Roundtable."

From Left – UnionBank Chief Cross-Sell Officer Anton Corro, BSP Deputy Governor Mamerto Tangonan and UnionBank Chairman Erramon I. Aboitiz

Gracing the UnionBank booth are BSP Deputy Governor Chuchi Fonacier and Director Mhel Plabasan (2nd and 3rd from right) welcomed by UnionBank President and CEO Edwin Bautista (3rd from left) together with (from left) Board Director Roberto Manabat, UnionDigital President and CEO Arvie De Vera, and UnionBank CTOO/CTO Henry Aguda.

UnionDigital Banks 1.73-M Customers in Four Months, Onboards PDAX as First Corporate Account Customer

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UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size, and collected US$ 50-M in deposits from its first four months of operations in the country. UnionDigital Bank has achieved double digit growth in digital loans to mass market communities through ecosystem partnerships powered by UnionBank.

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products overtime,” shared Arvie de Vera, co-founder, President, and CEO, UnionDigital Bank. “The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

de Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.

“As a bank we’re very clear: it’s not just about having a cool app or millions of users who don’t generate revenue - it’s about a balance sheet. It’s about growing the loan book because that’s where the revenues come from- it doesn’t come from payments, it doesn’t come from sign ups. Valuation is great, but it’s not profitability.”

As a subsidiary of the Philippine’s largest techglomerate, UnionDigital Bank’s success in growing its loan book is due in part to its sophisticated use of available data of consumer behavior within the larger Aboitiz ecosystem to create tailor-fit loan products.

“If you’re lending within an ecosystem, you have an anchor community, and that’s a robust way to provide credit because you have more data. Rather than using payments data, which is really not a good proxy for someone’s capacity and willingness to pay. But if you have robust set of data with context on their financial behavior, then you can properly price the risk, because you have historical data on the customer, you know you can give him a customized interest rate. A one-size-fits-all pricing is an inappropriate lending business strategy and sub-optimal consumer experience.”

UnionDigital Bank’s mission to drive financial inclusion begins with improving access to credit to the underserved communities by capitalizing on technology and decades of alternative data from the UnionBank ecosystem to create robust credit models that fit the Philippines.

In yet another milestone, UnionDigital Bank onboarded its first corporate account customer, Philippine Digital Asset Exchange (PDAX), marking the commencement of accumulating corporate account openings at UnionDigital Bank. Following PDAX, UnionDigital Bank aims to expand its partnership base with other leading communities and corporates, following its commercial launch.

Starting with PDAX, UnionDigital Bank has been expanding its partnership base with other leading communities and corporations. UnionDigital Bank looks to provide a smooth customer experience for corporates to make payments, transfer money, and even more core banking services such as treasury services, empowering businesses to do more with their financial assets.

"Corporate partnerships are vital to helping us reach the communities who need it the most. They are integral to the cohesive network the bank seeks to build and I believe their involvement is critical to reaching a fully digital Philippines," said de Vera. "With this in mind, the start we’ve had with PDAX joining us on our journey affirms my excitement to include more corporate partners. We look forward to collaborating with partners of the same caliber to maximize the difference we bring to the financial lives of fellow Filipinos.”

The PDAX corporate account partnership demonstrates how UnionDigital Bank is committed to being approachable to fintechs and regulated institutions by offering products relevant to them, their community, and partners.

“We are confident that UnionDigital Bank offers the banking solutions that digital natives, such as PDAX, need to continuously grow,” said Nichel Gaba, Founder & CEO, PDAX.

UnionDigital Bank dares to make bold strides that result in direct changes to how Filipinos interact with their finances digitally. A homegrown fintech expert, PDAX, being the digital bank’s first customer is a good start to kick things off, continuing our rally to support our higher purpose of Tech-ing Up Philippines.

The UnionDigital Bank app is now live for a limited set of customers. For now, the app is currently available by invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.

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About UnionDigital Bank

UnionDigital Bank is a digital bank entity wholly owned by UnionBank of the Philippines. We are a Bangko Sentral ng Pilipinas (BSP) licensed digital bank that aims to empower the country’s journey towards a fully digital economy. We enable Filipino communities, businesses, and regulators to leverage FinTech, Blockchain, and Open Finance technologies to achieve inclusive prosperity.

UnionDigital Bank is primed to pave the way for the future of finance and for the democratization of access to digital banking and virtual assets, empowering the lives of Filipino communities. Learn more at www.uniondigitalbank.io.

PDAX believes that blockchain technology and digital assets are the key to financial inclusion in the Philippines and can create a level playing field that can empower Filipinos. For more information on PDAX, visit www.pdax.ph.

P1 Million cash credits and other exciting prizes up for grabs with UnionBank's Play2Win Raffle Promo

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UnionBank Credit Cardholders, we have a treat just for you! Get the chance to win exciting prizes and P1 Million worth of cash credits with UnionBank's Play2Win Raffle Promo!

To join, all you have to do is register one-time by clicking the PLAY2WIN image featured on the UnionBank website homepage and all your qualified spend using your UnionBank Credit Card after successful registration will earn Playcodes that you can use for UnionBank's Play2Win matching game! There is no minimum spend required; every single use of your UnionBank Credit Card will give you one (1) Playcode. It's that easy!

Spend and play the matching game for a chance to win amazing prizes such as an Apple iPhone 13 Pro Max, an iPad Mini 6th Gen, a 13-inch M1 2020 MacBook Air, and many more!

That's not all. Each qualified transaction also entitles you to one (1) entry to the Play2Win raffle, where you can be one of the two (2) lucky winners of P1 Million worth of cash credits! This will be credited to the winning UnionBank Credit Card and can be used for shopping, dining, airline tickets, luxury getaways, or even for your daily necessities.

There will be two (2) raffle draws throughout the duration of the promo. The first draw happened on October 7, 2022 covering all qualified spend made until September 30, 2022. The second draw will happen on November 23, 2022 and will cover all qualified spend from October 1, 2022 until November 15, 2022.

Promo is ongoing until November 15, 2022, so hurry, REGISTER NOW and keep using your UnionBank Credit as the more you spend with it, the more Playcodes you can earn, giving you more chances of winning in the Play2Win matching game and the raffle! Make sure you’re not missing out on UnionBank Credit Card’s bigger and better offers! No UnionBank Credit Card yet? Apply now through the UnionBank website.

To learn more about the promo and other offers and deals from UnionBank, visit the UnionBank website and click the PLAY2WIN image featured on the homepage.

SSS, UnionBank sign Memorandum of Agreement for UMID Pay Card Program, set for full launch Q4 2022

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Social Security System (SSS) and Union Bank of the Philippines (UnionBank) recently formalized their partnership, which aims to develop and launch the Unified Multi-Purpose Identification (UMID) Pay Card, as part of their goal of making financial services more accessible to Filipinos.

SSS President and CEO Michael Regino, UnionBank President and CEO Edwin Bautista, and several key executives and team members from both organizations joined the Memorandum of Agreement (MOA) signing ceremony for the UMID Pay Card Program, held last June 27, 2022 at the SSS Head Office in Quezon City.

Harnessing UnionBank’s superior digital banking capabilities and innovation, the upgraded version of the UMID Card will provide SSS members with a number of new features and benefits. Members will be able to upgrade to the new version of the card when it fully launches in the fourth quarter of 2022.

One of the main benefits offered by the new card is the convenience of having an SSS and government ID and a UnionBank debit card in one, where SSS members can receive their loan and benefit claim proceeds, and even refunds, directly and securely through their UnionBank Account, providing a level of ease and convenience like never before. It can also be used for basic banking services.

Best of all, the newly upgraded card gives SSS members easy access to the UnionBank Online app, UnionBank’s banking and fintech superapp designed to revolutionize banking like no other banking app can.

UnionBank Online is an all-in-one platform that allows users to bank anytime and anywhere, complete with essential features such as balance inquiry, bills payment, fund transfer, and mobile check deposits, as well as advanced features like split billing and a savings goal setter and more.

“This is a milestone for SSS, and hopefully with this one, we'll be able to ensure that the ordinary SSS member could now become a bankable person through the getting of his UMID card,” Regino said. “On behalf of SSS, we welcome the efforts of both teams to come out with this reality.”

"With this, we expect significant improvements in our transactions and accurate and timely payment of benefit claims and loan proceeds to rightful members, pensioners, and beneficiaries. More importantly, it will significantly reduce the risk of fraud making online transactions and disbursement of loans and benefits more secure, aligned with our thrust to enhance our digital platforms and services," said SSS SVP, Member Services and Support Group, Normita Doctor, who was one of the witnesses during the signing ceremony.

"We are truly humbled and honored with this opportunity to be the first bank to be selected to work on this program with the SSS. This is a fulfilling journey for us as we do our part to ensure the Filipino employees enjoy their benefits in a meaningful way," Bautista said.

"As you all know, 'teching-up' Pilipinas is one of our advocacies and by ensuring that we help the members of SSS, employees, self-employed and voluntary members of society, we help ensure that every Filipino should have a bank account and should enjoy the benefits of digital, as they say, so that when the country moves up and prospers in a significant way, no one gets left behind."

The UMID Pay Card Program shares the same goal with this game-changing project, an SSS and UBP joint initiative, which aims to make basic financial services more accessible to Filipinos, especially the unbanked and the underbanked.

ICSB PH, UnionBank to hold three-day conference and expo for MSMEs

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Be part of the MSME Fiesta Sulong Negosyante event from June 27-30 at Resorts World Manila

The International Council for Small Business Philippines (ICSB PH) and Union Bank of the Philippines (UnionBank) will be holding a three-day conference and expo for micro, small, and medium enterprises (MSMEs) for free this coming June 27 to 30 at Resorts World Manila in Pasay City.

Titled "MSME Fiesta Sulong Negosyante," the event is part of ICSB and UnionBank's celebrations for United Nations' International MSME Day, which is observed annually every 27th of June to raise awareness of the contributions of MSMEs to the achievement of the UN Sustainable Development Goals.

During the three-day event, a number of activities will be held with the goal of helping MSMEs in every aspect of their business. There will be mentoring and coaching to be led by industry experts; opportunities to secure funding from some of the leading financing companies in the country; and learning sessions focused on a wide selection of topics including access to loans, eCommerce platforms, payment gateways, digital creatives, opening of bank accounts, logistics and supply chain, and government compliance.

"What's in it for the MSMEs? We could say we can do these things online, but then again, it's better for them to see new partners face-to-face and learn new ideas from experts," said ICSB Founder Eric Caeg.

"Left and right, so many webinars for MSMEs are happening simultaneously every weekend. I think it's time that we go beyond that," said UnionBank's SME and Micropreneurs Segment Head Jaypee Soliman. "What we want to do is to move forward, which is why the name of the event is Sulong! Negosyante. Now, we won't just be doing talks, but this time we'll be doubling down on enabling our MSMEs through the activities that we've prepared for everyone."

Several participating brands will be raffling away a number of exciting prizes to make the event even more exciting. SunLife Philippines, for example, will be giving away P50,000 worth of insurance policies to 300 lucky attendees, while Mr. Freeze Purified Tube Ice will be giving away Yelo Negosyo packages, just to name a few.

To make travel to the event site easier, Grab Philippines will be offering a voucher for its users, where they can enjoy P100 off on their fare with promo code UBMSME2022. Those traveling to the event via their own vehicles will also get the chance to take home gas vouchers.

To learn more about the MSME Fiesta Sulong Negosyante, you can register here: https://unionbank.globallinker.com/events/sulong-negosyante-an-msme-fiesta/74166/register.

How AI and blockchain are making banks more inclusive in the Philippines

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Dr. David R. Hardoon, Chief Data and AI Officer at Union Bank of the Philippines shares how AI and blockchain in banks can promote financial resilience.

Imagine having an AI-powered fridge that can predict what ingredients you need for the day, make purchases online automatically while helping you take a microloan at the same time. This can be the future—where banking not only occurs in ATMs or branches but also in every part of your life.

Digitalization in banking can extend banking services to everyone, everywhere. This can benefit rural communities greatly since they are traditionally excluded from accessing banking services like getting a loan.

Dr. David R. Hardoon, Chief Data and AI Officer at the Union Bank of the Philippines (UnionBank), shares how digitalization can promote financial resilience and improve the lives of rural communities in the Philippines.

Ensuring financial resilience amongst rural communities

In the Philippines, many communities struggle to access banking services. 47 percent of Filipinos still lack a bank account in 2021, reported Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. This includes many farmers and those working in the informal sector, like handicraft vendors.

A reason is that some rural residents do not have the documents needed to open a bank account, like identification or income statements. Without a bank account, it is harder for them to receive or transfer money.

But giving rural farmers a bank account does not solve all problems, says Hardoon. It might seem like financial inclusion, but they still cannot access services like getting a loan if they lack the necessary documents.

Banks need to go beyond financial inclusion, Hardoon emphasizes. This means promoting financial resilience—giving rural communities continuous opportunities to improve their finances.

AI helps excluded communities access banking services

Banks can use AI to help citizens achieve financial resilience. UnionBank’s MSME Business Loan project was created with the aim of extending credit access to the bank’s Mass Market clients—including rural communities—through the enhanced, alternative AI-powered credit scoring and risk models. UnionBank Business Loan is being offered in SeekCap, an online lending marketplace managed by UnionBankthe bank’s fintech arm UBX.

Many rural residents struggle to get a loan to start a business or go to college as they need credit scores. Farmers or vendors mainly use cash instead of credit cards, Hardoon explains. As it is harder for banks to assess their credit score worthiness, they might not be eligible for a loan.

The enhanced, alternative AI-powered credit scoring and risk models calculate and evaluate credit scores based on alternative data such as macro and socio-economic data, geographical attributes such as points of interests and land elevation, and internet footprint.

TheseWith the help of data analytics and machine learning, tools can generate data-driven recommendations are generated on whether to extend the loan to the customer in a few seconds. This makes it faster and more flexible for rural residents to get loans.

Connecting rural banks using blockchain

Blockchain technology in banking can “rapidly connect institutions that were previously not connected,” says Hardoon. Blockchain allows transactions to occur immediately without going through a third party.

53 percent of Filipinos in 2020 live in rural areas, reported the World Bank. But rural banks are disconnected from major banks and each other because they do not have the tools to provide electronic banking services. This makes it hard for rural residents to receive or transfer funds quickly.

Bank connectivity is also important for overseas workers to easily transfer money to families in rural villages. In the Philippines, overseas remittances make up 10 percent of the GDP, shared UnionBank.

UnionBank’s Project i2i uses blockchain solutions that remove manual processes in transferring money, making it faster. When you transfer money to and from rural banks without blockchain, it might take hours or a few days because the banks need to verify the transaction without blockchain tech.

But blockchain is very secure. It is additionally, as blockchain technologies are not centrally controlled, so it is hard for cyber attackers to access the data through a single-entry point. Others cannot change transactions made via blockchain, so they can be verified and processed in real-time. As transactions in blockchain are very secure, they can occur even outside of the bank’s business hours.

The hyper personalisation of banking

UnionBank is also using digitalization to make banking engage more closely with the citizens’ lifestyles. They launched The ARK, a fully -digital branch in the Philippines, which uses technology to align banking services to the individual’s needs.

Virtual reality headsets allow customers to check out the car or house that they are applying to get a loan for. This can help them make better and more informed decisions. “It’s almost like a gamification of banking,” says Hardoon.

Meanwhile, a virtual teller machine provides virtual customer service, cash deposits, and withdrawals. This makes it more convenient for customers who are rushing to work or do other activities.

The whole narrative of banking doesn’t need to be just in terms of finances, but a lifestyle, Hardoon highlights. People don’t just open their wallets and say, “I’m missing a credit card,” he explains. Instead, they are motivated by certain lifestyles and needs. They might be taking a loan to buy a house or to attend college, for example.

To better address their needs, banks need to be hyper-personalised, Hardoon says. It’s not just about showing customers the wonderful range of loans, but why they are relevant to them by meeting some of their needs, he adds.

The future of AI and digital banking

What excites Hardoon the most about AI is how widespread it has become. “There is AI, but no one realizes it,” he notes. From getting our food delivered to using a carsharing app, AI is everywhere in our lives. But we never notice it.

When people in the streets access financial services, they don’t know that the system is using AI, says Hardoon. They only focus on the benefits AI offers: an easy and convenient way to assess banking services.

For example instance, with an AIthe enhanced, alternative AI-powered credit-scoring and risk models enable a same-day approval process provided that system, they just have to submit the required details are submitted before they can access the loan within minutes. “It’s the practicality—in fact, the simplicity—that I find very exciting,” shares Hardoon.

When it comes to unlocking the potential of AI, it’s just a matter of doing it. “Ai is an investment that pays for itself,” Hardoon says. AI is a learning process—and it’s a process that will only get better, he adds.

Financial inclusion is one of the key elements of eliminating and reducing poverty, as outlined in the Global Goals set by. It is present in seven of the United Nations’ Sustainable Development Goals. With the help of AI and blockchain, banks can help more rural residents access financial services and build a better life for themselves.

Credit to: GovInsider

UnionBank translates DSAI (data science and artificial intelligence) insights into a very individualized and personalized way of banking

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Union Bank of the Philippines held the 6th virtual TalkTales on November 18, discuss more how Unionbank leverages data science and artificial intelligence to deliver data-driven, convenient, and personalized banking experiences to customers.

AI a vehicle for customers to achieve aspirations – UnionBank Senior Advisor for Data and AI

Data science and artificial intelligence (or “DSAI”) are two “tandem”-technologies that are now taking over many industries across the globe. 

Artificial intelligence has brought about many exciting prospects that have ushered more personalized, “tailor-fit” digital experiences for many of us. This has made many of the things we do in our lives simpler, more instantaneous, and, thus, more convenient.

As Union Bank of the Philippines (UnionBank) is now in the next phase of its digital transformation journey, the country’s leading digital bank has continued to invest in talent, infrastructure, and other resources needed to innovate and co-create using data science and AI, which is led by global data science expert Dr. David Hardoon Ph. D., as the Bank's Senior Advisor for Data and Artificial Intelligence.

On the sixth installment of UnionBank’s exclusive “eTalk Tales” with Media, Dr. Hardoon discussed how UnionBank is translating data science and artificial intelligence insights into a very individualized way of banking, making sure that everyone is statistically significant and provided the ‘VIP’ treatment with a wide range of personalized services and solutions.

“DSAI is a key element within UnionBank’s digitize or perish journey. It is the differentiator between just “Digitize to survive” versus “Digitize to flourish,” Hardoon said.

Hardoon emphasized that AI is a must-have to enable scalable customer-centric finance of tomorrow, today. The goal is to make finance relevant, specific, and contextual to each individual consumer.  His use of AI is not artificial intelligence but ‘augmented intelligence’.  Reality is that humans are phenomenal in creativity that machines do not have. Machines may be able to replicate but it cannot originate. This, according to Hardoon, is where augmentation comes in. Data science uses insights from machines to operationalize and contextualize. “It’s not a question of ‘can we do it’ but ‘should we do it’.”

“AI is the engine of the digital renaissance.  It is a vehicle to achieve an aspiration. It is important to anchor AI on what truly matters—people, whether customers or employees. AI is truly about being human-centric first. The purpose is us, primarily as customers, and how do we leverage on the insight and knowledge that can be derived from AI to help shape financial services around us.”

Digital transformation is heralded as the game-changer for the banking sector in today's reality and for tomorrow's necessity. The transformation is rooted on the aspiration of inclusive and resilient financial services and is about achieving a reality where ones’ moments of life are not defined around the financial products available, but where financial services and products are created to support the milestones in life. 

 

“The Bank has been introducing and enhancing countless digital touchpoints for customer ease and fluidity of engagement. These touchpoints mean exactly that, that customers engage with the Bank on a more regular basis. It is our responsibility to...imagine. Imagine the ability to provide bridging or intra-day loans without a customer's need to submit hefty financial historical statements,” Hardoon said.

 

UnionBank uses AI to upgrade its existing strategy and accelerate further innovation, an example of which is its use as an additional layer of defense against financial crimes. AI enables the Bank to detect more instances while making sure that the existing defense and process will not be disrupted to ensure operation efficiency.  AI is also being leveraged by the Bank to predict future volume of inbound calls that can reduce some of the volatility in call management.  Through AI, the cash management solutions team are provided with data-driven relevant recommendations and proposals for customers.

Data Science and AI (DSAI) enables capabilities in understanding customers' needs through their various engagements with the bank and providers and the ability to go beyond a templatized approach to ascertain relevance, suitability, and affordability.  This makes UnionBank, Philippine banking’s best in the data science and AI field.

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, UnionBank President and CEO Edwin Bautista believes that leveraging Data and AI is a key driver to the next-level of its digital transformation as the Bank continues to put the customer—both individuals and corporates, at the heart of its business.

About Dr. David Hardoon

Dr. David Hardoon is Senior Advisor for Data and AI at UnionBank of the Philippines. As part of his responsibilities, he works with various centers, groups, and units to reinforce data infrastructure and governance, behavior modelling, machine learning, and AI capabilities as well as applications in the Bank.

In addition to his responsibilities at UnionBank, Dr. Hardoon also serves as advisor for a number of other institutions on matters related to data and AI.