In this edition of Country Focus, we look at the Philippines and how Unionbank is implementing digital banking solutions and partnering with different companies, making it easier for Filipinos to navigate the financial sector.
Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, and UnionBank of the Philippines (UBP) have announced that the bank will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on cloud.
Over 8 million customer accounts will be considered for migration to the new Software-as-a-Service (SaaS) platform. The transition will enable UnionBank to scale both its retail and corporate banking operations, rapidly develop and deploy new capabilities and deliver frictionless, personalized and secure digital banking services to its customers, in a cost-efficient manner.
The Finacle Digital Banking Solution Suite covers customer onboarding, deposits, loans, payments and trade finance business areas. Being part of a common technology stack, this will enable UnionBank to standardize business processes, simplify enterprise architecture and offer tailored services. With this upgrade and cloud-based deployment model, UnionBank will be able to benefit from a secure, scalable and flexible IT infrastructure. It will help the bank to significantly lower total cost of operations, while speeding up innovation and time-to-market for new initiatives.
The end-to-end managed services of the SaaS offering facilitates business applications, infrastructure, preventive maintenance and support to enable mission-critical service delivery. This will empower the bank to focus on its core business and driving growth.
Finacle’s extensive open application programming interface (API) repository on cloud will enable the bank with the agility required to integrate and co-innovate with ecosystem partners easily and seamlessly.
Overall, the solution suite will help enhance digitization and automation across the enterprise, leading to significantly improved customer experience, greater straight through processing (STP) and lower operational costs
Henry Rhoel R. Aguda, Senior Executive Vice President, Chief Technology, Operations and Transformation Officer, UnionBank of the Philippines, said: “Even as our customers shift and readjust how they bank in these challenging times, it is our continuous endeavor to provide them with a world class customer experience. Unlike banks with decades old legacy systems, UnionBank has invested early in flexible, open systems.
“The move from an on-premise to the cloud based Finacle Digital Banking Solution Suite is the next strategic step in that direction that will set us up for success long into the future. We are investing in this new platform to gain exponential benefits in reducing costs, increasing efficiency and, ultimately, delivering a world class digital customer experience.”
Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, added: “As progressive banks across the world prioritize on digital, the Philippines has emerged as a center of digital banking innovation. Infosys Finacle has had a strong and growing presence in this market for almost two decades and we are proud to have partnered many of the digital leaders here.
“UnionBank, our long-term customer, is leading the way to the future, as they have always done, with the migration to the Finacle Digital Banking Solution Suite on Cloud.
“This transformation will enable UnionBank to be one step ahead of its competition and ready for the future, today. We are excited to begin this journey with UnionBank and look forward to enabling it for success.”
Western Union and PERA HUB to offer digital money transfers with UnionBank
Additionally, Western Union, a global leader in cross-border, cross-currency money movement and payments, and PERA HUB, a leading provider of financial services, has announced the integration of Western Union’s digital money transfer capabilities into the UnionBank banking platform, for the first time offering customers in the Philippines the choice to receive Western Union money transfers, 24/7, via a banking app.
The receiver-enabled capability allows customers in the Philippines to direct an international or domestic Western Union money transfer into their UnionBank account by simply inputting Western Union’s unique money transfer control number (MTCN) and other identification details into the UnionBank app.
Ian Ocampo, President and CEO, PETNET, said: “UnionBank is the first bank to introduce a fully digital Western Union remittance receiving experience and we are proud to be their partner. Customers want choice, speed and reliability and with Western Union we are glad to drive innovation and explore new opportunities serving the end-user.”
“Our teams at UnionBank have worked hard to make digital and self-service banking accessible to millions of Filipinos especially amidst this pandemic where we have been able to service clients with little to no disruption,” added Ana A. Delgado, Chief Digital Channels Officer and Chief Customer Experience Officer, UnionBank.
Later this year the company will extend its offering to enable customers to send money to their loved ones via the app, locally or worldwide, into billions of bank accounts and millions of mobile wallets and cards in approximately 125 countries or more than half a million representative locations in more than 200 countries and territories. Senders can fund their money transfers through their UnionBank accounts.
Western Union’s inclusive omnichannel capability is uniquely positioned to build bridges connecting digitally advanced people with those in the world who are not yet online. As part of its strategy, Western Union is increasingly partnering with local brands, accelerating money movement and providing reliable connections between individuals and their loved ones across the globe.
