Monday, May 27, 2024

UnionBank to pioneer use of ‘Data Science Factory’ model in SE Asia

Seeking to further burnish its credentials as a major player in digital banking, UnionBank is tapping SAP Data Intelligence to create a new banking model that will support more customer-centric services.

Dr. David Hardoon, senior adviser for data and artificial intelligence at UnionBank

The bank aims to utilize digital technology to create the first known “Data Science Factory” model in Southeast Asia’s financial sector. This model is expected to help UnionBank realize superior business management, improve how its internal processes run, and have a better end-to-end perspective of all its operations.

“Being a digital bank means having more data. We need to ensure that there is strong governance behind our processes to ensure that the data-building has been validated and verified. We need to assure that whatever solutions or services we deploy are of the highest regard to fulfill our responsibilities to our customers,” said Dr. David Hardoon, senior adviser for data and artificial intelligence at UnionBank. 

Hardoon said SAP Data Intelligence provides the bank the tools they need to create and integrate the digital model into their systems..

With the data solution supporting the bank’s new digital model, the data gathered will help in each customer account’s “hyper-personalization”. Personalizing the accounts can also help the bank fulfill its responsibilities such as providing loans or managing savings while protecting privacy. 

The digital banking model also serves as a critical pillar on the governance and management of internal processes. It will equip tellers, management, and other internal staff with the necessary tools they would need to provide customers with high-quality services.

Many people may believe that human effort will no longer be needed once AI is integrated into the system. However, UnionBank and. Hardoon said AI needs human interaction to complete the experience. In creating this new digital banking model, UnionBank said banking and finance should be supporting and enabling “moments of life,” not the other way around.

Utilizing SAP Data Intelligence will enable UnionBank to deploy a comprehensive data management solution that transforms distributed data sprawls into vital data insights, delivering innovation at scale.

Its users can find the relevant data through enriched metadata tags, user-generated ratings and comments, and unified business glossaries. It can also build an enterprise data fabric that connects data silos and increases visibility into global data assets. 

“At SAP, we always believe that our solutions help numerous industries grow and innovate. SAP Data Intelligence’s ability to gather and interpret data has helped UnionBank to better understand their customers and provide a more convenient and comfortable experience not only for their customers but also to their employees,” said Edler Panlilio, managing director of SAP Philippines.


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