With over eight million customer bank accounts on-prem, UnionBank of the Philippines has announced that it will be using Infosys Finacle’s digital banking solution suite to scale its Retail and Corporate Banking operations, as well as develop and deploy new capabilities at a quicker pace. The software-as-a-service (SaaS) platform on cloud will be at the core of the bank’s business processes moving forward.
The Finacle Digital Banking Solution Suite will encompass customer onboarding, deposits, loans, payments, and trade finance business areas. This scalable and flexible IT infrastructure built around an upgrade and cloud-based deployment model allows UnionBank to simplify its enterprise architecture and offer better tailored services at the same time.
“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,” said Henry Aguda, senior executive vice president and chief technology operations and transformation officer at UnionBank.
Aguda added that this decision to invest in the platform enables the bank to gain benefits in the form of extensively reduced costs and increased efficiency. With lower total cost of operations, the company will be able to focus on innovation initiatives and improve time-to-market with regards to the deployment.
The open application programming interface (API) repository on cloud also provides UnionBank the choice to integrate and co-innovate with ecosystem partners. With digitization and automation, the solution suite is expected to improve customer experience, enhance Straight through processing (STP), and lower operational costs.