In the digital era where technologies are taking over a variety of industries across the globe, the UnionBank of the Philippines also made a bold move by transforming data science and artificial intelligence (DSAI) into an assortment of personalized banking services and solutions to support scalable customer-centric finance.
Dr. David Hardoon, UnionBank’s Senior Advisor for Data and Artificial Intelligence, stated, “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.” He added, “DSAI is a key element within UnionBank’s digitize or perish journey. It is the differentiator between just ‘digitize to survive’ and ‘digitize to flourish.”
AI, an inevitable innovation in digital banking
Dr. David Hardoon emphasized that AI is a “must-have” in the digital banking system in order to make finance more relevant, precise, and contextual to each consumer.
He also mentioned, “The bank has been introducing and enhancing countless digital touchpoints for customer ease and fluidity of engagement. These touchpoints mean exactly that customers engage with the bank on a more regular basis.” He added, “Imagine the ability to provide bridging or intra-day loans without a customer’s need to submit hefty financial historical statements.”
How does the UnionBank deploy AI?
UnionBank wisely deploys the power of AI to upgrade its existing strategy and expedite innovation in its banking services and solutions. This aspect serves as an extra layer of security against financial crimes.
It is also mentioned that AI supports the bank to detect more instances while they are busy ensuring the existing defense and process stays undisrupted to maintain operational efficiency.
It is also said that the bank is using artificial intelligence to predict the future volume of inbound calls that can lessen a certain amount of volatility in call management. Via AI, the cash management solutions team is provided with data-driven recommendations and proposals for customers.
On a broader note, DSAI is deployed by digital banks to understand customer needs better via a range of engagements with the bank and providers and the ability to templatize the approach to determine relevance, affordability, and compatibility.