Banking on Data Intelligence, Creating Better Experience
Published · Friday, March 19, 2021 05:36 PM
As one of the pioneering financial institutions in digital banking, Union Bank of the Philippines (UnionBank) seeks to leverage SAP Data Intelligence to create a new banking model that will support more customer-centric services.
The bank aims to utilize digital technology to create the first known "Data Science Factory" model in Southeast Asia's financial sector. This model will 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 of UnionBank.
SAP Data Intelligence already provided the bank the necessities they need to create and integrate the digital model into their systems. It helps them innovate in exciting ways, but in a resilient, governed, and secure manner, added Hardoon.
With the data solution supporting the bank's new digital model, the data gathered will help in each customer account's hyper-personalization. It supports them and the bank to better grasp their financial capabilities and understand the support they would need for whatever goal they want to achieve. Personalizing these accounts can also help the bank fulfill its responsibilities, such as providing loans or managing savings with ease while protecting its customers' privacy.
The digital banking model does not only provide better services for the customers but 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 improved and high-quality services.
Many people may believe that human effort will no longer be needed once artificial intelligence (AI) is integrated into the system. However, UnionBank and Dr. Hardoon believe that AI needs human interaction to complete the experience. Living up to their mantra of "leave no one behind," they want to elevate everyone's skill sets and let them become part of their innovative journey.
In creating this new digital banking model, UnionBank aims to make finance a delightful experience. After all, the bank believes that banking and finance should be supporting and enabling "moments of life," not the other way around.
Playing a vital role in many innovative journeys of different industries, utilizing SAP Data Intelligence of SAP SE (NYSE: SAP) for UnionBank's new banking model is only one of the many stories. The solution was chosen because it is a comprehensive data management solution that transforms distributed data sprawls into vital data insights, delivering innovation at scale.
Its users can find the most 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," Edler Panlilio, Managing Director of SAP Philippines, said.
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