UnionBank is getting one step ahead of its competitors as it chooses Infosys Finacle to upgrade its banking systems with the latest technology. The migration of over 8 million customer bank accounts is seen to improve banking services while also providing customers with personalized yet secure digital banking services.
UnionBank Set to Upgrade Its Banking Systems
UnionBank chooses Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, for customer bank accounts to be migrated to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud.
This move can help streamline bank services in a cost-effective manner.
Finacle Digital Banking Solution Suite, the new software-as-a-service (SaaS) platform, will cover customer onboarding, deposits, loans, payments, and trade finance business areas. It will enable UnionBank to standardize business processes, simplify enterprise architecture, and offer tailored services to its customers.
This upgrade can speed up innovation and time-to-market for new initiatives, while also helping the bank significantly lower its total cost of operations.
“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,” explains Mr. Henry Rhoel R. Aguda, Senior Executive Vice President, Chief Technology, Operations and Transformation Officer of UnionBank of the Philippines.
“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.”
With the help of Infosys Finacle’s extensive open API (application programming interface) repository on cloud, UnionBank can have a better digital, automated, and secured system which could lead to significantly improved customer experience, greater STP (straight-through processing), and lower operational costs.
What is Infosys Finacle?
Infosys Finacle is a core banking solution and the platform of choice for financial institutions, including traditional banks, digital-only banks, financial technology organizations (Fintech), and even non-financial companies.
This industry-leading digital banking solution suite was created by EdgeVerve Systems, a wholly-owned product subsidiary of Infosys.
Finacle currently services over 1.3 billion accounts with banks in over 100 countries.