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Digitize, digitize, digitize
Even before the Covid-19 pandemic struck, the banking industry already had digitalization on top-of-mind discussion in board meetings. But the pandemic presented new circumstances that created an unstoppable trend that made digital banking more relevant than ever. UnionBank of the Philippines president Edwin R. Bautista said the pandemic disrupted the industry and that almost every bank, large and small, adopted digital technology and saw a spike in digital banking usage. "We are taking the digital banking approach," Bautista said in an interview with Daily Tribune. "Digitalization allows us to lower our operational costs. Now we are also leveraging the use of artificial intelligence to serve the traditionally underserved sectors because the technology now lowers the cost of servicing that sector." UnionBank's willingness to adopt digital tools and cutting-edge innovations, when needed, allowed it to expand its market reach. Its relentless pursuit to be at the forefront of digitalization, not only in the banking sector but in the Philippines, is extraordinary. The introduction of AI was a big leap for UnionBank. Bautista said, "Traditional banks will not touch the so-called unserved and underserved sectors because the cost of servicing them was too high. A big portion of the cost is the fact that it is very difficult to predict whether they will pay back or not. In the past, banks assessed credit by looking at financial statements, taxes, etc. It is more difficult for the underground economy because they have no written transaction documents." The lack of these essential documents does not mean a person cannot pay, but rather, the banks try to avoid them because of the risks. "AI helps us by putting together different information about that particular business or person, including the cash flows, sales, and other trends that are usually taken for granted by manual assessments. AI can give a prediction on the likelihood of whether they will pay you back or not, Bautista added. Indeed, UnionBank is one of the very first banks to witness the storm of digitalization. Unfortunately, many popular banks are very slow to catch up and are new to the list of digitalization. Low digital banking penetration Although the Philippines is one of the fastest-growing economies in Southeast Asia, the country has the lowest digital banking penetration of any Asian market, according to a study by McKinsey& Company. In a survey, McKinsey found that only 12 percent of Filipinos had tried Internet banking, compared with 28 percent in other developing countries of the region. “In the Philippines, 35 percent of digital consumers (defined as consumers who make purchases online) own a smartphone, but only nine percent of Filipino consumers said they had used a smartphone to bank, compared with 26 percent in developing Asia,” the study said. In addition, local banks allocate less than 10 percent of their revenues to IT, compared with nearly 15 percent among leading banks elsewhere in Asia–Pacific and digital channels account for just five to 15 percent of their income, well below the average of 25 percent for their peers in Asian emerging markets. But change is coming, Bautista said. 'No more baby steps "We have a problem if we continue taking baby steps because, by the time your development is ready, a new technology will emerge. You need to move faster and you need to take bolder actions if you want to ensure that you stay in the game," he added. In order to be competitive, Bautista said technological advances such as blockchain and AI would need to be integrated into the banking system, adding these technologies will play a critical role in the evolution of the industry. The need to modernize the banking industry's backbone, including its core banking systems, deposits and credits, will remain the most important services of a bank, he added. Bautista said that harnessing the powers of AIs, machine learning and blockchain would deliver a seamless customer experience on the front end by solving the growing intolerance of clients for glitchy apps or systems. “We don’t really know where the banking sector or technology is going to go because, to me, the AI that we see right now is not even stage one of its potential. Yet, we are already talking as if our lives will be destructed by the technology,” he said. “You can just imagine if we reach stage two or three,” Bautista added. According to Bautista, AI is going to disrupt our lives in all aspects. “We don’t know how big its impact will be, but we have to figure out how we can adapt,” he said. All told, no matter how banks utilize digital technologies or even AI, the focus on technology and constant investments in IT infrastructure across the industry is paramount to avoid the risk of being disrupted and be prepared for any disruption. The post Digitize, digitize, digitize appeared first on Daily Tribune......»»
UnionBank recognized for IP Awareness and Protection
At the culminating activity of National Intellectual Property Month, the Intellectual Property Office of the Philippines recognized the UnionBank of the Philippines for its support for intellectual property awareness and protection. The 2023 Gawad Yamang Isip Awards and Fashion Night, themed “Women and IP: Accelerating Innovation and Creativity,” was held at The Manila Hotel last 26 April 2023. It highlighted the IP protection of Filipino textiles and fabrics through a fashion showcase. UnionBank was presented with a plaque of recognition for its partnership with (IPOPHL) in championing the protection of digital innovation technology intellectual properties. UnionBank’s senior vice president and head of Blockchain and API Business Group, Metaverse Center of Excellence and Government Projects, Catherine Anne Bautista-Casas, accepted the citation for the bank. “One thing we always talk about at the UnionBank Innovation Camp is that, for us, IP patents aren’t just legalities or papers on the wall… it represents the creative ideas of our employees and the values that we had established as a bank when we decided not just to digitize, but innovate,” Casas said. “When we innovate, we don’t just create something for our customers. We promote our society’s development, give people opportunities to create new things, and inspire other companies to do the same.” “As a digital innovator, IP protection is important to us, naturally, because of the numerous patents we file for our solutions and products. But more than that, IP protection safeguards employees’ ideas, who work hard to develop solutions that greatly benefit our customers,” Casas shared. “Whether in technology, science, engineering, or the arts…IP protection gives creators the credit they deserve for their societal contributions.” The 2023 Gawad Yamang Isip Awards and Fashion Night, attended by other distinguished guests, including Sen. Maria Imelda Josefa Remedios “Imee” Romualdez Marcos and Department of Trade and Industry Secretary Alfredo E. Pascual, was meant to underscore the importance of IP protection in the creative industry and emphasize the significance of IP about the country’s social, cultural, economic and technological development. UnionBank is known for its digital banking innovations. It was the first to introduce numerous industry solutions like selfie banking, an open-source application programming interface platform, and the country’s first-ever fully digital and paperless banking branch, The Ark. UnionBank has consistently been introducing innovative solutions that continue redefining how Filipinos view banking. With the bank’s expertise in a wide range of emerging technologies, including data science, artificial intelligence and machine learning, blockchain, cloud computing, and extended reality, UnionBank is on the way to building a digital banking dynasty as it has collected numerous awards including a 6-time Best Digital Bank recognition from The Asset among others. The post UnionBank recognized for IP Awareness and Protection appeared first on Daily Tribune......»»
UBP’s Innovation Campus draws students, specialists
Union Bank of the Philippines has drawn over 200 students and 35 agencies from the government and universities to its Innovation Campus since it started construction two years ago to accelerate the country’s digital transformation. “They include staff of various kinds like those in human resources, information technology and administrative divisions. People enroll here, create projects to demonstrate the uses of what they learned and return to their organizations to share new knowledge,” Roger Collantes, president of Asian Institute of Digital Transformation, told the Daily Tribune last Thursday. The Innovation Campus and the bank collaborate to teach data science, artificial intelligence or AI and blockchain, among others, which are used to automate services, customize products and prevent cybercrimes. More students Collantes expects more students to avail of their courses which can be completed in two days to eight weeks. “We feel we’re just on the surface. Now we are reaching out to local government units. The Asian Development Bank also approached us.” Collantes said the Philippines has to catch up in upskilling its labor force as the world is quickly shifting to digital, driven by the widening use of AI. The World Economic Forum says AI can increase employees’ productivity by 40 percent, while AI-powered ChatGPT can automate 62 percent of language-related tasks. “Most universities do not teach blockchain, AI, or data science because these are emerging technologies and they also lack teachers. We hire employees so we know there’s a gap,” Collantes explained. Collantes said the innovation campus has yet to reach out to small business owners to also help digitalize their operations as its courses focus on building the right foundation first. Building the ecosystem “When you say digital transformation, it means you have to build the ecosystem first, to clean up digital inefficiencies of your organization before spreading to individuals. The goal is to digitize the workplace so your customers can have the same experience.” Collantes said the graduates of the innovation campus can help improve the Philippine banking industry which consists of UnionDigital Bank of UnionBank and five other digital banks. He shared UnionBank will enable them to contribute to the Bangko Sentral ng Pilipinas’s enterprise architecture project aimed at improving business strategies. UnionBank is a member of the Banking Industry Architecture Network, a non-profit group that adopts the world’s best business strategies amid the rapid growth in consumer technologies. The post UBP’s Innovation Campus draws students, specialists appeared first on Daily Tribune......»»
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