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Half of finance work could be AI by 2030
Dear Editor, The G.M.A. Integrated News unveiling of A.I. sportscasters Maia and Marco last 24 September captivated many people during the start of the National Collegiate Athletic Association or NCAA Season 99. This groundbreaking introduction sparked intense discussions on social media about Artificial Intelligence’s potential implications on journalism’s future. People expressed a mix of excitement and apprehension, highlighting the need for further exploration and understanding of AI’s role in shaping the field of journalism. As Artificial Intelligence advances at an unprecedented rate, it is not only in journalism where AI can automate work. According to McKinsey, by 2030, approximately half of the finance work could be automated. This automation will bring opportunities and challenges, as AI can streamline processes and improve efficiency. The finance areas that have already started to be automated are the banking and financial institutions, risk assessments, credit scoring, customer service, and market sentiment analysis. In banking and financial institutions, an AI called KAI-GPT can auto-detect risks, generate insights, and make financially literate recommendations. Launched on 31 May 2023, KAI-GPT is the world’s first banking-specific large language model designed to address the industry’s unique accuracy, transparency, trustworthiness, and customization needs. The KAI-GPT provides a human-like, financially literate response. Westpac, Australia’s first bank and oldest company serving more than 12 million customers, is in the process of implementing KAI. Meanwhile, in risk assessment, the tool DataRobot AI can simulate potential fraud scenarios and detect credit risks, fraud risks, and market volatility. Using predictive and generative DataRobot AI improves the technical ecosystem in Financial Services. Sanlam, Africa’s largest non-banking financial institution, uses DataRobot AI, resulting in more streamlined and transparent solutions, driving critical business value levers such as sales and client retention. In the finance area of credit scoring, the Personetics and AIO Logic can detect risk, determine rates, and structure customer loans. Personetics serves over 140 banks and financial institutions across 30 global markets, reaching 135 million banking customers. United Overseas Bank, a Singapore-based Banking and Financial Services organization with 24346 employees and revenues of $9790000.00 billion, uses Personetics. AIO Logic is well known as an AI for Automated Payment Management, Automated Balance Management, Automated Accounting, Complex Structures, Automated Invoicing, Automated Reporting and Analytics. These two credit scoring AI can also assess customers’ creditworthiness and set credit limits. In customer service, robo-advisors, chatbots, and virtual assistants provide a conversational system fit for financial planning assistance. Robo-advisors offer financial advice and limited human interaction, which appeal to Generation Z, who have virtual interactions with advisors and are increasing interest in novel assets like cryptocurrency. The AI is now also in market sentiment analysis, and Bloomberg G.P.T. shows how to automatically analyze news, articles, social media and other classified textual data. Launched on 30 March 2023, Bloomberg GPT is a significant language model with 50 billion parameters trained explicitly on a wide range of financial data. It can perform market sentiment analysis and even help manage investment portfolios. These advancements in AI technology have the potential to significantly streamline and automate many tasks in the finance industry, reducing the need for human intervention. The applications of generative AI in Finance will be widely seen in regulatory compliance and reporting, financial forecasting, portfolio optimization, anti-money laundering and algorithmic trading. However, it is essential to note that while AI can enhance efficiency and accuracy, it is not a substitute for human expertise and judgment. Human oversight and decision-making will still be crucial in navigating complex financial landscapes and ensuring AI technologies’ ethical and responsible use. Still, job displacement in finance may occur, and the need to upskill the workforce is now paramount. Arnel Lopez Cadeliña arnelcadelina@gmail.com The post Half of finance work could be AI by 2030 appeared first on Daily Tribune......»»
IT-BPM seen key economic driver
The head of the Information Technology and Business Process Association of the Philippines or IBPAP, Jack Madrid maintained that the Informatiorn Technology-Business Process Management, or IT-BPM, sector will remain the Philippine economy’s essential pillar, given its large contribution to the government coffers for its nation-building. “This is an important message that we always communicate to our partners in the government and to our employees and to their families. What we do is more than what people think as we are not just call center or contact center work.” “The nature of what we do range from basic customer service to more complex industries such as healthcare, engineering, IT software development, and even creative industries such as animation and game development, “Madrid said in an interview with the DAILY TRIBUNE’s online digital show ‘Straight Talk’. “We do not just do call center work and I think we need to respect the kind of work that we do even more than before, more than what people think it is,” continued Madrid., Export service revenues Madrid said in terms of export service revenues, the IT-BPM sector this year earned a growth rate of 8.8 percent, which translates to an estimated $35.4 billion in revenue, exceeding the global industry’s 7.7 percent average. “We started 2023 with 1.7 million direct jobs for Filipinos, while by revenue, in 2022 the industry generated $32.5 million, the second largest source of foreign exchange to the country, next to OFW remittances. But we are almost at par with them,” he said. “This year, we will grow over $35 million in revenues,” according to Madrid, coming from close to 2,000 IT-BPM firms that are operating in the country. US biggest client GHe said the United States remains the Philippines’ biggest client, in which over two-thirds of businesses come from US companies, serving US customers. “That is why as the flagship association, we oversee all the different industry verticals. But you will be amazed at the number of multinational companies that have been doing very successful shared services operations here in the Philippines. You name the multinational, they are here whether it is in banking, financial services, or healthcare. Even energy. They are all here,” he said. According to Madrid, healthcare companies doing business in the country are at 15 to 20 percent, while the creative side has the smallest workforce, but is considered a sector that has large potential. “The creative side will be quite a bit smaller than that in terms of number of employees but it’s still a sector that has large potential. I think another significant sector would be the global in-house centers. These are all the multinationals who have moved their back-office operations here. Hard to classify by industry because they belong to many different industries. And then, of course, the contact center sector is still the biggest one. About 60 percent of our employees are in the contact center sector and that includes many multinational and global BPO companies who have set up operations here,” Madrid explained. Caring for employees As contact center employees work at odd times, Madrid said the mental well-being of their employees is very important to the industry, which goes along with their aim to make the industry continue growing. “I’m happy that our membership and our industry players are paying a much stronger focus on the mental health and well-being of the employees. Our industry relies primarily on human capital. This is very much a people’s industry. It is the bedrock of how our industry has grown. So, this topic is very important. I think it’s all about balance. I think balancing the demands of work and personal life is very important and nowhere was this more evident than the challenging years of the pandemic, wherein we had to mobilize our employees from working in the office to a work-from-home setup. Something that was not done before,” he said. Madrid said working from home is not as easy for Filipinos as it is for the rest of the world, as Filipinos don’t typically have a home office, unlike Americans and Europeans. Challenging transition “So, the transition for us was quite challenging. Many of our employees don’t have very big homes with an extra room to be used as an office. So, I think I spent a lot of time describing this to investors and locators because it demonstrates the agility, resilience, and survival instinct of the Filipino people,” he said. “And I think we have shown to the world that we were able to perform the work in those challenging years of Covid without any impact on productivity or customer satisfaction. We were able to perform the work so much that there was even more demand from our customers for more jobs to be done here in the Philippines,” he continued. Madrid said that during the pandemic, the ITBPM industry grew as an industry to 255,000 new jobs and will continue to grow. The Philippines is a clear number in terms of ITBPM, next to India, but the Philippines is the number one nation when it comes to delivering customer experience, according to Madrid. The post IT-BPM seen key economic driver appeared first on Daily Tribune......»»
MSMEs’ digital shift needs collaboration
The global Covid-19 pandemic has profoundly impacted the micro, small and medium enterprises, or MSMEs, with the economic shocks reverberating worldwide. However, the pandemic also saw an unprecedented focus on the struggling sector. Despite being diminutive in size, MSMEs make up for the shortcoming with their sheer volume, making them a source of significant contributions to the local economy. The latest data from the Philippine Statistics Authority showed MSMEs comprised 99.52 percent of total businesses in the country, or over 998,342 Filipino enterprises delivering goods and services daily. “In the fast-paced business landscape, MSMEs are facing increased pressure to apply digital technology on their operations to remain competitive and even upscale,” Dino Velasco, the senior vice president and institutional segment marketing head at Union Bank of the Philippines, said in an interview with the Daily Tribune’s digital show Business Sense. “The Covid-19 pandemic has accelerated this trend, with businesses across the globe, regardless of size, rapidly adopting digitalization to survive and thrive in the so-called new normal,” he added. UnionBank ceded it could not take the whole task by itself. It needed to partner with stakeholders to address the enormity of the challenge. Foremost in the task is the geography of the Philippines with 7,641 islands which are broadly categorized in three main geographical divisions from north to south. Some of these islands are off-grid, which requires powering up first before they can be connected digitally and served by traditional financing facilities, like UnionBank. “We also do understand and accept the fact that we cannot do it alone. For us at UnionBank, it’s very important to work with partners and we do have partners both in the technology space and in the brick-and-mortar space that allow us to expand or reach even further. Going beyond the 80 percent of the population that are connected and reach the other 20 percent off-grid,” Velasco added. Looking at the Philippine financial landscape, the fintech space has evolved, with telcos, power providers and distributors, money business services, logistics, and others, who are present in off-grid communities as part of the whole-of-nation approach to achieving financial inclusion. Velasco went on, “We continue to partner with these vital stakeholders so that we can provide and extend our financial services to the markets in those areas.” GlobalLinker The greatest hurdles to the successful adoption of digital technology among MSME is overcoming the lack of expertise and good practices, and the associated costs. For a broader uptake of digital tools for these sectors, there needs to be more widely available standardized and even ready templates that the MSMEs can use like a plug-and-play setup. These ready templates would help avoid the appearance of costly and complicated tools and potentially enhance the opportunities for MSMEs to achieve sustainability. “That has always been the challenge for technology, not just for banking, but a lot of industries. How do we educate the more senior segment of the population,” Velasco replied when queried on how to educate MSMEs to embrace digital tools to advance sustainability. Velasco added: “What works is to educate the influencers for that more senior population of the segment. A lot of the small businesses today have in the past, involved other members of the family in running their businesses and they become part of educating those who are trying to use technology for the first time. We noticed that we can adapt that strategy by involving these family members who influence the other members, especially those who are already digitally savvy.” In addition, UnionBank has launched the Global Linker, an online platform designed for e-Commerce that allows users or MSMEs to create their website, while also offering them the opportunity to manage their inventories and link up with other merchants, suppliers, and even resellers. The UnionBank GlobalLinker is a digital SME online platform that aims to digitize SMEs in the country. To create trade fairs and online marketplaces for Filipinos all over the country, we are dedicated to the digital education of all Filipino SMEs. Velasco explained that after creating their website through GlobalLinker, the merchants are now accessible to potential clients “wherever there may be, here or outside the Philippines.” “Imagine if you are an exporter from the Philippines and you have a potential client from India. Because of GlobalLinker, you can communicate with each other and ensure that the goods and services can be ordered and delivered to your client overseas. More importantly, this e-Commerce site is equipped with the necessary tools in ways by which customers can settle or pay digitally,” he said. Velasco continued, “And if you are using our MSME Business Banking app, you can transact overseas and pay someone using Swift (code). Basically, the GlobalLinker is business networking for MSMEs and startups.” Mobile app introduced In the age of a growing demand for digital presence, Velasco said it goes unsaid that UnionBank sees the need for digital technology as a critical tool for MSMEs that want to grow or expand. “What we’re focusing on is to feature our MSME Mobile Business Banking App that we developed to answer the needs of our customers from beginning to end,” Velasco said. “Meaning end-to-end from the time a small business owner needs to apply for an account to the time when they need to manage their businesses. Using the app right solely instead of going to other channels where they need to get out of their offices and go to the branch.” The UnionBank mobile app aims to educate its users to allow the app to let “everything happen while they’re using the app or the platform.” The app also aims to create solutions for the users, like the QR code feature to allow merchants to accept payments from their customers. “It is really an end-to-end feature from account opening to transferring funds, to paying suppliers to accept payments from their customers and up to even applying for a loan facility,” Velasco added. The mobile app is something UnionBank wants to make available in the hands of its customers by simply accessing the mobile banking app for MSMEs. Necessary journey It is no longer a choice for MSMEs. Digitalization is now a necessary journey that all MSMEs must embrace to survive and succeed. Using digital technology may save significant costs for the MSMEs, while at the same time enhancing their operations, sales, marketing, and presence. A digitized MSME may also see increased productivity and efficiency, and improved customer service. But digitalization also comes with several challenges, including technological know-how, funding, and even data security. UnionBank of the Philippines is offering several platforms to solve these challenges. All you have to do is click and download their digital platform offerings. UnionBank is committed to helping MSMEs achieve their digital transformation goals, with their expertise and cost-effective solutions. The post MSMEs’ digital shift needs collaboration appeared first on Daily Tribune......»»
Fortifying digital finance (3)
Banking Bangko Sentral ng Pilipinas, or BSP, also issued regulations to safeguard consumers in the financial marketplace. On 28 November 2022, BSP issued Circular No. 1160, series of 2022, to implement Republic Act 11765 or the Financial Products and Services Consumer Act. BSP required Bangko Sentral-Supervised Institutions or BSIs like banks, trust companies, and e-money issuers to establish a single Financial Consumer Protection Assistance Mechanism. The FCPAM shall provide free assistance to financial consumers on their concerns with the financial products, services, and/or transactions with the BSI. This is a first-level recourse mechanism to handle consumer complaints, inquiries, and requests. Accordingly, BSP required BSIs to adopt simplified requirements and procedures for the availment of the FCPAM by financial consumers. Financial consumers unsatisfied with the BSI’s handling of their complaints, inquiries, or requests at the FCPAM level may escalate their concerns with the BSP Consumer Assistance Mechanism or CAM. BSP laid down the rules of procedure for CAM and the Mediation and Adjudication of Cases in Circular No. 1169, series of 2023, on 24 March 2023. Complaints may be filed with the Consumer Protection and Market Conduct Office either personally or through the BSP Online Buddy Chatbot, postal mail, courier, electronic mail, or other electronic means. Consumers may also request assistance in filing their complaints from the BSP regional offices or branches. Complainants have the option to proceed with either mediation or adjudication after resorting to the CAM. Aside from the establishment of CAM, BSIs are mandated to integrate the Consumer Protection Risk Management System into their enterprise-wide risk management processes and risk governance framework. The CPRMS shall be the foundation for ensuring BSI’s adherence to Consumer Protection Standards of Conduct, particularly (a) disclosure and transparency; (b) protection of client information; (c) fair treatment; (d) effective recourse; and (e) protection of consumer assets against fraud and misuse. In line with these standards, BSIs are prohibited from employing abusive collection or debt recovery practices against financial consumers. BSIs are likewise made solidarily liable with their accredited or authorized agents, representatives, or third-party service providers for their acts or omissions in marketing and transactions — which may include debt collection — with financial consumers for its financial products or services. The protection afforded to financial consumers by the regulations implemented and enforced by the financial regulations aims to fortify the growth of the financial services industry as it navigates the digital platform. For more of Dean Nilo Divina’s legal tidbits, please visit www.divinalaw.com. For comments and questions, please send an email to cabdo@divinalaw.com. The post Fortifying digital finance (3) appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
Aboitiz Group furthers ‘Great Transformation’ into 2023
The Aboitiz Group has seen exceptional performance in the first half of 2023, showcasing its "Great Transformation" into the Philippines’ first techglomerate. Leveraging innovation as well as synergies across its diverse business portfolio, the group has solidified its position as a trailblazer of industry. With a strong foundation in place, the Aboitiz Group eagerly sets its sights on forthcoming projects that promise further success and innovation. AboitizPower. The Aboitiz Group’s holdings in power generation and distribution, AboitizPower, continues to support the country’s energy transition and socioeconomic development with its diverse portfolio of thermal and renewable energy power plants, as well as internationally certified asset management capabilities from its distribution utilities. With close to 1,000 megawatts (MW) of ongoing and disclosed energy projects, it is en route to accomplishing its 10-year growth strategy of having at least 9,200 MW in its generation portfolio equally split between RE and thermal sources of energy by the next decade. This journey includes the development of the 17 MW Tiwi Binary Geothermal Power Plant, the 94 MW Cayanga-Bugallon solar facility, and the 167 MW Laoag solar facility. AboitizPower is also looking to begin the construction of its Calatrava Solar project and Olongapo Solar project within the year. These RE investments are complemented by other developments in Battery Energy Storage Systems, like the SN Aboitiz Power 24 MW Magat Battery in Isabela, which — much like the commercially operational 49 MW Maco Battery in Davao de Oro — will help provide regulating and contingency reserve power to the country’s grids. Subsidiaries. Meanwhile, subsidiaries Davao Light and Power Company, Visayan Electric Company, Cotabato Light and Power Company and Subic EnerZone Corporation were the first power DUs in the Philippines to be certified with an ISO 55001:2014 certification for Asset Management, an international standard that attests to the efficiency of how they manage the lifecycle of their assets, i.e., power lines, transformers and substations. This validates the reliability of their services and strengthens the uninterrupted provision of electricity in their respective service areas. Efficient asset management is essential for DUs to successfully manage their infrastructure and optimize maintenance and costs, thereby ensuring regulatory compliance and a reliable bridge between transmission lines and businesses, communities and homes. UnionBank. Union Bank of the Philippines continues on its trajectory of becoming a Great Retail Bank as it has consistently been recognized as one of Asia’s leading companies. Among the many recognitions for the 1st half of 2023 that UnionBank has reaped are: Best Retail Bank in Southeast Asia (Cfi.co), 4-time Best Retail Bank in the PH (The Asian Banker) and 6-time Digital Bank of the Year PH (The Asset). In line with its nation-building “Tech-UP Pilipinas” advocacy, UnionBank’s strategic partnerships have been focused on digitization as an essential element for client success. UnionBank’s determination to be an enabler of the Philippines’ bid to be a G20 country by 2050 is apparent as it continues to nurture and grow its diverse client portfolio that includes corporate, MSME, high net worth as well as local and national government entities. As a recognized trailblazer that embraces technological innovations that empower its customers, UnionBank together with its digital banking arm UnionDigital Bank (UnionDigital), fintech arm UBX and thrift arm City Savings Bank (CitySavings) showcased its expertise in artificial intelligence at the first AI Summit PH 2023 last May. The first half of the year also saw UnionBank’s commitment to offering clients amazing and exclusive experiences through partnerships with Live Nation (for world-tour concerts) and GMG productions (for the Hamilton musical). “The investments we made last year have exceeded our expectations. UnionDigital is already profitable after less than a year in operation. There is strong momentum in the acquired credit cards business from Citi. New-to-bank card customers are at a record level. We are geared up to grow our retail banking business. Our infrastructure is ready for scale. We have sufficient capital coming from the recent stock rights offering to further grow our earning asset capital base,” said UnionBank president and CEO Edwin R. Bautista. Aboitiz InfraCapital. Aboitiz InfraCapital remains on track with its purpose of enabling businesses and uplifting communities. AIC Economic Estates maintains its position as the leader in industrial-anchored mixed-use development nationwide, with the largest footprint of developed industrial estates as well as the single largest privately owned industrial estate in Lipa-Malvar, Batangas– LIMA Estate. 2023 marked LIMA Estate’s 25th anniversary, as well as the 30th year of West Cebu Estate in Cebu. These estates are undergoing industrial and commercial expansion to accommodate more locators and create approximately 90,000 employment opportunities. Water business. For AIC’s water business units, Apo Agua can now produce safe and reliable water for the Davao City Water District’s water reservoirs. Apo Agua’s laboratory has also obtained accreditation for drinking water analysis from the Department of Health. AIC's LIMA Water, on the other hand, continues to operationally benefit from its SMART Water Network, leading to reduced fuel consumption and high facility uptime. Digital infrastructure. In the digital infrastructure landscape, Unity Digital Infrastructure completed the first closing of a total of 250 sites from its acquisition of over 1,000 telecom towers from Smart-PLDT and Globe Telecom. Additionally, Unity marked a major milestone by successfully co-locating three Mobile Network Operator tenants (Globe, Smart and DITO) in one of its towers in Cebu. The three-tenant tower is the first in the Philippines and showcases the effectiveness of the shared tower model in support of the government's drive to improve digital connectivity through the common tower initiative. Mactan-Cebu International Airport. Mactan-Cebu International Airport surpassed expectations with significant growth in passenger traffic, peaking at around 5 million passengers in the first half of this year, more than double the previous year. The resumption of major international routes, such as Shanghai and Taipei, and improved aircraft availability are expected to further boost traffic in the second half of the year. MCIA's excellence in promoting the airport and in ensuring customer experience was also recognized, as it received the Routes Asia 2023 Marketing Award in the 5 million category and became the first airport in the Philippines to be accredited by the Airports Council International for its Airport Customer Experience. The post Aboitiz Group furthers ‘Great Transformation’ into 2023 appeared first on Daily Tribune......»»
Future of banking unfolds with AI, blockchain
Artificial intelligence, or AI, is increasingly forcing traditional banks to become more digital for compelling reasons. Experiments with this technology show banks ways to speed up their product design, widen customer access to loans, and build an organized and secure record of financial transactions. “My perspective is that the future of banking is digital banks. With AI, traditional banks are saying, I’m going to provide a service through someone else, and you see suddenly that you have this almost Rubik’s cube of possibilities,” David Hardoon, group chief data officer of Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation, said. [caption id="attachment_161492" align="aligncenter" width="1440"] David Hardoon, group chief data officer of Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation.[/caption] Both operate under the Aboitiz Group, which aims to be the first tech conglomerate in the Philippines. AI helps humans analyze data by categorizing information, stitching related data, and automatically detecting unusual patterns or activities logged in computer devices. “It’s the capability to distill from complex information,” Hardoon said. For example, he said the Union Bank team could quickly gauge its performance by looking at the AI-processed analysis of customer feedback they sent through email or chatbots. “Just beyond calculating the number of happy and unhappy individuals, it helps us understand what is happening. When we listen to the customer, we can say if we need to create a new product or service that we weren’t aware of or adjust an existing product.” Hardoon said the products or services include the company website, which some customers might need help to navigate initially. “We realized that some issues are related to information on the website. The way we designed it isn’t the best. Okay, we change it. And that’s how we use that feedback continuously, across all channels.” Hardoon said all managers could be updated on any bank problems through AI as the technology pools information into a single system. “But there’s also been a few other emails that have come in with other offices, which I may not be aware of unless I’ve had an in-person conversation with the team. This tool runs continuously in the background and can identify my teammate and say, David, this may be coming up.” AI coupled with blockchain also allows the bank to reach more customers who lack traditional bank accounts but have incomes and can repay loans. Blockchain is an online data storage that links various data types and identifies their sources. In this way, individuals can build proof of financial capacity to avail of loans. Hardoon explained that this technology mix could provide loans to small business owners, such as sellers on Facebook, to ensure they have enough working capital or funds to expand their operations. “The blockchain layer can provide me with that authenticated aspect, saying it comes from Facebook, not some spoofed website. Or if you’re working with another vendor providing you with product ingredients. That now becomes another block in the chain.” With analysis and data traceability features of AI and blockchain, Hardoon said bank managers could also reduce losses from clients as the technologies guide them in adjusting their terms for new loans based on their credit and payment histories. “They can help calculate risks. For example, I will give you P10,000 and see how you respond. Respond. When I see it’s good, or the client paid, I can give P100,000 next time. We need to remember that it’s always this learning process because, fundamentally, the principle of risk is the same.” With these benefits, Hardoon said digital banks will likely become an easy option for Filipinos to fulfill their financial needs. “So it’s completely different to a certain extent from the traditional. Now you have AI and blockchain to incorporate as a new capability. The digital bank, in principle, can simply plug and play.” The post Future of banking unfolds with AI, blockchain appeared first on Daily Tribune......»»
LandBank doubles daily transfers limit
State-owned Land Bank of the Philippines or LandBank has increased the limit for InstaPay-enabled fund transfers from P50,000 to P100,000 per day. “We continue to extend the limits of our digital banking solutions to meet the growing needs of our diverse client base. LandBank is driven to promote greater digital adoption to help accelerate financial inclusion in the country and build a cashless society,” bank president and CEO Lynette Ortiz said. The bank also removed the limit to the number of transactions customers can do in a day to transfer funds up to the required maximum amount using LandBank’s mobile app. Transactions unlimited The unlimited number of transactions also applies to bills payment. Depositors can now also pay bills amounting to over P50,0000 a day through its online retail banking platform iAccess. To help clients manage their finances, LandBank said its team is developing a digital banking option that will allow clients to set their own limits for fund transfers and bills payment. Clients continue to adopt online banking as LandBank recorded 66.7 million transactions amounting to P123.4 billion from January to May. The post LandBank doubles daily transfers limit appeared first on Daily Tribune......»»
Volatile mart delays Ovialand IPO anew
The planned P2.2-billion initial public offering of real estate developer Ovialand Inc., builder of premium affordable housing, was once again pushed to the back burner due to volatility in the local and global markets. Ovialand on Wednesday confirmed that launching its maiden offering, which was supposed to provide the company additional financial backbone to take on more projects, “is not the best option” at the moment. “Ovialand has always been about creating value for everyone we serve — whether it be our homebuyers, organization, business partners, and shareholders. We want our IPO to be a testament to this principle,” Ovialand president and CEO Pammy Olivares-Vital said. Consulted with the underwriter The company noted that before fully deciding to push back the IPO and wait for better market conditions, it consulted with SB Capital Investment Corporation, the sole underwriter for the offering. According to Virgilio Chua, President and CEO of SB Capital, the parties will “aim to find the most suitable vehicle for our client to achieve growth.” “We will continue to work and support Ovialand so that all options are available to maximize their long-term growth potential,” Chua added. Bankroll land banking activities Part of the proceeds was supposed to bankroll the company’s land banking activities in South Luzon and finance other real estate projects in the pipeline. On the other hand, some of the IPO money was initially allotted to support “general corporate purposes.” Ovialand first announced its plan to debut at the local capital market as early as 2021 but the “volatile market conditions” seems to always get in the way. The post Volatile mart delays Ovialand IPO anew appeared first on Daily Tribune......»»
Security Bank wins ‘Best for High-Net-Worth Clients’ award for third year
Security Bank Corporation was recognized anew as the Philippines’ Best for High Net Worth Clients at the 2022 Asiamoney Asia Private Banking Awards, making it three consecutive yearly wins for the bank. According to Asiamoney, “Technological disruption is a big part of the overall strategy. Security Bank constantly provides better, faster and safer digital access for clients for their portfolios and review services.” Security Bank launched its wealth management proposition in 2017 to offer clients personalized financial solutions geared toward their goals and objectives. The bank’s Wealth Management division was recognized in 2021 and 2022 for its ability to expand its client base despite economic and global events that affected the financial industry. “This year-on-year recognition from Asiamoney only proves that we are making the right investments in what matters to our customers. We excel in the personal approach we take for each client — they really feel that they are being serviced, that someone is really there taking care of their portfolio," said Binky Mirabueno, Wealth Management Head. In growing its client base and AUM, Security Bank’s wealth management business leverages on the strengths of the bank’s core businesses. These include the bank’s branch network reach and the product offerings from Treasury, Trust and Asset Management Group, stock brokerage through SB Equities, and investment banking services through SB Capital. “During the five-year period from 2017 to the end of September 2022, the private bank’s Assets under Management and customer base rose 44 percent and 40 percent respectively, on a compound annual growth rate basis,” added Asiamoney. “Service differentiation is a key to our continued recognition as 'Best Bank for High-Net-Worth Clients' in the Philippines. This recognition is proof that we are on the right track to fulfill our goal of becoming the most-customer centric bank in the Philippines,” said Executive Vice President and Branch Banking Head Leslie Cham. To know more about Security Bank’s recent awards, visit www.securitybank.com/awards or its Facebook page www.facebook.com/SecurityBank. The post Security Bank wins ‘Best for High-Net-Worth Clients’ award for third year appeared first on Daily Tribune......»»
When customers yell at you
In leadership training for a retail banking client, I touched on “customer service.”.....»»
Ayala Group to consolidate banking units
The Ayala Group is merging the 169-year old Bank of the Philippine Islands (BPI) and its thrift bank subsidiary BPI Family Savings Banks, resulting in an 8.5 million client base for the merged entity......»»
BARMM launches social services programs online portal
BARMM launches social services programs online portal.....»»
7 nanlaban drug suspects dead after Baste Duterte declares drug war
Less than a week after Davao City Mayor Sebastian Duterte declared a "war on drugs" in the city, at least seven drug suspects were killed during a buy-bust operation in the city — violence that highlights the seriousness of the mayor's recent threat of outright killing persons caught using illegal drugs......»»
Moira Dela Torre highlights value of giving credit following viral copyright issue
Moira Dela Torre weighed in on the viral copyright issue and said that it is important to give credit where credit is due. .....»»
RCBC to surrender trust license
Rizal Commercial Banking Corp. (RCBC) is looking to surrender its license to engage in trust and other fiduciary business as part of its efforts to make RCBC Trust Corp. a stand-alone trust entity......»»
Globe gets P5 billion from sale of towers
Telco-to-tech provider Globe Telecom Inc. raised almost P5 billion from the sale of towers in the first quarter, providing it with some of the capital needed to upgrade services and pay debts......»»
RCBC surrenders trust license
Rizal Commercial Banking Corp. has surrendered its license to engage in trust and other fiduciary business as part of its efforts to make RCBC Trust Corp. a stand-alone trust entity......»»
Coast guard ship visit highlights shared problems for PH, India — external affairs minister
The arrival of the Indian pollution control vessel in Manila brought attention to the shared challenges in marine pollution encountered by both India and the Philippines, according to India’s external affairs minister......»»
Davao LGU to meet with vendors after video of goods’ confiscation went viral
DAVAO CITY (MindaNews / March 25) – The Ancillary Services Unit (ASU) will meet again with vendors after a viral video of cellphone casing merchandise they confiscated near the new Agdao Public Market went viral on social media. “We’ll have a meeting together with the Davao City officials regarding the viral video. We will also […].....»»