UNION Bank of the Philippines (Unionbank) announced last August 3 that it tapped a unit of a subsidiary of Infosys Ltd. as it plans to migrate over 8 million customer bank accounts from an on-premise deployment to the Finacle-brand digital banking solution suite on cloud.
“This transition to the new software-as-a-service (SaaS) platform will enable Unionbank to scale both its retail and corporate banking operations, rapidly develop and deploy new capabilities, and deliver frictionless, personalized and secure digital banking services to its customers, in a cost-efficient manner,” a statement by the bank said.
“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,” Unionbank Senior Executive Vice President Henry Rhoel R. Aguda was quoted in the statement as saying. “Unlike banks with decades-old legacy systems, Unionbank has invested early in flexible, open systems.”
Aguda, who is also the bank’s chief technology, operations and transformation officer, added that the move from an on-premise to the cloud-based digital banking solution suite of Infosys Finacle “is the next strategic step in that direction, that will set us up for success long into the future.”
Infosys Finacle is part of EdgeVerve Systems Ltd., a wholly owned subsidiary of Infosys.
According to Aguda, the suite covers customer onboarding, deposits, loans, payments and trade finance business areas, which will enable Unionbank to standardize business processes, simplify enterprise architecture and offer tailored services.
He further said that with this upgrade and cloud-based deployment model, the bank will be able to benefit from a secure, scalable, and flexible information technology infrastructure.
It will also help the bank to significantly lower total cost of operations, while speeding up innovation and time-to-market for new initiatives.
“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,” Aguda said.