*UNION BANK OF THE PHILIPPINES* Infosys helps UnionBank to be more inclusive—for more customers—with the scale and flexibility of AWS.
After moving to Finacle Digital Banking Solution Suite on the Amazon Web Services (AWS) Cloud, UnionBank projects annual cost savings of about $380,500—for storage alone. Backup time is also projected to drop from 8 to 2 hours and data retrieval to run 75 percent faster.
Microservices architecture within Finacle is innately flexible, meaning UnionBank can use the specific offerings and solutions that best match its business needs and customer base.
UnionBank’s cloud vision extends beyond changing just the technology used and services offered to customers. With cloud technology, the bank aims to reach more customers with those services, making banking more inclusive.
Nearly half of adults in the Philippines (over 35 million Filipinos) were estimated to be without a bank in the recent past. For one of the country’s larger banking institutions, there is a clear path to help address that challenge: embracing technology, specifically on the cloud. UnionBank of the Philippines (UnionBank) recognizes the potential of leveraging cloud to adapt to the growing demand for financial technology (FinTech) services. UnionBank became one of the first banks in the Philippines to open up its capabilities through its API gateway. This enables FinTech companies to leverage UnionBank to create relevant solutions and experiences for clients.
UnionBank worked with AWS Partner Infosys to migrate its core banking platform to the Finacle Digital Banking Solution Suite on Amazon Web Services (AWS), a SaaS offering that can make mobile and online banking easier and more cost-effective to implement. Finacle provides a secure sandbox where UnionBank can help FinTechs develop innovative ways to serve customers. It’s also helping the bank toward its vision to operate fully on the cloud.
Today, customers can access a chatbot 24/7 to check account balances, get real-time answers to questions, or activate cards. UnionBank also introduced a bitcoin ATM, where bank customers can buy bitcoins and exchange them for cash.
By stretching its thinking out of the (bankers) box and onto the cloud, UnionBank is charging toward a new era of customer offerings and services and looking to effect real change.
