Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, and UnionBank of the Philippines (UBP), a leading bank in the Philippines, announced that the bank will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud.
Over eight million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform. The transition 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.
The Finacle Digital Banking Solution Suite covers customer onboarding, deposits, loans, payments, and trade finance business areas. Being part of a common technology stack, this will enable UnionBank to standardize business processes, simplify enterprise architecture and offer tailored services.
With this upgrade and cloud-based deployment model, UnionBank will be able to benefit from a secure, scalable, and flexible IT infrastructure. It will help the Bank to significantly lower total cost of operations, while speeding up innovation and time-to-market for new initiatives.
The end-to-end managed services of the SaaS offering facilitates business applications, infrastructure, preventive maintenance, and support, to enable mission-critical service delivery. This will empower the bank to focus on its core business and driving growth.
Finacle’s extensive open API (application programming interface) repository on cloud will enable the bank with the agility required to integrate and co-innovate with ecosystem partners easily and seamlessly.
Overall, the solution suite will help enhance digitization and automation across the enterprise, leading to significantly improved customer experience, greater STP (straight through processing), and lower operational costs.
Henry Rhoel R. Aguda, Senior Executive Vice President, Chief technology, Operations and Transformation Officer, UnionBank of the Philippines, 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. 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. 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.“
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “As progressive banks across the world prioritize on digital, the Philippines has emerged as a centre of digital banking innovation. Infosys Finacle has had a strong and growing presence in this market for almost two decades and we are proud to have partnered many of the digital leaders here. UnionBank, our long-term customer, is leading the way to the future, as they have always done, with the migration to the Finacle Digital Banking Solution Suite on Cloud. This transformation will enable UnionBank to be one step ahead of its competition and ready for the future, today. We are excited to begin this journey with UnionBank and look forward to enabling it for success.”
