Union Bank of the Philippines (UnionBank) has tapped Infosys’ Finacle Digital Banking Solution Suite on Cloud as it begins the migration from an on-premise deployment to the cloud. Over 8 million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform.
Infosys Finacle offers digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys.
As UnionBank continues to scale its business operations, it also develops new services and solutions for different types of clients. So, the transition will allow the bank “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.”
“Unlike banks with decades-old legacy systems, UnionBank has invested early in flexible, open systems,” said Henry Aguda, SEVP, chief technology, operations and transformation Officer, UnionBank of the Philippines. “The move from an on-premise to the cloud-based Finacle Digital Banking Solution Suite is the next strategic step 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.“
The Finacle Digital Banking Solution Suite covers customer onboarding, deposits, loans, payments, and trade finance business areas. Being part of a common technology stack 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 lower the 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 facilitate 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 open API (application programming interface) repository on the 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.
“As progressive banks across the world prioritize on digital, the Philippines has emerged as a center of digital banking innovation,” said Venkatramana Gosavi, SVP and global head of Sales, Infosys Finacle. “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.”