The UnionBank of the Philippines (UBP) has signed on Infosys’ digital core banking arm Finacle to accelerate digital transformation and automation.
Under the engagement, a statement said, the wholly owned subsidiary of the IT (information technology) services giant will migrate over 8 million customer accounts from the bank’s on-premise infrastructure to its cloud-based Digital Banking SaaS (Software-as-a-Service) platform.
The offering works as an accessible solution to help banks modernize and scale their business processes and operations.
“The move from an on-premise to the cloud based Finacle Digital Banking Solution Suite...will set us up for success long into the future,” Henry Rhoel R. Aguda, senior executive VP and chief technology, operations and transformation officer at UnionBank of the Philippines, said in the statement.
“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,” he added.
The suite, deployed as a common technology stack, covers customer onboarding, deposits, loans, payments, and trade finance business areas.
Plus, the cloud-based nature of the solution will give the bank a secure, scalable, and flexible IT infrastructure, which will lower total cost of operations and speed up innovation and time-to-market for new initiatives.
Commenting on the engagement, Venkatramana Gosavi, senior VP & global head of sales at Infosys Finacle, said, “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.”
Infosys claims that banks on an average enjoy 7.2% points lower costs-to-income ratio with its Finacle core banking solution. Currently, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.