Union Bank all Ready for Digital Transformation
Union Bank in the Philippines under Aboitiz, similar to the majority of big banks across the island may go digital. The bank is all ready to face the challenge of transforming themselves.
According to Edwin Bautista President of Union Bank, while giving a special interview to Rappler said that his bank was totally for digital transformation. Being a banking institution, Union Bank had to go for a total change internally, he outlined. Info Security posted this, December 14, 2017.
As a result, Union Bank had started its transformation procedure of the whole technology infrastructure for giving way to thorough direct processing.
The technology needs a processing that's straight through - an arrangement which makes possible a quick transaction by a simple button hit of one's device.
Bautista continued there was change in the entire globe. People were using smart-phones for everything. They were habituated in doing e-commerce or downloading applications as well as streaming movies. Such was the lifestyle currently, while the future would also have everybody doing that.
According to the Union Bank President, there would be an entire digital flow coming out of the accountholder's system into the bank then further into the clearing office and then return to various banks then towards the accountholder's smart-phone, everything in just a single click. For getting such to happen, the bank would've to retool all its things at the back-end.
Thus, Union Bank was organizing the services of its branches afresh for giving attention increasingly to transactions of higher margins, in particular, financial advises related to investments and loans, instead of to smaller transactions such as withdrawals and deposits.
Previously, the bank was putting efforts for refusing customers to attend their branches since the requirement of many tellers entailed costly transactions. During the forthcoming period, the bank's trouble would be about customers who soon as they stay away from visiting the branches what would be the process of engaging them. That would be the challenge.
And that implied imparting greater training to a larger section of existing officers on providing financial advice to bank customers while deputing a smaller number of tellers and processors, said Bautista.
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