UnionBank Selects Informatica’s AI-Powered Intelligent MDM Solution to Elevate Customer Experience in the Cloud
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Insights
The adoption of Informatica's Master Data Management (MDM) SaaS by UnionBank of the Philippines signifies a strategic investment in technology that can potentially streamline operations and enhance customer experience. This is a critical move for UnionBank, especially considering their recent acquisition of Citibank's retail banking business in the country, which has increased their customer base significantly.
From a financial perspective, the shift to a cloud-based solution could result in cost savings over time due to reduced need for on-premises infrastructure and associated maintenance costs. Additionally, the ability to provide near real-time data and improve regulatory reporting can mitigate risks associated with non-compliance and financial fraud, potentially reducing the financial impact of fines and reputational damage.
For investors, the long-term benefits may include improved operational efficiency and customer retention through better service offerings. However, initial capital outlays for the transition and any potential disruptions during the implementation phase should be monitored closely.
UnionBank's partnership with Informatica positions the bank competitively within the Philippines' banking sector, which is increasingly embracing digital transformation. The use of AI-driven platforms for data management is becoming a benchmark in the industry and UnionBank's proactive approach could set a new standard for customer data handling and personalization.
The ability to create a 360-degree view of customers aligns with global trends in customer relationship management (CRM), where personalization and targeted services are key differentiators. This strategic move may not only attract new customers but also enhance loyalty among existing ones, thereby potentially increasing market share.
It's important to note the broader implications for the banking sector in the region, as other banks may follow suit to remain competitive, leading to increased demand for cloud data management solutions.
Master Data Management (MDD) systems are pivotal in ensuring data consistency and quality across different systems of an organization. UnionBank's adoption of Informatica's Intelligent MDM, particularly in a SaaS model, underscores the importance of scalable and flexible data management infrastructure.
This technological upgrade is not just about managing data more efficiently; it's about leveraging data as a strategic asset. The integration of advanced analytics and AI into MDM can enhance decision-making and operational agility. For UnionBank, this could translate into more accurate KYC processes and quicker customer onboarding, which are essential for compliance and customer satisfaction in the financial industry.
Moreover, the ability to counter money laundering and fraud through improved data management is a significant aspect that can have a substantial impact on the bank's risk profile and operational integrity.
UnionBank has always been the first to embrace technological innovations including, but not limited to, cloud and AI to empower its customers. With its acquisition of the Citibank retail banking business in the country, this vision will shape the banking experience of more than 12 million customers including over a million customers acquired from Citi. UnionBank thus needs to ensure its systems of engagement can reliably provide trustworthy, near real-time information to improve Know Your Customer (KYC) initiatives, accelerate customer onboarding and enhance multi-channel customer engagement, advanced analytics and regulatory reporting.
With Informatica’s Intelligent MDM and 360 Applications powered by Informatica’s AI-powered Intelligent Data Management Cloud™ (IDMC) platform, UnionBank is able to build an enterprise-wide 360-degree view of customers, distinguishing unique customers and their multiple relationships across the bank. This allows UnionBank to exceed customer expectations and deliver highly personalized services based on a single real-time source of trusted data. The bank will also be better able to counter money laundering and fraud to protect customers while meeting regulatory obligations.
“UnionBank remains committed to serve the Filipino community by driving technological innovation and adopting best-in-class, industry-leading solutions to deliver a superior financial services experience,” said Wilfredo Montino Jr., Chief Data Officer at UnionBank of the Philippines. “By working with Informatica, we make trusted customer data more accessible to our users, mastered on a single AI-driven platform, and leveraging the cloud for scalability to match the growth of the bank.”
“Informatica is a transformational leader in AI-powered cloud data management, and UnionBank is a pioneer embracing technological innovation to empower its customers. We look forward to manifesting this synergy to help the Philippines’ financial services leaders like UnionBank to drive financial inclusion and improve customer experience with trusted data at its center,” commented Steven Seah, Managing Director for Informatica ASEAN,
About Informatica:
Informatica (NYSE: INFA), an Enterprise Cloud Data Management leader, brings data and AI to life by empowering businesses to realize the transformative power of their most critical assets. We have created a new category of software, the Informatica Intelligent Data Management Cloud™ (IDMC). IDMC is an end-to-end data management platform, powered by CLAIRE® AI, that connects, manages and unifies data across virtually any multi-cloud or hybrid system, democratizing data and enabling enterprises to modernize and advance their business strategies. Customers in more than 100 countries, including 85 of the Fortune 100, rely on Informatica to drive data-led digital transformation. Informatica. Where data and AI come to life.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118234557/en/
Media Contact:
prteam@informatica.com
Source: Informatica
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