UnionBank holds first Tech Up Expo to showcase digital milestones

UnionBank of the Philippines (UnionBank) is going digital to the core as it continues to embrace and harness technology amid an ongoing drive for inclusive prosperity.

In its first ever Tech Up Expo held at Shangri-La at The Fort last week, UnionBank – dubbed as the Best Digital Bank by Asiamoney – showcased its milestones after it embarked on a digital transformation journey since 2016, with the end goal of achieving greater financial inclusion for all Filipinos.

Among these highlights is UnionBank’s work with rural banks using blockchain as a platform.

UnionBank believes helping rural banks, which are in the best position to spur rural development being part of the communities in which they operate, will make them more efficient and be able to handle more transactions.

Statistics show that from 1400 in 1988, the number of rural banks has gone down to 400 this year. Problem areas include the fact that most rural banks are not members of the Philippine Clearing House and the SWIFT network, they lack IT systems so processes are very manual and paper-based, and requirements to be part of BancNet, PCHC and SWIFT are too complex.

This unfortunate development has prompted UnionBank, a firm believer on the power of technology, to push blockchain to help some rural banks scale up their operations.

“The world is moving forward and we’re already seeing solutions that make the whole ecosystem more efficient,” said UnionBank President and CEO Edwin Bautista.

Bautista underscored the importance of being an early adopter.

“The early adopters have a very important role in nation-building. They are the fast ones to show the others if something works or not. If they succeed, then the others will surely follow,” he said.

Other digital initiatives of UnionBank that were displayed during the event were the EON Selfie Banking, the use of data science and analytics to identify opportunities, and the application of artificial intelligence technology.

UnionBank’s Tech Up Expo was attended by distinguished guests from relevant regulatory bodies in the country led by Bangko Sentral ng Pilipinas Gov. Nestor Espenilla, who expressed his full support for the bank’s various initiatives, as well as representatives from financial technology companies, software development firms, and UnionBank’s partner agencies.