About the Transformation
To facilitate collaboration with its partners and deliver value to its clients through a superior customer experience, UnionBank is working with Infosys Finacle, an Amazon Web Services (AWS) Partner. They are migrating its core banking platform from an on-premises deployment to the Finacle Digital Banking Solution Suite on Cloud, a software as a service (SaaS). The move is part of the bank’s larger vision to become the first bank in the Philippines operating fully on the cloud.
Client Quote
"With Finacle on AWS, we can hyperscale to keep acquiring and delivering transactions for our clients without worrying about capacity or underlying infrastructure."
Dennis Omila
Chief Information and Operations Officer,
Union Bank of the Philippines
Promoting Fintech Innovation with an API Sandbox
Although cloud migration is still underway as of March 2022, UnionBank expects Finacle on AWS to improve agility. The Finacle SaaS provides a full range of open application programming interfaces (APIs) and flexible data access.
Dennis Omila, chief information and operations officer at UnionBank explains "The fintechs we work with can now directly access a highly secure API sandbox to develop and propose new services catered to our customers. We benefit from a steady stream of innovations and quick time to market, and our fintech partners canserve many more Filipinos by working with UnionBank APIs. It’s a win-win situation"
Delivering the Future of Banking
- Reduced Complexity with a SaaS Partner: With Infosys Finacle as UnionBank’s SaaS partner, the bank’s IT team can assume more strategic roles to further innovate new digital banking services.
- Autoscaling New and Existing Services: The Finacle SaaS also enhances UnionBank’s ability to autoscale its banking services and accompanying features such as the chatbot without affecting the resilience of other applications. It does this by isolating scaling to target areas of its application stack.
After moving to Finacle Digital Banking Solution Suite on the AWS Cloud, UBP expects:
- Reduced Total Cost of Ownership (TCO): Greater flexibility around deployment and scaling are primary drivers for the bank’s cost reduction, with annual cost savings projected at about $380,500 for storage alone.
- Scalability: The bank onboarded 1.2 million new customers each year and aims to open 25 million new accounts in the next few years. With Finacle on AWS, The bank can hyperscale to keep acquiring and delivering transactions for their clients without worrying about capacity or underlying infrastructure.
