Reimagining Banking at UnionBank of the Philippines

At the forefront of technology, UnionBank has been leading Artificial Intelligence (AI) adoption in the Philippines over the past 6 months. With a significant interest in deploying AI-enabled solutions across the banks’ operations, we can help you create exceptional value to your business and customers.

EdgeVerve Systems can be your partner to accelerate AI adoption — to stay ahead of the curve, driving digital-first experiences that open endless possibilities.

In the next phase of your digital transformation journey, we see AI as one of the key drivers to deliver meaningful customer experiences. By harnessing the power of AI, we can help you lay a strong foundation for the future by bringing transformation across your operations, data, and applications.

Based on our research and expertise, we have identified a few AI game changers that will disrupt enterprises in the coming years.

  • Outcome for AI spends: Amplify value realization with a focus on success

  • AI across the value chain: Building cognitive & connected enterprise

  • Explainability & Interpretability: Uncover decision making

  • AI for Documents: Unlocking hidden value from documents

We have everything you need to help you navigate this disruption — from our AI platform, Infosys Nia to AI-enabled business applications. One of our AI-enabled business applications, FinXEdge Collect, is being leveraged as a pilot program currently for credit cards (UnionBank) and motorcycle loans (City Savings Bank) to enable early collections, reduction in write-offs and operating costs.

The Art of Possible

  • Accelerate loan origination
  • Expedite loan processing
  • Enable intelligent debt collection
  • Reimagine customer experience
  • Unlock contractual insights
  • Build intelligent IT operations
Accelerate loan origination

Convert leads to customers faster at UnionBank with AI

Financial institutions lack an in-depth understanding of the best and most promising leads. Instead of focusing on the leads and clients that are most likely to be converted into customers, loan officers spend too much time chasing empty leads. They need a way to identify high-quality applications better and get rid of manual effort that takes up valuable time for employees.

Machine Learning algorithms can assess non-numerical factors in an applicant’s creditworthiness evaluation, such as their consumer behavior through advanced text analysis of unstructured data or click patterns on the website. These tools offer predictive insights into a borrowers’ likelihood to repay the loans. In the wake of the current pandemic, cutting-edge AI tools can provide credit providers with a robust solution that can help with loan decisioning.

Lending includes a staggering volume of data. With AI, financial services organizations can predict the creditworthiness of a borrower, reduce underwriting overheads and expedite loan processing, which results in increased productivity & operational efficiency, and better borrower experience. AI-powered solutions are a great way to streamline the origination process with unparalleled speed and accuracy.

AI solutions designed specifically for the lending market can empower lenders to make better-informed decisions, enabling financial institutions to achieve AI-driven transformation.

Enabled by FinXEdge Lend

FinXEdge Lend is a data-driven intelligence platform powered by advanced Machine Learning. It is designed to help lending organizations convert leads to customers. It helps improve sales and operational efficiencies and enhances customer experiences.

Success stories

Improvement in lead-to-acceptance ratio

Improvement in lead-to-funding ratio

Reduction in lending time

Expedite loan processing

Expedite loan processing at UnionBank with AI

Countries like the US, UK, Australia, India, Philippines, and others have provided a stimulus package for SME & MSMEs to cushion the pandemic’s impact. This has led to a massive inflow of loan applications to financial institutions, making it difficult to process and disburse these loans quickly.

During these trying times, emphasis on technologies such as Artificial Intelligence (AI) is more important than ever as it can help process documents faster and unlock insights from it.

How can AI-powered bots help expedite the processing of loan applications? How can financial institutions harness insights locked away in unstructured documents? With in-person transactions becoming obsolete, advances in ML techniques, including Computer Vision and NLP, can help streamline loan processing by extracting and making sense of the data from thousands of applications as quickly and accurately as possible.

Dominated by legacy systems, the financial services industry is embracing breakthrough technologies such as AI — a key enabler of next-level digital transformation — to achieve personalization for their customers, which is at the heart of their business strategy. The introduction of AI in the banking ecosystem has changed the way banks operate, from loan processing to customer interaction, promising new avenues, and personalized banking experiences. Industry leaders in financial services are already adopting AI to stay ahead of the competition, transforming tedious back-office processes and amplifying human intelligence to make informed decisions on loan approvals.

Enabled by Nia DocAI

Nia DocAI is an Enterprise-grade AI offering that leverages advanced AI techniques including Computer Vision and NLP to help customers across industries to derive insights from documents.

Success stories

Extraction data accuracy

Digital forms extracted per hour

Documents processed

Enable intelligent debt collection

Enable intelligent debt collection at UnionBank with AI-powered core platform

Countries worldwide are offering relief packages and moratoriums to help their respective citizens wade through the COVID-19 crisis. Lending institutions themselves have been moved to provide forbearance and/or loan modifications to borrowers. They are putting the customer’s welfare first by being proactive and modifying their strategy by activating programs for deferring payments, interest relief, and automated restructuring plans. All of this has a direct impact on how much lenders can collect from their borrowers. Hence, they need effective account analytics in identifying high-risk segments and prioritizing segments that truly need assistance.

Lenders like UnionBank can transform collections strategy to achieve Efficiency, Effectiveness, and Experience with below actions:

Enabled by FinXEdge Collect

FinXEdge suite provides both Core Collections and AI-enabled applications FinXEdge Collect to make debt collections intelligent:

Success stories

bps reduction in roll rates

$1 Mn
Loss savings in first 6 months

Higher savings then projected

Reimagine customer experience

Enhance customer experience at UnionBank with AI

Want to understand your customers in real-time? How can AI bring the customer and the bank agents closer together?

AI-powered solutions, including ML and NLP, can analyze customer sentiment in real-time, improving customer interactions that will help drive growth and sustainability across the enterprise. As humans and AI bots converge, the financial services sector will benefit from deriving value from these technologies, unlocking insights through data, and improving customer and employee experiences in the long run. The new generation of bots understand and consume a vast amount of data, innovate at scale, and create AI-powered customer experiences that will play a vital role in the organization’s future.

This has incentivized banks, credit unions, and other financial institutions to take a more discerning look at their current products and services to determine whether there’s room to provide a higher degree of customer-centricity and personalization to enhance the financial services customer experience.

The financial services sector is relying on AI — the disruptive force — to improve their overall CX strategy, heralding a future of AI-enhanced customer experiences that’s dominating the global conversation today. As banks and financial institutions make significant strides in their CX strategy, maximizing positive customer experiences is a cinch.

Enabled by AssistEdge Engage

AssistEdge Engage combines the rich capabilities of AI and automation to help organizations improve their customer service and individuals productivity by automating repetitive tasks when they handle customers or handle tickets.

Success stories

Increase in customer experience (NPS)

Increase in first call resolution

Reduction in AHT

Unlock contractual insights

Transform contracts processing at UnionBank with AI

Contracts contain crucial information related to a business, including the relationship between organizations, pricing, quality, liability, and compliance. Financial institutions have a mammoth task of unlocking unstructured data from thousands of contracts and documents. Manually performing contract analysis and analyzing historical data from myriad sources in disparate formats is time-consuming, error-prone, and can lead to operational risks.

How can enterprises extract valuable insights from untapped data? How can organizations leverage these insights to transform operations?

This is where a cognitive, AI and ML-based solutions come in. AI-enabled solutions automate the process of reviewing contracts, extracting key contractual obligations, and performing surgical abstraction of key terms and conditions, to protect enterprises from operational risks, revenue leakages, and regulatory compliance.

AI-infused technologies such as NLP and ML can parse through the vast data, extract relevant key terms and clauses, uncovering hidden insights, and identifying issues in contracts to improve compliance and unlock business value. As contracts go digital, financial institutions can bring in smarter contract management by analyzing thousands of contracts with complex patterns, identifying opportunities, and driving value for the organization.

Enabled by Nia Contracts Analysis

Nia Contracts Analysis is an Enterprise grade AI offering that leverages advanced Machine Learning techniques including Computer Vision, NLP and Deep Learning that enable contextual semantic learning to help customers across industries to derive insights from their contracts and legal documents.

Success stories

Accuracy in clause extraction

Productivity Increase in contracts processing

Contract cycle time reduction

Build intelligent IT operations

Enable business innovation at UnionBank with AI-led IT operations

One of the biggest challenges for the IT operations team is information overload. They receive thousands of alerts and notifications daily; they have to sift through thousands of pages of logs, metrics, and reports, keep an eye on multiple dashboards, always running the risk of missing that one thing that could lead to a service outage.

How can this be streamlined? How can financial institutions innovate their IT operations to eliminate organizational silos, increasing efficiency, and agility?

Enter AIOps, that uses Big Data and scalable AI models to uncover anomalous patterns occurring in the IT landscape. By detecting IT issues proactively, intelligently identifying the root cause of anomalies, AIOps improves the predictability of IT operations. AI brings cognitive intelligence into ITOps, enabling self-healing, quicker issue resolution, and optimized enterprise performance.

Processing a massive volume of data from across the IT network is challenging. AIOps, the new game-changer, harnesses intelligence to transform critical business processes, enables better decision-making through data-led insight, and provides a 360-degree view of the operations, preparing enterprises to succeed in the future.

Enabled by Nia AIOps

Nia AIOps is an enterprise grade offering with AI enabled tools for continuous advancement of your IT operations that delivers measurable business impact.

Success stories

Reduction in MTTR

Effort reduction

Auditability & reporting

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