Henry Aguda, senior executive vice president, chief technology & operation officer Union Bank Philippines and chairman of the Board at UBX Philippines, dispels the perception that digital transformation means replacing core legacy systems with more modern technology. To the contrary, he acknowledged that the core systems are still in place, and form part of the overall transformation journey of the bank.
He acknowledges that the transformation is holistic with technology facilitating the way the bank operates, including how its employees interact with each other as well as with the bank’s customers.
“It's a balanced scorecard. Employees need to be excited to work because of the new tools available to them. There is also financial gratification for our shareholders and for our management team. Finally there is operational efficiency,” he added.
Aguda is adamant that digital transformation is not about the technology per se. “It's about the benefits that we obtain from the use of technology,” he concluded.