Union Bank of the Philippines has embarked on a unique journey by partnering with Cloudera to revolutionise the customer experience through the strategic use of data.
"Our aim is to continue being a digital banking trailblazer in the Philippines, and we believe data is the cornerstone to help us achieve that. We sought to harness data to drive digital transformation to stay ahead of these banking trends by meeting the needs of digital-savvy users and mitigating risk," said Dennis Omila, chief information and operations officer of UnionBank.
Deploying AI/ML models
UnionBank built the Data Vault platform, a centralised, organised, clean, governed, and easily accessible repository of quality data sources and assets using Cloudera technologies as a core foundation.
UnionBank further leveraged Cloudera's tools to use artificial intelligence (AI) and machine learning (ML) to build new capabilities such as AI-based 'look-alike' models and intelligent recommendations for products like bancassurance (insurance products sold by banks), credit cards, and auto loans.
Improving customer earnings
UnionBank has improved its cross-selling capabilities via AI-powered 'look-alike' models.
"Utilising platforms such as Cloudera has allowed us to accelerate our ability to develop insightful models that ultimately create more value for our customers. Our pursuit of innovative AI and data science technology will continue to help us develop even more impactful projects in the near future," said Dr. David R. Hardoon, chief data & AI officer at UnionBank.
The bank reported an increase in bancassurance bookings with Cloudera by 138% in 2021. It also enhanced monthly conversion rates for credit cards over tele sales (187%) and electronic direct mailers (237%) in 2021. UnionBank also improved monthly conversions for auto loans via electronic direct mailers in 2021 by 178%.
