At the core a bank, like any other business, is about accepting and recording transactions. The digital economy has merely exacerbated the need for better, faster and more efficient meanings of executing transactions. In theory, such a capability would improve customer experience while addressing a spiralling requirement by regulators for greater transparency without the bank’s sacrificing security and privacy posture.
For instance, as part of UnionBank’s digital transformation, the company deemed it important to have a centralized payment solution and the ability to conduct straight-through processing so it can keep up with fast-paced digital customer onboarding and acquisitions.
This led the bank to adopt an event-driven architecture which the bank claims give customers easy access to real-time forex rates on their mobile applications, instead of being limited to providing stale rates that were only updated once a day.
With Solace’s PubSub+ event brokers, UnionBank can stream real-time forex rates from its market data vendor to its customers’ mobile devices so they can make informed decisions and achieve positive outcomes.
This creates a demand for real-time transaction data and the ability to handle increasing retail volume while maintaining the flexibility it takes to provide personalized services and solutions.
“Becoming event-driven has allowed us to get closer to attaining our goal of becoming the financial services provider and partner of choice in the Philippines,” said Dennis Omila, chief information officer, UnionBank of the Philippines.
Omila added that Solace’s event streaming technology has given it the ability to modernize back-office systems and offer personalized solutions to customers as it managed and distribute growing volumes of information during peak periods.
Solace is also helping UnionBank implement a new log management system that will reduce load on their middleware service layer and dynamically route events around problem areas so they can minimize disruptions to user experience during periods of peak activity.
In the next phase of implementation, Solace will work with UnionBank to connect existing legacy systems with new applications while complying with protocol requirements so the bank can facilitate the streaming of customer events from its core banking system to the rest of its enterprise.