Data science and artificial intelligence (DSAI) are two tandem-technologies that are now taking over many industries across the globe. AI has brought about many exciting prospects that have ushered more personalized, tailor-fit digital experiences for many of us. This has made many of the things we do in our lives simpler, and more convenient.
As the Union Bank of the Philippines is now in the next phase of its digital transformation journey, the country's leading digital bank has continued to invest in talent, infrastructure, and other resources needed to innovate and co-create using data science and AI, which is led by global data science expert Dr. David Hardoon, PhD., as the bank's Senior Advisor for Data and Artificial Intelligence.
During the 6th installment of UnionBank's- eTalk Tales with Media, Dr. Hardoon discussed how UnionBank is translating data science and artificial intelligence insights into a very individualized way of banking, making sure that everyone is statistically significant and provided the VIP treatment with a wide range of personalized services and solutions.
"DSAI is a key element within UnionBank's digitize or perish journey. It is the differentiator between just "Digitize to survive" vs "Digitize to flourish," said Hardoon.
He also emphasized that AI is a must-have to enable a scalable customer-centric finance of tomorrow, today. The goal is to make finance relevant, specific, and contextual to each individual consumer. His use of AI is not artificial intelligence but augmented intelligence. Reality is that humans are phenomenal in creativity that machines do not have. Machines may be able to replicate but it cannot originate. This is where augmentation comes in. Data science uses the insights from machines to operationalize and contextualize. It's not a question of 'can we do it' but 'should we do it'.
"AI is the engine of the digital renaissance. It is a vehicle to achieve an aspiration. It is importance to anchor AI on what truly matters- people, whether customers or employees. AI is truly about being human centric first. The purpose is us, primarily as customers, and how do we leverage on the insight and knowledge that can be derived from AI to help shape financial services around us."
Digital transformation is heralded as the game changer for the banking sector in today's reality and in the future. The transformation is rooted on the aspiration of inclusive and resilient financial services, and is about achieving a reality where one's moments of life are not defined around the financial products available, but where financial services and products are created to support the milestones in life.
"The Bank has been introducing and enhancing countless digital touchpoints for customer ease and fluidity of engagement. These touchpoints mean exactly that, that customers engage with the Bank on a more regular basis. It is our responsibility to imagine. Imagine the ability to provide bridging, or intra-day loans without a customer's need to submit hefty financial historical statements," added Hardoon.
UnionBank uses AI to upgrade its existing strategy and accelerate further innovation, an example of which is its use as an additional layer of defense against financial crimes.
DSAI enables capabilities in understanding customers' needs through their various engagements with the bank and providers and the ability to go beyond a templatized approach to ascertain relevance, sustainability, and affordability. This makes UnionBank, Philippine banking's best in the DSAI field.
Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, UnionBank President and CEO Edwin Bautista believes that leveraging DSAI is a key driver to the next level of its digital transformation as the Bank continues to put the customer- both individuals and corporates, at the heart of its business.
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