UnionBank’s AI Solution Shines at the Asian Technology Excellence Awards
Digital Banking trailblazer UnionBank continues to lead the
way in AI as it picks up another accolade for an AI-driven project at the
prestigious Asian Technology Excellence Awards last September 18 at the Conrad
Hotel in Bangkok. “Leveraging AI for Operational Efficiency: Anti
Money Laundering-Suspicious Transaction Report Alerts Prioritization &
Auto-Disposition” won the “Philippines Technology Excellence Award
for AI – Banking”.
This recognition comes at the heels of the Aboitiz Data
Innovation organized first Philippine AI Summit (in May 2023) where UnionBank
distinguished itself as a leader in how the banking industry could redefine the
future with AI.
UnionBank’s groundbreaking initiative was aimed at
streamlining Anti Money Laundering (AML) operations as it embarked on a
transformative journey to redefine AML alert management by harnessing the power
of AI and Data Science.
“Drawing upon the bank's wealth of AML alert resolution
data, UnionBank adeptly utilized a suite of advanced tools including Data
Science, Artificial Intelligence, and Cloud platforms to conceptualize and
implement the STR Alerts Prioritization & Auto-Disposition Model. This
innovative approach underscores UnionBank's commitment to embracing
cutting-edge technologies to drive substantive change within the banking
landscape.” stated the award citation from Chalton Media.
“Despite its relatively recent implementation in August
2022, UnionBank's solution has already yielded remarkable results. Notably, the
bank has witnessed a substantial reduction (40%) in the number of alerts,
leading to a direct reduction in the man-hours dedicated to manual
investigation without diminishing the Bank's commitment to accurate reporting. This
achievement is underpinned by the seamless synergy between Data Science, AI,
and Cloud technologies, culminating in heightened alert accuracy and enhanced
operational efficiency,” concluded the citation.
“The award strengthens our commitment to keep driving
data-driven innovation in the Philippines. We look forward to working on
projects that foster open knowledge-sharing and collaboration, and unlocking
the full potential of AI towards the future we want." said Unionbank’s
operations group head, Michael Magbanua.
“Our mandate is to ensure that AI works in ways that
delight our clients” said UnionBank’s Chief Data & AI Officer, Dr
David Hardoon.
UnionBank's consistent recognitions from prestigious local
and regional award giving bodies exemplifies its unwavering commitment to
innovation and excellence in providing world-class banking solutions to its
valued customers. On its journey to become a Great Retail Bank, UnionBank is
determined to be an enabler of the Philippines’ bid to be a G20 country by
2050. It stands firm in its promise to power the future of banking through
"Tech-Up Pilipinas" while pioneering innovations for a better world.
SEE ALSO:G BATTLE ZONE IGNITES GAMING WORLD WITH G LEGENDS CUP AND REV MAJOR 2023
Comments
Post a Comment