UnionBank leads in AI solutions
‘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’
Unionbank was recognized for innovation, cutting-edge technology and industry leadership. | photograph courtesy of Unionbank
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 18 September 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 organizing the 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 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 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 percent) in 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 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 and AI officer, Dr. David Hardoon.