UnionBank takes AI pacesetter label

UnionBank takes AI pacesetter label | Daily Tribune

Union Bank of the Philippines (UnionBank) harnesses artificial intelligence or AI through upskilling its employees, making it an AI Pioneer according to LinkedIn’s 2024 Talent Awards.

“UnionBank is unwavering and dedicated to facilitating a working environment where employees can hone their skills, broaden their training and learning experience, and become outstanding players in the workforce,” UnionBank chief for human resource Michelle Rubio said.

Based on LinkedIn’s data, UnionBank shared that it has developed more AI-skilled workers than the industry’s average worldwide.

LinkedIn, a Microsoft-owned networking platform for professionals, says in its Future of Work Report that 83 percent of the Philippine labor force already bring their own AI tools to work. This is higher than the world’s average of 78 percent.

AI skills become integral

The report adds that 70 percent of Filipino leaders say they will only hire people skilled in AI.

AI helps banks design more appropriate products for clients, predict clients’ financial capacities, and answer client inquiries more accurately.

LinkedIn says the number of job postings with skill requirements for AI-backed ChatGPT, a communication tool, has surged 21 times since 2022.

Rubio said its AI-skilled workers ensure UnionBank delivers the full benefits of AI to clients as the bank aims to be the country’s most technologically advanced financial institution.

“As the leader in the digital transformation of banking here in the Philippines, UnionBank has a strong commitment to being at the forefront of technological advancements, integrating it into our products, services and operations for a seamless customer experience,” she said. UnionBank also deploys its AI and other digital services through its digital banking arm, UnionDigital Bank Inc. Through AI-based market analytics, UnionBank grew its net income in the second quarter by over 50 percent to P3.1 billion from P2 billion in the previous quarter.

The bank also boosted its number of clients to over 15 million or more than double the level of last year’s monthly average.