Financial service provider UnionBank of the Philippines collaborated with Informatica, a software developer, on Thursday, to adapt Informatica’s master data management (MDM) software as a service (SaaS) as UnionBank shifts from an on-premises solution to the cloud as part of the bank’s cloud digital transformation strategy.
Master data management involves creating a single master record for each person, place, or thing in a business, from across internal and external data sources and applications. This information has been de-duplicated, reconciled and enriched, becoming a consistent, reliable source, stated Informatica.
This data helps to view business data, which can be managed and shared across the business to promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions, added Informatica.
The firm said with its MDM and 360 applications powered by Informatica’s AI-powered Intelligent Data Management Cloud (IDMC) platform, UnionBank can build a view of customers, distinguishing unique customers and their multiple relationships across the bank.
Informatica said with the innovative technology, the financial institute aims to provide personalized service based on the data as well as it will be able to control money laundering and fraud to protect customers while meeting regulatory obligations.
“UnionBank remains committed to serve the Filipino community by driving technological innovation and adopting best-in-class, industry-leading solutions to deliver a superior financial services experience,” said Wilfredo Montino Jr, Chief Data Officer at UnionBank of the Philippines.
“We look forward to manifesting this synergy to help the Philippines’ financial services leaders like UnionBank to drive financial inclusion and improve customer experience with trusted data at its center,” said Steven Seah, Managing Director for Informatica ASEAN, India and Korea.
To read more articles on Banking, head to this link.
