Together with other cloud SaaS providers, the platform is meant to be user- and CX-focused through advanced analytics and machine learning.
The initial launch of UNObank, a pioneering full-spectrum digital bank in the Philippines, has given industry observers a glimpse of the technology and CX mindset needed to compete in the new global banking landscape.
Puneet Gupta, Chief Technology Officer of UNO said: “Our vision is to create a digital bank that adapts itself to every user. To do this, the underlying platform has been designed ground-up using a combination of microservices and serverless architecture that organizes itself based on the context of the end user.”
The bank touts an AI-first approach to digital banking where advanced machine vision, machine learning and product/interface personalization enhance the customer experience. It has announced that its software runs on a ‘global engagement banking’ platform by Backbase supported by Amazon Web Services and Mambu cloud banking SaaS.
Why set up in the Philippines?
According to some studies, the country is expected to have the largest market share migration in the Asia Pacific region. About 80% of the population were predicted to open new accounts with digital services.
UNO’s CEO and co-founder Manish Bhai, alsosaid the bank chose its tech vendor mix based on global track record: “Together with AWS and Mambu, we are confident that the Backbase Engagement Banking platform is flexible and robust for us to scale up, evolve and adapt for the digital economy in the present and many years ahead.”
An ‘engagement banking platform’ is designed to digitize and streamline the entire customer— lifecycle, including onboarding and origination—as well as support the capabilities of next-generation experience management. This should enable the digital bank to exercise greater control to develop, maintain and optimize its end-to-end CX management.
A widget-based architecture provides the flexibility and agility for a digital bank to seamlessly orchestrate digital experiences on a centralized platform, across all user touchpoints.
CEO and Founder of Backbase Jouk Pleitersaid his engagement banking platform and solutions will provide the complete front-to-back solution, agility and creativity that is needed for the digital bank “to become loved by their customers. Being the first-of-its-kind in Southeast Asia, we are excited to support UNO in its digital-first ambition to democratize access to digital financial services and products for users in the Philippines and the region.”