PRESS RELEASE
Living up to its name as branch transformation leader in Asia, UnionBank is taking its digital banking leadership to a higher level with ARK 2.0 – a smart branch that leverages world-class 5G Technology for seamless connectivity with IoT (“Internet of Things”)-enabled devices. It is expected that this will certainly be the next game-changing step both in the transformation journey of UnionBank – touted as the country’s Best Digital Bank – and in delivering more seamless, secure and customized banking experience for Filipinos.
At the launch of the bank’s 15 new ARKs and the pioneering Ark-for-Business, Edwin R. Bautista, UnionBank President and CEO, shared the plan to develop ARK 2.0.
After the 40th transformed branch, the next logical question is, ‘What’s next?’ We need to up the ante.
“And so, as we continue with our digital transformation towards the Fourth Industrial Revolution, we are happy to announce that we already have the blueprint in building ARK 2.0 – a smart branch with IOT-enabled devices leveraging on 5G technology,” he continued.
The UnionBank leader said that in line with the bank’s Enterprise Architecture Roadmap, they will embark on taking their network infrastructure to the next level with software-defined and artificial intelligence capabilities.
Researchers say that 5G banking would take customer experience to the next level via augmented reality and virtual reality on their smartphones. When a customer enters a bank, they will receive advisory content for their specific moment of need. 5G can generate queue numbers for customers even before they enter the branch.
According to leading digital financial publication The Financial Brand, by combining 5G and artificial intelligence (AI), banks could better harness the always on, real-time data coming from devices, which will allow better prediction of a customer’s preferences and behaviors. 5G banking enables more accurate lending decisions, better banking recommendations and highly personalized advice from digital banking assistants.
“We are now working on a plan to achieve six-sigma reliability and make us 5G-enabled, so that we are ready to support IoT devices,” Bautista said.
He underscored that their latest move aligns with the bank’s “Tech Up, Pilipinas” advocacy or the strategic use of technology to promote financial inclusion.
“We want to enable the development of smart offices, smart communities, smart schools and smart cities,” Bautista said, noting that the Fourth Industrial Revolution is all about interconnectedness.
“If our customers desire to move to that space, then we as a bank cannot and should not be an obstacle to their desires. We will take the first step and show how – as we have done with blockchain, with facial recognition, with robotics – a bank can support their desires. All it takes is for them to want it – because if they want it, we can do it and we will do it for them,” he said.
