Savings bank

City Savings Bank bolsters DX with leadership appointment

On track to accelerate its digital transformation (DX) to reach an underserved market, City Savings Bank (CitySavings), the savings subsidiary of Union Bank of the Philippines, has strengthened its corporate leadership.

Henry Aguda, Chief Technology and Operations Officer and Chief Transformation Officer, Union Bank of the Philippines (UnionBank), is the new Chairman of the Board of CitySavings.

“Henry brings with him a wealth of expertise that has also been instrumental in the success of UnionBank’s digital transformation,” said Larry Ocampo, President and CEO of CitySavings. “With his appointment as new chairman, we are confident that CitySavings will be able to take its transformation journey further, allowing it to better serve the needs of the underserved segment.”

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CitySavings introduced AI-based solutions that used historical data to improve the relevance of loans granted to customers, achieving a conversion rate of 35% in its test phase. CitySavings also created an internal credit scoring model to complement its AI capabilities, which improved execution times and allowed the bank to grow its motorcycle loan book to 7.06 billion. of pesos at the end of March.

Financing possibilities

“CitySavings has helped many Filipinos with accessible financing options, and our priority is to bring these loans to even more potential customers by leveraging the Bank’s existing customer touchpoints and the infrastructure that supports them, powered by artificial intelligence (AI) models created by our data science and AI team,” said Aguda.

CitySavings sees digital transformation as a necessary step to achieve this goal. Using emerging technologies as well as key learnings from its parent bank UnionBank, CitySavings hopes to strengthen its digital capabilities and, in turn, create more meaningful products and services for Filipinos.

“This renewed commitment to digitally transform our organization will allow us to harness innovation like never before and better serve our customers. We want the next motorcycle loan seeker to be able to get their new motorcycle within the same hour, or the next teacher to be able to take advantage of the most flexible loan repayment plan possible,” Ocampo said. “CitySavings has always been one with UnionBank in envisioning a future where everyone is empowered by technology, and this brand new chapter for us opens up new possibilities to realize that vision.”


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