UnionBank was recently conferred the prestigious ‘Data for Good’ award at the 2021 Data Impact Awards virtual ceremony last November 18 for its use of innovative, data-driven solutions to promote financial inclusion in the Philippines.
With its mission to empower the future of banking to best serve the growing needs of Filipinos everywhere – especially the underbanked and unbanked, data scientists and departments across the Bank leveraged tools such as the Cloudera Data Science Workbench (CDSW).
This initiative has enabled the bank to increase financial inclusion and improve risk management with enhanced, AI-powered credit scoring and risk models, making it possible to offer loans and credit to a broader range of individuals and small businesses which effectively doubled its loan approval rate.
A comprehensive data infrastructure and strong culture of innovation at its core puts UnionBank in a prime position to provide much needed financial lifelines to its customers amidst the financial and economic uncertainties caused by the COVID-19 pandemic.
UnionBank was announced the winner of Data Impact Awards Data For Good category, which celebrates companies that address societal issues through innovation.
“There are around 70 million unbanked Filipinos with limited access to the domestic and global financial ecosystem, so this is a truly well-deserved award for your efforts championing innovation that reaches all corners of the community and fostering greater financial inclusion. We very much look forward to our continuing partnership and realizing our shared vision for digital empowerment,” hailed Cloudera APAC Vice President Mark Micallef at the close of the ceremony.
The 2021 Cloudera Data Impact Award celebrates organizations that utilize Cloudera’s platform and services to unlock the power of data, with massive business and social impact. Moreover, the Data for Good Award recognizes organizations that have addressed some of the most challenging issues affecting society and the planet, “making what was impossible yesterday, possible today and transforming the future.”