UnionBank of the Philippines has transformed its customer onboarding and credit approval process following its acquisition of Citibank’s consumer banking business in the country.
The bank has integrated Citibank’s IT systems within nine months and launched a new Credit Decision Engine (CDE).
This has enabled the bank to automate over 80 percent of credit card and personal loan applications.
Onboarding time dropped under 15 minutes per customer.
At its peak, UnionBank booked 50,000 new credit card and loan accounts per month.
The bank has used the FICO Platform to unify IT infrastructure and streamline operations, while preserving service continuity.
The acquisition, completed in 2022 for over SGD 900 million (US$700 million), transferred approximately one million customers to UnionBank.
UnionBank’s consumer banking head, Manoj Varma, said, FICO Platform has helped the bank integrate Citibank’s systems while improving operational efficiency and customer experience.
As a result, the bank has achieved growth while expanding financial inclusion across the Philippines, Varma added.
CDE applies risk-based verification
UnionBank has built the CDE to assess applicants using bureau data and alternative sources.
The system enables the bank to extend credit to underserved populations, including gig workers and customers with limited credit histories.
The engine applies risk-based verification to fast-track approvals for low-risk applicants and applies stricter checks for higher-risk segments.
UnionBank has automated nearly 40 percent of the credit decisioning process, reducing manual interventions and errors.
The automation improved accuracy, speed, and customer experience, while supporting the bank’s financial inclusion strategy.
“UnionBank has shown how technology isn’t just about algorithms and efficiency, it’s about empowering people,” said Nikhil Behl, head of software at FICO.
“Through FICO Platform, they’ve built a scalable and inclusive onboarding process that is both efficient and customer-focused,” Behl added.
Last year, the bank extended the use of the FICO Platform to manage credit card limit decisions and real-time authorisations.
This helped enhance customer management capabilities.
