City Savings Bank led by bankero Larry Ocampo has tapped the chief technology and transformation officer of Union Bank of the Philippines as its chairman to ramp up digital transformation and strengthen services to underserved segment.
The thrift bank arm of UnionBank has named Henry Aguda as its chairman of the Board of Directors.
“Henry brings with him a wealth of expertise that was also instrumental in UnionBank’s successful digital transformation. With his appointment as its new chairman, we are confident that CitySavings will be able to go further in its transformation journey, allowing it to cater to the underserved segment much better,” the bankero said.
CitySavings has seen great results with its initial pilot of AI-driven solutions that utilized historical data to improve customer relevance for loans availment, achieving a conversion rate of 35 percent in its testing phase.
The country’s fourth largest thrift bank in terms of assets has also created an in-house credit scoring model to complement its artificial intelligence (AI) capabilities, which resulted in improved turnaround time and enabled the bank to raise its motorcycle loans portfolio to P7.06 billion as of end March.
CitySavings’ stronger, AI-focused digital push is seen to magnify the success of these projects, allowing the bank to serve even more customers.
With its primary goal of becoming the Philippines’ leading thrift bank,
CitySavings sees digital transformation as a necessary step in achieving this goal by utilizing emerging technologies as well as key learnings from its parent bank UnionBank.
“This renewed commitment to digitally transforming our organization will allow us to harness innovation like never before and serve our customers better. We want the next motorcycle loan applicant to be able to get their new motorcycle within the same hour, or the next teacher to be able to enjoy the most flexible loan repayment plan possible,” Ocampo said.
For his part, Aguda said CitySavings has been helping many of our kababayans through accessible financing options.
“Our priority is to bring these loans to even more potential customers by optimizing the Bank’s existing customer touch points and the infrastructures that support them, powered by AI models created by our Data Science and AI Team,” Aguda said.