UnionBank onboards 50,000 credit card and personal loan accounts monthly

The bank has reduced its onboarding time to 5–15 minutes.

Union Bank of the Philippines (UnionBank) now onboard 50,000 new credit card and personal loan accounts per month.

The Philippine-based bank said that it has reduced its onboarding time to 5–15 minutes by adopting straight-through processing (STP) or automated end-to-end processing for more than 80% of its applications.

It has also automated its 30–40% of credit decisioning processes, which the bank said has minimized manual interventions and errors.

UnionBank credited the faster onboarding and automation of its credit decision processes to its adoption of the FICO platform, following its $700m acquisition of Citibank’s local consumer banking business in 2022.

UnionBank had then deployed the FICO Platform for the integration of Citibank’s IT systems, and the launch of its Credit Decision Engine (CDE).