Financial Services
Asia Pacific
SME/Startup
"Partnering with Alibaba Cloud, UBX continues to pave the way for unbanked and underserved Filipinos towards financial inclusivity through advanced digital banking technologies, while achieving better customer experience."
About UBX
UBX is the fintech venture studio and fund spun out of UnionBank of the Philippines. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people.
Challenge
UBX was looking for a fully tech-driven eKYC (Electronic Know Your Customer) solution that:• Is secure and compliant at a local, regional and global scale.
• Is well experienced with Philippine ID.
• Can boost business efficiency.
• Can reinforce system security through digitalizing the identity verification process.
Alibaba Cloud offers a mature eKYC solution provided by ZOLOZ that is able to meet the above qualifications. This solution has also gone through thorough testing by UBX. In ZOLOZ, UBX found a partner that works with them and their evolving needs using technology to reach the unbanked and unserverd Filipinos, supporting financial inclusion in the Philippines.
Why Alibaba Cloud
UBX adopted ZOLOZ’s Real ID eKYC solution that streamlines the whole customer authentication process for financial institutions, eliminates 90% of manual checks and paper-based procedures, and reduces the cost and time spent on manual verification. With approximately 3 minutes, a user can complete the application, which results to faster onboarding and an enhanced customer experience.The solution also helps financial institutions adhere to regulatory compliance more easily, thanks to its rich AI model and comprehensive risk management engine that can guarantee high accuracy and reduce identity fraud up to 100%.
Architecture
UBX will be using ZOLOZ Real ID in SaaS mode – which offers flexible integrating modes, Native App, H5 and Purer API. This flexibility allows UBX to make ZOLOZ a part of their i2i platform that connect financial institutions directly to the Philippines’ various financial ecosystems.
Looking Forward
Partnering with Alibaba Cloud, UBX continues to pave the way for unbanked and underserved Filipinos towards financial inclusivity through advanced digital banking technologies, while achieving better customer experience.
Featured Products
A digital and remote online solution for eKYC
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Snapshot
UBX leverages Alibaba Cloud's ZOLOZ Real ID eKYC solution to improve the efficiency of its system while staying compliant.
Product/Solution Used
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