Banking & Finance

Data science, AI beneficial to open finance — UnionBank’s Dr. David Hardoon

Team OrangeBy Updated:224 Comments3 Mins Read

As economies across the world become more conducive to the open finance framework, data science and artificial intelligence (AI) now both play an increasingly crucial role in cross-platform data sharing. This was one of the main ideas explained by Union Bank of the Philippines (UnionBank) Chief Data & Artificial Intelligence Officer Dr. David Hardoon during his panel discussion at the recently concluded Cloudera Sessions 2021 ASEAN.

Dr. Hardoon emphasized that the fundamental ideas of data science and AI have always been around even before the term was coined in the late 2000s, with the variation being the recent advancements in terms of theory, research, and methodology.

“Of course there’s been advancement in technology, theory, research, and methodologies, but the fundamental techniques, the fundamental building blocks have already been there. What has changed is the environment and the ability to apply them. Therefore, to me, what we kind of really need to see is the pervasiveness of it,” Dr. Hardoon said.

Clearly, there is still a long way to go in terms of adoption, but Dr. Hardoon said there is already a significant number of companies that are using data science and AI in some form or capacity. Establishments are also now starting to embrace these technologies for various reasons. “One from a competitive edge point-of-view—you know, survival of the fittest, you’re fighting with certain organizations which are using these kinds of techniques and are coming up on top.”

“I’m very excited because the rate of momentum over the last three years has been rapidly accelerating. I’m very hopeful that two, three, five years from now, we will get to the stage where it will be the exception where organizations either are not considering or fully not using some dimension of data science, machine learning, or AI within the organization,” noted Dr. Hardoon.

The UnionBank executive also mentioned that in addition to enabling more personalized services, open finance will likewise enable these technologies to operate across various platforms resulting to seamless data sharing. This will ultimately improve the end users’ experience even as they move through different organizations or providers.

“By using data, it’s the ability of saying ‘I know you’re a retail customer, but I think this loan may be useful for you’. It’s really about leveraging all these opportunities to build services and solutions around moments of life, enabling moments of life,” said Dr. Hardoon.

“It’s also great for new potential providers where they want to create more specific relevant products,” he added. “It really opens up the door for a tremendous amount of possibilities, so I’m really excited in what it’s going to bring effectively.”

“Now look, is it going to increase competition? Sure. But at the end of the day, that’s how it is. It’s a good thing. In fact, if anything, this would furthermore increase the criticality and the importance of using data. That’s the whole aspect of open banking. It’s on a virtual construct, it’s all situated on data,” Dr. Hardoon concluded.

Share.
Team Orange

TEAM ORANGE is Orange Magazine TV's select contributors. It also contains Press Releases. Please follow @OrangeMagTV on Twitter for other updates.

Related Posts

224 Comments

  3. visit the website on

    Next time I read a blog, Hopefully it won’t disappoint me just as much as this one. After all, I know it was my choice to read through, however I genuinely thought you would have something useful to talk about. All I hear is a bunch of whining about something you can fix if you weren’t too busy looking for attention.

    Reply
  18. check that on

    A motivating discussion is worth comment. I think that you ought to write more about this subject, it might not be a taboo matter but typically people do not talk about such topics. To the next! All the best!!

    Reply
  35. Full Article on

    Your style is really unique in comparison to other people I’ve read stuff from. I appreciate you for posting when you’ve got the opportunity, Guess I’ll just bookmark this page.

    Reply
  36. advice on

    Oh my goodness! Incredible article dude! Thank you, However I am experiencing troubles with your RSS. I don’t understand why I cannot join it. Is there anybody else getting similar RSS issues? Anyone that knows the solution will you kindly respond? Thanx!!

    Reply
  37. Equipment Trailer Near Me on

    Hi, I do believe this is an excellent site. I stumbledupon it ;) I will revisit once again since i have bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.

    Reply
  41. Camper Furniture Near Me on

    Hi, I do believe your web site may be having browser compatibility issues. When I take a look at your blog in Safari, it looks fine but when opening in IE, it has some overlapping issues. I just wanted to give you a quick heads up! Aside from that, excellent blog!

    Reply
  42. this post on

    Oh my goodness! Awesome article dude! Thank you so much, However I am encountering difficulties with your RSS. I don’t know the reason why I am unable to subscribe to it. Is there anybody else having similar RSS problems? Anyone who knows the answer will you kindly respond? Thanx!!

    Reply
  43. read here on

    Hello there! I just would like to give you a huge thumbs up for your great information you’ve got right here on this post. I am coming back to your website for more soon.

    Reply
  44. browse this site on

    Having read this I thought it was rather enlightening. I appreciate you taking the time and energy to put this content together. I once again find myself spending a significant amount of time both reading and posting comments. But so what, it was still worthwhile!

    Reply
  47. view on

    My brother recommended I would possibly like this blog. He was once entirely right. This publish truly made my day. You cann’t believe just how so much time I had spent for this info! Thanks!

    Reply
  55. Boat Trailer Manufacturers Near Me on

    Oh my goodness! Amazing article dude! Thank you, However I am having difficulties with your RSS. I donít understand why I am unable to subscribe to it. Is there anybody having identical RSS issues? Anybody who knows the answer will you kindly respond? Thanks!!

    Reply
  66. why not try these out on

    I really love your website.. Very nice colors & theme. Did you make this web site yourself? Please reply back as I’m planning to create my own website and would like to find out where you got this from or what the theme is named. Many thanks!

    Reply
  70. greatpeople on

    It’s an amazing paragraph designed for all the online visitors; they willobtain advantage from it I am sure.Feel free to surf to my blog: travelling with kids

    Reply
  72. Home Page on

    Hello! I simply wish to offer you a big thumbs up for your excellent information you have got here on this post. I will be returning to your web site for more soon.

    Reply
  74. Rv And Truck Repair Near Me on

    You’re so interesting! I don’t believe I have read anything like this before. So wonderful to discover somebody with some genuine thoughts on this issue. Seriously.. thank you for starting this up. This site is one thing that’s needed on the web, someone with a bit of originality!

    Reply
  75. Web Site on

    I’m impressed, I have to admit. Seldom do I come across a blog that’s equally educative and interesting, and without a doubt, you’ve hit the nail on the head. The problem is something too few people are speaking intelligently about. Now i’m very happy that I came across this during my search for something relating to this.

    Reply
  78. click for info on

    Can I simply say what a relief to uncover someone that truly understands what they are talking about over the internet. You actually understand how to bring an issue to light and make it important. More and more people really need to check this out and understand this side of the story. I can’t believe you’re not more popular given that you most certainly have the gift.

    Reply
  81. go to this site on

    After checking out a few of the blog articles on your blog, I honestly like your technique of blogging. I saved as a favorite it to my bookmark website list and will be checking back soon. Take a look at my web site too and let me know your opinion.

    Reply
  83. Class C Motorhome Near Me on

    The next time I read a blog, Hopefully it won’t disappoint me as much as this one. I mean, I know it was my choice to read, but I really believed you would have something interesting to talk about. All I hear is a bunch of moaning about something that you can fix if you weren’t too busy looking for attention.

    Reply
  84. binh hoa on

    Thanks , I’ve just been searching for information about this subject for a long time andyours is the greatest I have found out till now.However, what in regards to the conclusion? Are you sure concerningthe supply?

    Reply
  89. More Bonuses on

    Oh my goodness! Incredible article dude! Thanks, However I am going through problems with your RSS. I don’t understand why I can’t join it. Is there anybody getting identical RSS problems? Anyone that knows the solution will you kindly respond? Thanks!!

    Reply
  101. weblink on

    Everything is very open with a clear explanation of the challenges. It was definitely informative. Your site is very useful. Many thanks for sharing!

    Reply
  105. Best RV Body Work By My Spot on

    Having read this I thought it was extremely informative. I appreciate you finding the time and energy to put this informative article together. I once again find myself spending a significant amount of time both reading and posting comments. But so what, it was still worth it!

    Reply
  110. click here on

    I’m really enjoying the design and layout of your blog. It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you hire out a designer to create your theme? Outstanding work!

    Reply
  113. Visit This Link on

    Hi! I could have sworn I’ve been to this site before but after browsing through a few of the posts I realized it’s new to me. Anyhow, I’m certainly delighted I found it and I’ll be bookmarking it and checking back frequently!

    Reply
  115. browse this site on

    I blog often and I truly appreciate your information. This article has truly peaked my interest. I will bookmark your blog and keep checking for new details about once a week. I opted in for your Feed as well.

    Reply
  117. why not try this out on

    A motivating discussion is worth comment. I do believe that you ought to publish more about this subject, it may not be a taboo matter but generally people don’t discuss these subjects. To the next! Best wishes!!

    Reply
  118. RV Technician Near My Home on

    Howdy! This post could not be written much better! Looking through this post reminds me of my previous roommate! He constantly kept talking about this. I’ll send this article to him. Fairly certain he’ll have a very good read. Thank you for sharing!

    Reply
  141. useful site on

    I would like to thank you for the efforts you have put in writing this website. I really hope to see the same high-grade blog posts from you later on as well. In truth, your creative writing abilities has motivated me to get my own blog now ;)

    Reply
  151. trump is your daddy on

    An outstanding share! I’ve just forwarded this onto a co-worker who had been doing a little homework on this. And he actually ordered me lunch simply because I found it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanx for spending time to talk about this issue here on your blog.

    Reply
  152. Home Page on

    I blog frequently and I genuinely thank you for your content. The article has truly peaked my interest. I am going to bookmark your blog and keep checking for new information about once a week. I opted in for your RSS feed too.

    Reply
  159. look at here now on

    This is the right web site for anyone who wants to understand this topic. You know a whole lot its almost tough to argue with you (not that I really will need to…HaHa). You definitely put a brand new spin on a topic which has been discussed for decades. Great stuff, just wonderful!

    Reply
  167. check my source on

    An impressive share! I’ve just forwarded this onto a co-worker who had been doing a little homework on this. And he in fact ordered me breakfast due to the fact that I stumbled upon it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanx for spending time to discuss this subject here on your web site.

    Reply
  178. visit this site right here on

    I was extremely pleased to discover this site. I need to to thank you for your time for this fantastic read!! I definitely liked every bit of it and i also have you saved to fav to check out new stuff on your website.

    Reply
  179. about his on

    Great site you have here.. It’s difficult to find quality writing like yours these days. I seriously appreciate individuals like you! Take care!!

    Reply
  181. Winnebago Service Near Me on

    Iím amazed, I must say. Rarely do I encounter a blog thatís both equally educative and engaging, and let me tell you, you’ve hit the nail on the head. The problem is an issue that too few people are speaking intelligently about. I am very happy that I came across this during my hunt for something relating to this.

    Reply
  185. happy scribe on

    You are so awesome! I do not think I’ve truly read through anything like this before. So nice to discover somebody with some original thoughts on this topic. Seriously.. thank you for starting this up. This site is something that is required on the web, someone with some originality!

    Reply
  186. article on

    Howdy! This blog post could not be written much better! Looking at this post reminds me of my previous roommate! He always kept preaching about this. I most certainly will send this post to him. Pretty sure he’s going to have a great read. Thanks for sharing!

    Reply
  189. see on

    Good blog you have got here.. It’s hard to find high quality writing like yours these days. I honestly appreciate individuals like you! Take care!!

    Reply
  195. ????? on

    Hi, I do believe this is an excellent blog. I stumbledupon it 😉 I’m going to come back once again since i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.

    Reply
  196. check this site out on

    This is the right site for anybody who really wants to understand this topic. You know so much its almost tough to argue with you (not that I really will need to…HaHa). You definitely put a fresh spin on a subject that’s been discussed for years. Wonderful stuff, just wonderful!

    Reply
  204. additional hints on

    Hello there! This post couldn’t be written any better! Looking at this post reminds me of my previous roommate! He continually kept preaching about this. I am going to forward this article to him. Fairly certain he’s going to have a great read. Thank you for sharing!

    Reply
  206. this on

    Howdy! I could have sworn I’ve been to this site before but after looking at many of the posts I realized it’s new to me. Regardless, I’m certainly happy I stumbled upon it and I’ll be book-marking it and checking back often!

    Reply
  215. click to investigate on

    After looking over a few of the blog posts on your blog, I truly like your way of blogging. I saved it to my bookmark webpage list and will be checking back in the near future. Take a look at my website too and tell me your opinion.

    Reply

Leave A Reply