{"id":34264,"date":"2022-04-06T19:28:44","date_gmt":"2022-04-06T13:58:44","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-union-bank-tech-investment\/"},"modified":"2022-04-06T19:28:44","modified_gmt":"2022-04-06T13:58:44","slug":"biz-union-bank-tech-investment","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-union-bank-tech-investment\/","title":{"rendered":"Union Bank plans to invest Rs 1,000 cr in technology over two years"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2535100358\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Mumbai, Apr 6 (PTI) State-owned Union Bank of India on Wednesday said it is looking to invest Rs 1,000 crore over the next two years in technology.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4088654544\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>&#8220;We will be making Rs 1,000 crore of investments in technology this year (FY23) and next year. A large part of this investment will take place during the current financial year,&#8221; the bank&#8217;s executive director Nitesh Ranjan said.<\/p>\n<p>The bank is moving from the monolithic technology structure to a very open, modular, microservices architecture in the IT system, he said.<\/p>\n<p>&#8220;Large part of the Rs 1,000 crore investment will take place in building this architecture. On top of this, we will build a digital lending platform and some part of this investment will go there.<\/p><div class=\"trade-content_5\" id=\"trade-624447827\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;Simultaneously, the mobile banking platform will also get updated and because of the microservices architecture, all these channels will get updated at the same point of time and there will be an omnichannel experience for customers,&#8221; he said.<\/p>\n<p>The bank on Wednesday unveiled &#8216;Union SAMBHAV\u00a0\u2013 World\u00a0of Opportunities&#8217;, a\u00a0future digital-ready transformation project along with its super app named UNIONNXT \u2013 Do it Yourself.<\/p>\n<p>The lender launched five digital lending products &#8211; pre-approved personal loan\u00a0(PAPL), Union Cash\u00a0(Pensioner loan),\u00a0Shishu Mudra Loan,\u00a0MSME Loan-Auto-renewal, and KCC loan-Auto-renewal \tRanjan said the overall objective is to have 50 per cent of the business originations coming from the digital channels by 2025.<\/p>\n<p>Currently, almost 15 per cent of the bank&#8217;s fixed deposits (FD) accounts are opened through the mobile channel, he added.\u00a0 \tThe lender expects 60-70 per cent of the FD opening through the mobile itself going ahead.<\/p>\n<p>Ranjan said nine months back, the bank was onboarding an average of 6,000-7,000 new customers on the mobile app. Today, it is onboarding 20,000 customers per day.<\/p>\n<p>Its managing director and CEO Rajkiran Rai G said the bank has 1.65 crore on the mobile platform and it is aiming to cross the 2 crore mark this year. PTI HV  BAL BAL<\/p><div class=\"trade-content-10\" id=\"trade-2652868733\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<div class=\"trade-after-content\" id=\"trade-887652111\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Apr 6 (PTI) State-owned Union Bank of India on Wednesday said it is looking to invest Rs 1,000 crore over the next two years in technology. &#8220;We will be making Rs 1,000 crore of investments in technology this year (FY23) and next year. A large part of this investment will take place during the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-34264","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Bank plans to invest Rs 1,000 cr in technology over two years - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-union-bank-tech-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Union Bank plans to invest Rs 1,000 cr in technology over two years\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Apr 6 (PTI) State-owned Union Bank of India on Wednesday said it is looking to invest Rs 1,000 crore over the next two years in technology. &#8220;We will be making Rs 1,000 crore of investments in technology this year (FY23) and next year. 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