Several recent papers investigated unbounded convergences in Banach lattices. The focus of this paper is to apply the results of unbounded convergence to the classical Banach lattice theory from a new perspective. Combining all unbounded convergences, including unbounded order (norm, absolute weak, absolute weak*) convergence, we characterize L-weakly compact sets, L-weakly compact operators and M-weakly compact operators on Banach lattices. For applications, we introduce so-called statistical-unbounded convergence and use these convergences to describe KB-spaces and reflexive Banach lattices.