Philippine banks and financial institutions (FIs) are poised to expedite their digital transformation as the Bangko Sentral ng Pilipinas (BSP) proactively dismantles the barriers to change. The central bank has introduced key measures to promote financial inclusion, nurture industry innovation and accelerate the digitalisation of the financial sector.
The BSP supports and facilitates the use of electronic know-your-customer (e-KYC) verification to address long-standing constraints on digital onboarding of bank customers. It promotes the adoption of cloud-based services that allows even the smaller institutions to have access to “affordable, elastic, convenient, and attested computing capabilities”. And as a partner of industry innovation, it opens the door for bigtechs and fintechs, that leverage advanced analytics and customer data to provide personalised services and unique experiences, to enter particular areas in finance such as credit, insurance and payment.
The BSP has also introduced as part of its digital payments transformation roadmap and the National Retail Payment System (NRPS), two priority payment schemes, PESONet and InstaPay, that deliver speedy, convenient and secure retail payment options. With the majority of the population still unbanked or underbanked, BSP is also licensing new digital banks to serve them as well as more lucrative segments. Furthermore, the ongoing COVID-19 pandemic has moved unprecedented numbers of businesses and customers online, and accelerated the pace of digitisation in the financial services industry. Together, these developments will disrupt existing businesses and increase competition for the incumbent banks.
To stay relevant to evolving consumer needs and thrive in the new marketplace, traditional players must follow in the footsteps of digital pioneers who have implemented holistic transformation by upgrading their technology stack, re-inventing their corporate culture, and adopting more agile and customer-centric operating models. Building successful API-powered digital ecosystems through partnerships, and modern cloud-first technologies for agility and efficiency.
In this RadioFinance session, we will engage key decision-makers and industry players to explore their strategies towards the next phase of the Philippines’ digital transformation journey. We will take a deeper look into the opportunities created by emerging technologies to revolutionise the financial services industry in the digital-first era.
The discussion will offer clear insights on:
The Asian Banker RadioFinance aims to enhance understanding of the finance industry globally by bringing together thought leaders, industry experts, practitioners and futurists to examine current, critical issues through a discussion facilitated by visual and web-based platforms. Through the use of interactive technology, participants do not have to take time out from their crowded schedules or leave the comfort of their own desks.