Connect with us

Hi, what are you looking for?

HEADLINES

Fujitsu Phl stresses that banks, FSIs need agility to be present whenever, wherever

The rise of digital banks and other digital payment platforms also contributed to the industry’s fast digital transformation, pushing the economy to eventually transition from a cash-heavy to cash-light environment in the next couple of years.  

In recent years, the financial services industry has experienced digital disruption, particularly with the advent of new technologies that change how customers access services. Nowadays, there is also a new generation of digital natives with different banking and financial service customer experience expectations. 

In the Philippines, for instance, there has been an apparent increase in the usage of digital banking services, particularly at the height of the pandemic restrictions imposed last year. Due to limited mobility, the country’s National QR Code Standard (QR Ph) usage grew by at least 5,678 percent in transactions last December 2020—this was a year after it was launched— providing touchless convenience between businesses and their customers according to Bangko Sentral ng Pilipinas (BSP).  

The central bank also noted that the combined volume of electronic transfers via PesoNet and InstaPay had hit 107 million. The value of these transactions reached P1.5 trillion in the first quarter of 2021. 

The rise of digital banks and other digital payment platforms also contributed to the industry’s fast digital transformation, pushing the economy to eventually transition from a cash-heavy to cash-light environment in the next couple of years.  

The rise of FinTech 

Banks and insurers are also competing with new non-bank start-up technology firms offering highly agile FinTech, InsurTech, among other solutions. They can develop and deploy new connected financial solutions free from traditional legacy systems and constraints at speed.  

Advertisement. Scroll to continue reading.

This agility, combined with their collective focus and willingness to experiment, enables them to increase their market share. The challenge for local banks and other financial service institutions (FSIs) is to ensure that their business is agile enough to compete.  

Ensuring Agility 

For Fujitsu Philippines, banks and FSIs need the agility to be present whenever and wherever their customers need access to their services. The significance of this agility is centered on pace, productivity, innovation, and flexibility. These concepts are now the critical goals for most traditional financial service providers.  

“That is why the term agile is not new to banks and FSIs. However, they are at different stages in their leap to achieving agility. And those reaping its benefits are the ones working in collaboration with experienced technology partners,” said Raul “Cricket” Santiago, the president and CEO of Fujitsu Philippines. 

For banks and FSIs in the country, Fujitsu said that their technology partner must help provide best-in-class work and service desk offerings, including collaboration, assist in the introduction and embedding of new technologies, support for DevOps and agile platforms integration, has new technologies and POCs for technology such as blockchain, and has technical-know-how on global Hybrid IT landscapes with flexible contracts as a Managed Service Provider. 

With its expertise and decades of local presence, Fujitsu Philippines can provide all these requirements to help banks and FSIs become more agile. With its Fujitsu Cloud solution offerings, it assists financial service organizations in transforming digitally and focusing on designing and delivering innovative services and seamless experiences that modern customers demand. 

Advertisement. Scroll to continue reading.
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

In line with the firm’s commitment to accelerate digital transformation, this new investment will fuel Xendit’s plans of innovating its product suite and make...

White Papers

Digital financial wellness and money management tools, developed by banks as part of an accelerated transition to digital banking, will provide consumers with a...

HEADLINES

Tonik’s all-digital Quick Loan is designed to serve the vast unbanked and underbanked Filipino middle class with a quick and affordable bank credit proposition....

HEADLINES

While digital payments to merchants in the Philippines have increased steadily in recent years, rising from 523m in 2019 to 654m in H1 2020,...

HEADLINES

Insurance is one of the most essential products today as it can protect persons and their families’ financial security in case of unforeseen events...

HEADLINES

Bayad is augmenting the bills payment capability of ZoomPay, enabling consumers to enjoy the benefits of going digital by supporting cash transactions. The partnership...

HEADLINES

For years, Fujitsu is among SAP’s service partners in the Philippines, helping businesses across various industries in their digital transformation journey.  

BUSINESS

While cash remains to be king, especially in rural areas, the rise of e-commerce has influenced the wider adoption of digital solutions. The internet...

Advertisement