Temenos, the Switzerland-based banking software group, said the four banks in the Philippines have signed up for its Temenos T24 core banking system.
The group will provide new systems for EastWest Bank, GM Bank, Optimum Bank and a further, unnamed, commercial bank to support the growth strategies and expansion of each bank.
The Philippines is the sixth fastest-growing global economy and is forecast to be the world’s 16th-largest economy by 2050. To support this growth, the Bangko Sentral ng Pilipinas (Philippine Central Bank) is encouraging banks to expand regionally, a process that will rely on modernised IT structures and core systems will be critical in achieving this.
There is also a significant opportunity to increase the level of financial inclusion in the Philippines. The Consumer Finance Survey (CSF) published by the Bangko Sentral ng Pilipinas during Q113
revealed that only two out of every 10 Filipino households have savings deposit account in a bank.
Many banks in the Philippines have aggressive plans to increase share of market and wallet through expansion and by embracing next generation channel technology including mobile and social media. A significant step to achieve this goal is by upgrading to new core banking systems as aging legacy systems hinder banks from expanding and launching new products to the market.
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