More traditional Philippine banks are acquiring financial technology (fintech) solutions as the coronavirus pandemic and increased competition from digital banks helped accelerate customers’ online shift.
nancial technology solutions as the coronavirus pandemic and increased competition from digital banks helped accelerate customers’ online shift.
“[Digitization] is becoming so important for banks here, and maybe Philippine banks have not in the past invested as much on the digital side as many other markets outside Philippines has,” he said.Intellect Design Arena Philippines Strategic Advisor Herminio M. Famatigan, Jr. added that he sees banks working to digitalize to become more accessible to customers.
“I’m told that we still use cheques here. We were talking to one of the banks and they were saying, do you have cheque printing capabilities? In some of the markets where we are doing our solutions, nobody likes cheques,” Mr. Saxena said.
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