Oradian has gathered some of the country’s finance market leaders who are also among the pioneering clientele of its advanced core banking system. Through its Customer Summit held on October 17 at the Fairmont Hotel in Makati City, the cloud-based financial solutions provider facilitated interaction with finance leaders from Cantilan Bank, Salmon (FHL), Esquire Financing, Agribank, Country Funders, LifeBank, and RAFI.
Among such institutions are leaders in the fintech stage, while others are users of Oradian’s advanced technology for the digitalization of operations. The summit served as a venue for participants to share insights on how to become growth movers in their respective markets.
An interesting panel discussion served as the highlight of the Oradian Customer Summit, moderated by Oradian CEO Antonio Separovic. It featured Country Funders CEO Ana Alingong-Lazzari and Rural Bank of San Antonio’s Ron Recto.
During the discussions, the panelists shared key insights about the challenges and opportunities their organizations faced while pushing for digitalization and financial inclusion in the country. Here are some other points worth highlighting:
- The unbanked still represents a large opportunity for financial services firms, particularly the large, young labor force.
- The unbanked are already interacting with financial services through digital channels, such as mobile payments. However, the sophistication of the transactions remains limited.
- Outside the metropolitan areas in the country, there are still serious challenges to adopting digital financial services, though people are gradually becoming more comfortable with using digital channels. This means that institutions may initially have to begin with a mix of face-to-face and digital services before transitioning when the market gets ready.
- Education is still needed to drive adoption. Thus, institutions must invest in educating their customers on the benefits of digital services and on how to use those safely.
- Institutions must embrace partnerships if they want to succeed, including with technology providers, banks, and payment channels. This creates economies of scale, lowering costs for institutions.
- Technology is among the main enablers for growth and performance, powering a new generation of innovative institutions that can bring financial services to new markets and underbanked communities.
The Bangko Sentral ng Pilipinas has set a 70% target for financial inclusion by the year 2030. Technology is bound to be the driving force behind meeting the goal, with millions of Filipinos still unable to access financial services.
These and more highlights of the summit are featured in the video below. Learn more about Oradian here.
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