The Philippines is among the fastest-growing economies in Southeast Asia, yet the wholesale and corporate focus of large traditional banks has left a vast potential customer base underserved. According to Mckinsey, while the introduction of digital technologies has driven gains in financial access in emerging markets and developing economies worldwide, incumbent banks in the Philippines have underinvested in digital offerings. Philippine banks devote less than 10 percent of their revenues to IT, compared with an average of about 15 percent among incumbent banks elsewhere in Asia–Pacific, and digital channels account for just 5 to 15 percent of their revenue, well below the average of 25 percent for their peers in Asian emerging markets.