Interconnected IT Solutions Provider
Innovating for Tomorrow:
Future-Proofing the Banking & Finance Sector
Stay ahead of compliance and outdated system challenges with automated solutions that ensure adherence to regulatory standards while minimizing risk and complexity.
Current Situation in the B&F Industry
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.
Mckinsey also added that while the Philippines’ banking revenue pools are set to treble by 2030, nearly half of the country’s bankable population is considered unbanked. There are more people with mobile phones than bank accounts living in the Philippines, where poor access to formal banking systems prevails. But as one of the fastest-growing economies in Southeast Asia, with regulators looking to new players to enhance financial inclusion, the Philippines is poised for a digital banking revolution.
Challenges the B&F Sector Face
Infrastructure and Technology
Outdated infrastructure and technology systems hinder the efficiency and effectiveness of financial services. Investments in modernizing infrastructure and adopting innovative technologies are necessary to improve service delivery and competitiveness.
Sustainable Finance
There is a growing emphasis on sustainable finance, including environmental, social, and governance (ESG) considerations. Integrating ESG factors into investment decisions, promoting green finance initiatives, and supporting sustainable development goals are becoming increasingly important for the industry.
Data Security
With the increasing frequency and sophistication of cyber threats, protecting sensitive financial data is a top priority.
Regulatory Compliance and Framework
Regulatory challenges and compliance requirements pose hurdles for traditional banks looking to innovate and expand their services, potentially slowing down the pace of digital transformation.
Increasing Customer Expectations
In today’s digital age, customers expect seamless online and mobile banking experiences, which is putting pressure on institutions to modernize their IT infrastructure.
Why ITG for Banking & Finance
We understand the unique challenges that the industry faces, and we are committed to providing IT solutions to fortify security and enhance the efficiency of overall operations while staying compliant with regulatory standards.
Enhanced Security
Protect sensitive financial data and mitigate cybersecurity risks.
Improved Compliance
Ensure compliance with regulatory requirements and reduce the risk of fines and penalties.
Better Customer Experience
Deliver seamless digital banking experiences that drive customer satisfaction and loyalty.
Digital Transformation
ITG ensures that digital transformation projects are aligned with business objectives, adequately resourced, and effectively managed to drive operational efficiency and enhance customer experience.
Data Management and Analytics
ITG enables financial institutions to leverage data analytics capabilities to gain valuable insights into customer behavior, market trends, and emerging risks, thereby supporting informed decision-making and strategic planning.
Business Continuity and Disaster Recovery
ITG maintains resilient IT infrastructure and systems so financial institutions can minimize downtime, protect critical data, and maintain service continuity during adverse events.
Solutions for Greater Resilience and Flexibility
The banking revolution opens doors for innovation in product offerings, customer experiences, and service delivery. Traditional banks can leverage technology to create personalized, user-friendly solutions that meet the evolving needs of their customers.
Explore our Solutions tailored-fit to your business needs.
With CIS+ open source technologies, financial institutions can leverage cloud-native platforms, containerization, and automation to drive innovation, improve agility, and achieve regulatory compliance efficiently.
EDB’s database management system helps the financial sector ensure data integrity, scalability, and reliability, enabling it to make informed decisions, improve operational efficiency, minimize disruptions, and deliver seamless customer experiences