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Banks need to leverage IT to remain competitive

The roundtable discussion hosted by Silverlake Axis and the International Data Corp. emphasized the importance for banks to find the right partner to accelerate their digital transformation.

Silverlake Axis is a core banking, fintech, and digital banking solutions provider based in Singapore while IDC is a global market intelligence provider. 

Together, IDC and Silverlake Axis have researched and documented how banks can successfully transform their existing systems and infrastructure by transforming core digital banking systems. Earlier this year, the two companies released a report highlighting Silverlake Axis’ MÖBIUS Bridge, diving deep into the pitfalls of digital transformation and how banks in APAC can successfully navigate them.

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“Banks in the Philippines and the ASEAN are stepping up their digital transformation so that they can holistically enhance their end-to-end banking capabilities with future-ready model and Platform, premised on strong digital engagement and collaborative capabilities with OpenAPI and cloud optimization,” said Soo Eng Tan, senior solutions director at Silverlake Axis.

The pandemic saw digital transformation across industries with banks adopting more rapidly to meet client requirements. As the world moves forward, this adoption of financial technology further advances.

Strategic partnership

“Banks recognize the growing expectations and are actively seeking proven solutions and partners that ensure stability and scalability, accelerated core modernization while mitigating risks of high-impact dynamic transformation,” Tan said. “To meet the strategic issues and opportunities (as highlighted by IDC Research), banks should leverage a partner with proven experience, expertise, and execution that allows them to differentiate themselves and provide the necessary bespoke customization.”

The Philippines’ digital banking sector is undergoing rapid changes as banks recognize the value of digital transformation toward achieving their goals. Regulations are becoming more favorable as regulators look to lay the necessary groundwork for financial service providers and fintech players to succeed and thereby reach complete financial inclusion.

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