Quoting the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), ICT company Fujitsu the combined volume of electronic transfers via PesoNet and InstaPay (electronic fund transfer services) hit 107 million. The value of these transactions reached P1.5 trillion in the first quarter of 2021.
Fujitsu furtner noted that the country’s National QR Code Standard (QR Ph) usage grew by at least 5,678% in transactions last December 2020, this was a year after it was launched, providing touchless convenience between businesses and their customers.
With the financial services industry (FSI) proving a crucial component of survival during the COVID-19 pandemic where mobility restrictions are imposed by governments.
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Traditional banks are being challenged by new non-bank start-up technology firms offering highly agile fintech, insurtech, among other solutions. These firms can develop and deploy new connected financial solutions free from traditional legacy systems and constraints at speed.
Fujitsu believes that banks and FSIs need the agility to be present whenever and wherever their customers need access to their services. The significance of this agility is centered on pace, productivity, innovation, and flexibility. These concepts are now the critical goals for most traditional financial service providers.
“That is why the term agile is not new to banks and FSIs. However, they are at different stages in their leap to achieving agility. And those reaping its benefits are the ones working in collaboration with experienced technology partners,” said Raul Santiago, president and CEO of Fujitsu Philippines.
For banks and FSIs in the country, Fujitsu said that their technology partner must help provide best-in-class work and service desk offerings, including collaboration, assist in the introduction and embedding of new technologies, support for DevOps and agile platforms integration, has new technologies and POCs for technology such as blockchain, and has technical-know-how on global Hybrid IT landscapes with flexible contracts as a Managed Service Provider.
Fujitsu Philippines said that with its expertise and decades of local presence, it can provide all these requirements to help banks and FSIs become more agile. With its Fujitsu Cloud solution offerings, it assists financial service organizations in transforming digitally and focusing on designing and delivering innovative services and seamless experiences that modern customers demand.