The BSP has an ambitious target to reach 70% financial inclusion by 2030. With tens of millions of Filipinos still unable to access financial services, technology must be the driving force behind meeting this goal.
At the Oradian Customer Summit in Manila on 17 October 2023, we welcomed some of the pioneers powered by Oradian’s advanced core banking system. Some of these institutions are leaders on the fintech stage, while others used Oradian’s advanced technology to digitalise their operations and become growth leaders in their markets.
Among the pioneering institutions in attendance were Cantilan Bank, Salmon (FHL), Esquire Financing, Agribank, Country Funders, LifeBank, and RAFI.
The highlight of this summit was a panel discussion, hosted by Oradian CEO Antonio Separovic, with financing company Country Funders CEO Ana Alingog-Lazzari, and Ron Recto of the Rural Bank of San Antonio.
They shared a number of key insights about the challenges and opportunities facing the push for digitalisation and financial inclusion in the Philippines:
- Firms must find a technology partner that supports the proprietary solutions that make their business unique and provides a flexible platform on which to build and launch new products.
- To succeed with consumers still getting used to digital channels, institutions need to adopt a dual approach of face-to-face and digital services, then transition to digital-only when the market is ready.
- Institutions must embrace partnerships if they want to succeed, including technology, banks, and payment channels. This leads to economies of scale, lowering costs for institutions.
- The top strategic challenges identified by attendees are rising expectations of customer experience, the critical importance of using better data to drive decision-making, and financial inclusion efforts.
- Oradian’s core has evolved to address these new challenges – custom fields and tables to capture additional data, Oradian Notifier to enable real-time notifications, and custom code to innovate without limits.
The key conclusion is that technology is among the very biggest enablers for growth and performance, powering a new generation of innovative institutions that can bring financial services to new markets and underbanked communities.
Ana Alingog-Lazzari, President and CEO of Country Funders said:
“We started with a lot of different solutions that we created, and some proprietary solutions that we wanted to keep. These are unique to us, and we wanted a tech solution that is flexible, that will allow us to use these and will not force us to change the way we do things, but rather further enhance the processes or the practices that we believe are unique to us. So with Oradian, we took the risk, and now we’re here, we’re still working!”
Antonio Separovic, CEO and Co-founder of Oradian said:
“The growth of market leaders here today is a testament to what we’ve done together. Our mission originally to enable financial institutions to serve more clients using tech, and we’d like to say: think bigger, go further.”
About Oradian.
Oradian is the first provider of cloud-native core banking systems to financial institutions and BSP-regulated banks in the Philippines.
To unlock rapid growth for our customers, we provide a best-in-class, cloud-native core banking system that powers financial institutions across the globe and serves over millions of end-clients. Based in Makati with our local team, we have a personal relationship with customers, ensuring a strong partnership delivering technology and mutual success.
We have the proven experience and expertise in the market to enable our customers to grow, scale, and innovate. We know it takes the right partners, people, and technology to make it happen, and together we create a positive impact at scale in our communities.
