Reducing geo-hazard risks of rural banks in the Philippines with cloud technology
As the Super Typhoon Mangkhut – one of the largest in history – hits the island of Luzon in the Philippines, the country’s rice and corn-growing heartland and over 4 million people are at risk.
Schools, homes and businesses in the area have been closed and a crucial question for the country is how to save the crops. Farmers exposed to the damaging effects of the storm are forced to decide: to harvest or to evacuate? If the country is hit hard by the storm, Philippine President Rodrigo Duterte predicts hundreds of millions of dollars in lost revenue.
The worlds’ countries most vulnerable to climate change
The Philippines is ranked third among the four countries in the world that are most vulnerable to climate change (HSBC). Recently, the Climate Change Commission announced that about P200 million grants will be released to four local government units to strengthen their resiliency to the negative impact of climate change.
Frontier markets such as the Philippines are adapting to the physical impacts of climate change. Many financial institutions still have their IT systems and data on-site. When a disaster hits, servers are very vulnerable. In the case of an earthquake, the data stored in on-site servers can be erased by the shocks. During a typhoon, the servers are often flooded. This puts the entire institution at risk: without its data and IT system, an institution can’t operate.
Financial institutions that provide financial services to small business owners and farmers need the technology that can help mitigate these risks.
Here’s how can financial institutions benefit from Oradian’s cloud-based core banking system:
1. Cooperatives and rural banks accelerate recovery
Microfinance clients rely on access to financial services as tools for recovery following a natural disaster, such as taking out a loan for home repairs. Financial institutions are key to financing after disasters, however these institutions themselves are also affected by natural disasters. Therefore, financial institutions need to be able to take on recurring catastrophes and provide recovery – both operationally and financially speaking.
2. Cloud technology and European data centres offer top-quality data security
When financial institutions opt for a cloud-based core banking system, their clients’ data is securely stored in European data centres, which are less prone to natural disasters.
Financial institutions’ data is safer in an underground bunker in Europe than in a basement in regions at risk of frequent geo-hazards. Also, in case of any issue, a back-up and archiving system is set up in another data centre, located in another country. This is how cloud-based systems can guarantee 99.99% uptime.
Oradian’s data centre is in of the most secure centres in Europe, with NATO and EU security clearance certificates. Oradian’s cloud solution also enables financial institutions to become more efficient, spend less time on administration and make better decisions using real-time data and automatic reports
3. Financial institutions can ensure business continuity
Oradian supports your financial institution’s business continuity by protecting against and handling major disruptions like floods and supply failures. Oradian uses three data centres to ensure business continuity, tests backups and performs disaster recovery tests regularly.
Instant access to client data over the Internet enables financial institutions to resume operations quickly after a disaster and serve their communities better.
A member of the Cloud Security Alliance
Oradian is a member of the Cloud Security Alliance, the world’s leading organisation dedicated to promoting best practices for secure cloud computing.
Join our community of visionary financial institutions to mitigate the risks that geo-hazards present in the Philippines.