Temenos, a provider of banking software, has announced that four banks in the Philippines have signed up for Temenos T24 banking system.
Temenos will provide new core banking systems to EastWest Bank, GM Bank, Optimum Bank, and another commercial bank, to support the growth strategies and expansion of each institution.
The Philippines is the sixth fastest-growing economy, with it forecast to be the world?s 16th largest economy by 2050. To support this growth, the Central Bank is encouraging banks to expand regionally, a process which will rely on modernized IT infrastructures and core systems will be critical to achieving this.
There is also a significant opportunity to increase the level of financial inclusion in the Philippines. The Consumer Finance Survey (CSF) published by the Bangko Sentral ng Pilipinas during the first quarter of the year revealed that only two out of every 10 Filipino households have savings deposit account in a bank.
Many banks in the Philippines have aggressive plans to increase share of market and wallet through expansion and by embracing next generation channel technology including mobile and social media.
A significant step to achieve this goal is by upgrading to new core banking systems as aging legacy systems hinder banks from expanding and launching new products to the market.
Working closely with Temenos is Thakral One, a key regional partner in the Philippines, for customer needs and corresponding technology solutions in the market.
