The push for financial inclusion in the Philippines took center stage at the recently held Oradian Customer Summit in Manila. Organized on the backdrop of the Bangko Sentral ng Pilipinas (BSP) ambitious goal of achieving 70% financial inclusion by 2030, the summit brought together leaders from the finance industry who are leveraging technology to drive this important mission.

With millions of Filipinos still lacking access to essential financial services, the consensus among industry experts is that technology is poised to be the driving force behind achieving the BSP’s target. The event witnessed the convergence of some of the industry pioneers empowered by Oradian‘s advanced core banking system. These institutions are at the forefront of the fintech revolution, with others using Oradian’s cutting-edge technology to digitalize their operations and emerge as leaders in their respective markets.

“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,” according to Antonio Separovic, CEO and Co-founder of Oradian.

Notable institutions in attendance included Cantilan Bank, Salmon (FHL), Esquire Financing, Agribank, Country Funders, LifeBank, and RAFI. These entities represent a diverse cross-section of the financial industry, united by their commitment to expanding financial access across the Philippines.

The gathering highlighted a thought-provoking panel discussion moderated by no less than the CEO of Oradian. The panel featured insights and perspectives from key industry figures, including Country Funders’ CEO, Ana Alingong-Lazzari, and Ron Recto from the Rural Bank of San Antonio.

The panelists discussed several key takeaways regarding the challenges and opportunities in the pursuit of digitalization and financial inclusion in the Philippines:

  • Untapped Market Potential:
    The unbanked population, particularly the large and youthful labor force, presents a significant growth opportunity for financial services providers.
  • Digital Engagement:
    The unbanked are already engaging with financial services through digital channels, such as mobile payments. However, the sophistication of these transactions remains limited.
  • Challenges Outside Metropolitan Areas:
    In regions beyond major cities, there are substantial challenges in adopting digital financial services. People in these areas are gradually becoming more comfortable with digital channels. Institutions may need to initially provide a mix of face-to-face and digital services, transitioning fully as the market matures.
  • Importance of Education:
    Educating customers about the advantages of digital services and how to use them securely remains a priority for institutions.
  • Embracing Partnerships:
    Success hinges on fostering collaborations with technology providers, banks, and payment channels, creating economies of scale and reducing costs for institutions.

“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,” said Ana Alingong-Lazzari, President and CEO of Country Funders.

The summit emphasized that technology is a paramount enabler for growth and performance, ushering in a new generation of innovative financial institutions dedicated to extending financial services to previously underserved markets and underbanked communities. As the Philippines races towards achieving financial inclusion, these leaders stand united in their mission to harness technology for the betterment of the nation’s financial landscape.


ABOUT THE AUTHOR

Robert “Bob” Reyes is a technologist, an ICT Consultant and Tech Speaker, a certified Google IT Support Specialist, and an Open Source advocate representing the global non-profit Mozilla (makers of Firefox) in the Philippines. Bob is a Technology Columnist for the Manila Bulletin Publishing Corporation and an aviation subject matter expert contributor for Spot.PH.

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