BUSINESS TECH | PH bank selects Intellect Digital Core to power its digital transformation
A specialist in applying true digital technologies across banking and insurance recently announced yet another digital transformation journey with a Philippine-based bank.
Intellect Design Arena is geared to implement its powerful Digital Core solution, IDC 19.1, aimed at accelerating Philippines Business Bank’s (PBB) digital transformation initiatives to drive its vision of building a broad economic base for small and medium enterprises (SMEs) and making banking services accessible to them.
A recent study from the Department of Trade and Industry stated that SMEs account for 99.6 percent of total registered enterprises in Philippines. PBB, which is poised to become the bank of choice in the SMEs market segment, believes that the segment is a major source of economic dynamism that provides trade, manufacturing and outsourcing services, thereby contributing to local development. However, the segment also seems underserved, with most financial institutions focused on large corporations. To be the preferred bank in the segment, PBB has been focused on increasing its branch network across commercial and industrial centres of the country.
“After multiple evaluations for replacing our existing core banking solution, we chose the latest in technology, IDC 19.1 that would strengthen our operations ensuring higher efficiency and drive our digital transformation agenda,” said Rolando R. Avante, president and chief executive of Philippines Business Bank.
Intellect Digital Core, IDC 19.1, offers PBB the levers to innovate on offering unique, differentiated lending products and solutions. The solution would empower PBB to become integral to its customers across corporate, small and medium enterprises, by being a catalyst for efficient delivery of short, medium and long-term credit facilities. IDC’s in-built product configurator and pricing engine would allow PBB to create and quickly launch tailored products for specific customer segments. The solution would also enable the growth of retail loan market while sustaining the bank’s SME loan segment. Intellect brings a comprehensive product that has been built from strategic investments and adopting best business practices across its implementations globally.
“We are delighted and geared to empower PBB with our fully integrated IDC 19.1 that would support their vision of becoming the bank of choice in the market,” said Rajesh Saxena, chief executive of Global Consumer Banking, Intellect Design Arena Ltd. Intellect Digital Core banking suite is a unique combination of product innovation, technology optimization, streamlining operations, transformational customer experience and lower total cost of ownership for the bank. Our modular and scalable solution is equipped to meet the challenges of technology, regulations and growing business and customer demands.”