Role of Technology in Banking
In terms of technology being used, Philippine banks are at par with other banks in the Asia-Pacific region, according to one of the top business solutions provider in the United States.
“In two to three years’ time, the Philippines may become among the countries that have a topnotch banking industry,” said Francois Denimal, Sungard director for sales said.
Sungard operates in 30 countries including the Philippines.
Denimal said that at the rate the banks are growing, financial institutions have no choice but to switch to better business solutions or upgrade their existing software and hardware.
Sanjay Varma, Sungard managing director for banks in Asia Pacific, said that mobile banking in the Philippines “has already taken off.”
“From your internet, the mobile phone have become an extension of the bank,” Varma said.
When asked to what extent Sungard participates in the development of the mobile banking services in the country, Varma said the area of development is dependent on the end-user of the software which is the bank.
The same goes to the security level and precautionary measures applied to every product.
“But we have a hacker to make sure that every loop hole in the system is blocked,” Varma said.
In terms of software pricing, Janice Gruenberg, Sungard country manager, said the price of the software varies depending on the scope of services the bank needs.
“It depends on the number of branches or the number of users,” Gruenberg said.
According to Varma, the current banking situation in the Philippines is very solid due to its strong liquidity.
“Philippines has very high liquidity which it can use for growth,” Varma said.
Denimal commented that Philippine banks are very conservative and traditional when it comes to their income generating vehicles.
“Interest rates are still the key indicators for net income,” Denimal said, adding that most banks in the Philippines and the region look at interest rates stress products, liquidity
“In two to three years’ time, the Philippines may become among the countries that have a topnotch banking industry,” said Francois Denimal, Sungard director for sales said.
Sungard operates in 30 countries including the Philippines.
Denimal said that at the rate the banks are growing, financial institutions have no choice but to switch to better business solutions or upgrade their existing software and hardware.
Sanjay Varma, Sungard managing director for banks in Asia Pacific, said that mobile banking in the Philippines “has already taken off.”
“From your internet, the mobile phone have become an extension of the bank,” Varma said.
When asked to what extent Sungard participates in the development of the mobile banking services in the country, Varma said the area of development is dependent on the end-user of the software which is the bank.
The same goes to the security level and precautionary measures applied to every product.
“But we have a hacker to make sure that every loop hole in the system is blocked,” Varma said.
In terms of software pricing, Janice Gruenberg, Sungard country manager, said the price of the software varies depending on the scope of services the bank needs.
“It depends on the number of branches or the number of users,” Gruenberg said.
According to Varma, the current banking situation in the Philippines is very solid due to its strong liquidity.
“Philippines has very high liquidity which it can use for growth,” Varma said.
Denimal commented that Philippine banks are very conservative and traditional when it comes to their income generating vehicles.
“Interest rates are still the key indicators for net income,” Denimal said, adding that most banks in the Philippines and the region look at interest rates stress products, liquidity