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The rural banking industry is charting the course towards digitalization, prompting Globe myBusiness, the micro, small, and medium enterprise arm of Globe Telecom to provide guidance and inspiration to this sector to help them transform through financial innovation and digital technology.
During the Rural Bank Association of the Philippines (RBAP) 65th National Convention, Globe myBusiness discussed solutions bundled with dedicated customer support that can provide worry-free operations to rural banks and allow entrepreneurs to focus on staying ahead of competition.
“We believe that inspiring and empowering business owners is a way to achieve our vision of aiding digitally transformative banks in the age of omni-channel and digital financial services,” said Derrick Heng, Senior Advisor for Globe myBusiness.
The importance of going digital was acknowledged by other rural bankers such as Giovanni Gabriento, president of the Rural Bank of Digos, Inc. and the incoming Chairman of Rural Bankers Research Development, Inc. (RBRDI), the training arm of RBAP, said: “Digital technology is very important nowadays because it can enable us to connect to the different areas where we are located, where we can serve. We have to embrace and appreciate technology so that we could be relevant to the society where we operate.”
Likewise, Tony Alcasid, President of the Rural Bank of Taal, said: “I think in order for any financial institution to survive and compete, you definitely have to go digital. Rural banks should be able to step up and work out the connectivity between our offices in order to deliver the services that commercial banks are able to.”
He added that digitalization makes operations more efficient even if rural bankers still have a long way to go as far as digitizing their services completely. “Part of that is also to educate our staff as well as our market, our customers. Although everybody nowadays is into mobile technology, I think our market in the province is still not as tech-savvy as the markets in Manila, so we have a lot of work to do to keep up,” Alcasid explained.
Meanwhile, Emerito Ramos III, Tamaraw Rural Bank President and Confederation of Southern Tagalog Rural Bankers President, said that the town of San Jose, Occidental Mindoro is now on the verge of becoming a city, thus digitalization becomes necessary for the bank to serve its markets efficiently.
“Digitalization creates opportunities for rural banks and its clients and is vital for our survival in the future. Digital banking is instantaneous and can reach the unbanked more efficiently. The creation of apps will simplify banking transactions such as processing of loan applications and money remittances. We in the rural banking sector are excited to have these services available for our clients,” he said.