Inevitable, Digital Channels

 

Today, I would like to talk with you about what your company needs to do to thrive in today’s financial market.

"Banks and financial institutions were ordered to augment the existing capabilities of their digital channels as the enhanced community quarantine in the National Capital Region, and nearby provinces have been extended to prevent the spread of the coronavirus disease 2019 or COVID-19, according to the Bangko Sentral ng Pilipinas." -April 27, 2020 - 12:00am, Phil Star- https://www.philstar.com/business/2020/04/27/2009971/banks-told-augment-digital-channels

As stated in Phil Star in order to survive and thrive in today’s global banking market, it is vital to consider digital channels such as mobile and online banking. https://www.philstar.com/business/2020/04/28/2010374/lockdown-forces-cash-dependent-filipinos-go-cashless

This coronavirus has made the financial market significantly more digital. The cashless market will be the new normal in the Philippines. However, you can see who dominates the cashless market. The payment companies, such as Gcash, Paymaya, and Grabpay, have been the leading players of that market, not the banks. Due to digital convenience, they are controlling more and more of the financial market. In a few years, they will have the power to control the commercial market, not just the financial market. It is time for you to prepare digital channels and payment as well. Deposit, loan, and payment systems are not separated; the systems make up the financial ecosystem. Recognizing the need to connect these systems will be essential for you to survive in the new normal era.

I hope you read our previous email. "Korea ranked number one for having the highest percentage(95%) of smartphone owners in a global survey." New technologies have changed the Korean commercial market. Therefore, a bunch of new competitors like the Philippines' G-cash have entered into the financial market. However, the Korean banks didn't lose their power because they prepared for this digital era for more than ten years. They expanded their services to include fintech and loyalty platforms. I can proudly say we are one of their major partners, and have helped many banks survive in the covid crises as well as this new era of digital banking.

Now is the time to expand your services and ensure your business continues to thrive in today’s market. Now is the time to go digital. From interconnecting systems to developing a whole new core banking system, Bankware Global will guide your company to success in today’s digital age. It is the best time for you to discuss doing business with us.

Cost-effective, Advanced, Flexible, and Made in Korea.