Shift to digitized banking
People who know me well enough are exasperated on my intolerance to go through the gamut of learning the ropes of my high-end gadgets to maximize their apps and the potentials of their salient features.
I usually keep abreast of changing models. However, I depend on tech-savvy daughter Marianne to read through the literature, then teach me. Now that she’s miles away as a practicing medical professional in Trumplandia, I depend on Pangga, Jacky, Eloisa, and Ann.
The health pandemic somehow has changed my over-dependence on them. The lockdown has revolutionized the market place with more sellers going online just like payment settlements.
As disclosed previously, among the lessons I’ve learned during the more than 100 days of “house arrest” to stay healthy and stay safe, is to truly appreciate the virtue of patience. I also acquired the knowledge of ordering and paying online. Friends, specifically Gina, Kler, and Stella, reacted positively when I told them about my newly acquired knowledge.
In the midst of the global health crisis, individuals and organizations have rapidly transitioned to digital ways like e-conversations and video-conferencing. The transition into digitized banking, e-press briefings, and e-conferencing was born out of necessity and adversity.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Financial Services Sector (FSS) Chuchi Fonacier, an online payment advocate, took advantage of the leveling-up of digitized e-conferencing by accepting to keynote address the 67th Annual Convention and General Membership Meeting of the Rural Bankers Association of the Philippines (RBAP) a couple of weeks ago.
In the U-shaped (a prolonged steep fall but recovery is quicker) economic scenario painted by market players and analysts, DepGov Chuchi is the forever optimist. Ms. Chuchi said RBAP members, too, are frontliners as they play a pivot role in “rural and community development” by providing the muchneeded financial service.
Now more than ever, it is crucial to leverage on digital technology amid the outbreak of the health menace. This is to ensure that countryside communities build resilience to the ill effects of the crisis, prevent them from backsliding into poverty, and preserve the positive economic development achieved through the years.
In the realm of the possibilities and all things considered, including the slowness in my ISP (maybe due to large number of users), is this achievable? Based on my research, some 200 RBAP members are currently shifting, and 200 more are to transcend into digitized rural banking powered by the PearlPay using AWS cloud technology.
A Filipino Fintech firm headquartered here in the Philippines but which has expanded in Hong Kong, Indonesia, and Singapore, PearlPay is an end-to-end digital banking platform, which is able to handle core banking, agent banking, mobile banking, and remittances with AWS as its cloud architect. From what I’ve gathered, PearlPay uses AWS cloud to reduce the data center footprint of rural banks.
As DepGov Chuchi puts it the shift to digital innovation provides an opportunity for the new normal of safe, efficient, inclusive financial services, a stronger and technologically savvy rural banking industry, the “front line of rural and community development.”
The shift to digitized online payment is my personal development as well.