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Financial Sector Wide Change: A New Approach to Doing Business

Cantilan Bank’s Successful Implementation of Cloud-Based System Marks a Significant Shift in Data Management, Monitoring, and Analysis

In a groundbreaking move, Cantilan Bank has successfully implemented a cloud-based system, marking a significant shift in the financial sector’s approach to data management, monitoring, and analysis. This change has far-reaching implications for decision-making, customer service, and marketplace positioning.

Challenges Overcome

The transition was not without its challenges, but with the support of regulatory bodies such as the Bangko Sentral ng Pilipinas (BSP) and international development partners like the Asian Development Bank (ADB), Cantilan Bank was able to navigate the process and achieve a successful outcome.

Quick Wins for Front-End Staff

The new system has brought numerous quick wins for front-end staff, including reduced time spent with customers. However, the long-term benefits will only be realized when the approach is fully institutionalized, requiring analytical skills and proactive approaches to eliminate non-value-added activities and costs.

Lessons Learned

Experts warn that any financial institution considering a move to a cloud-based system or other fintech tools should conduct a thorough analysis of the implications for change management and company culture. A parallel shift in doing business is required to unlock the full potential of these new technologies.

Regulatory Sandbox Environment

The BSP’s regulatory sandbox environment played a crucial role in supporting Cantilan Bank’s digital transformation, allowing for experimentation and innovation while ensuring data integrity and security. The ADB provided technical assistance and served as a neutral dialogue partner, contributing to an enabling environment that facilitated change.

Implications for Future of Financial Inclusion

The successful implementation of this project has direct implications for the future of financial inclusion in the Philippines. As the country continues to navigate the challenges posed by the COVID-19 pandemic, digital initiatives will be crucial in driving business continuity and strategic direction.

Barriers to Technology Adoption

However, small actors may face significant barriers to technology adoption due to startup and implementation costs. To address this challenge, technical and financial assistance will be essential in balancing innovation and risk management.

The Future of Financial Sector

As the financial sector continues to evolve, it is clear that a new approach to doing business is necessary. By embracing cloud-based systems and fintech tools, financial institutions can unlock new opportunities for growth and development while improving customer service and market positioning.

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