The PROVIDERS Multi-Purpose Cooperative (PMPC), a financial cooperative headquartered in the Province of Isabela, is embracing digital financial services. PMPC launched its digital transformation to better serve members of their cooperative.
For cooperatives like PMPC, exceeding members’ expectations and augmenting impact in their lives are measures of its service excellence. To continue growing and meeting their members’ changing demands, PMPC adopts innovations and new technologies to get ahead of a rapidly evolving business environment.
With this member-centric purpose, PMPC set its sights on a cloud-based core banking system to better understand and serve its members and community more efficiently. With the approval from the PMPC Board of Directors, PMPC’s leaders chose Oradian as its cloud-based core banking provider and partner in digital transformation.
With Oradian’s cloud-based core banking system, Instafin, PMPC’s team has a real-time, 360-degree view of their members’ financial activity with PMPC in one place, available with just a few clicks. In the past, PMPC’s team had to go through a complex, multistep process to see a comprehensive view of their accounts.
Instafin has enabled PMPC to serve its members better through more accessible financial services and improved service and led to financial growth. Providers’ commitment to financial inclusion in its community and its pioneering spirit to embrace modern technology has led to sustainable growth. In 2017, Providers increased its lending activity by 50% from P993.30 million in 2016 to P1.49 billion in 2017.
With more flexibility and cloud-based solutions Instafin can offer, PMPC is able to reach more individuals in its communities and provide access to digital financial services while maintaining high levels of security. PMPC’s operations and their members’ data is protected by best-in-class security practices.
The Financial Inclusion Report
According to the national financial inclusion report by the Bangko Sentral ng Pilipinas (BSP), the future of the financial system lies in going digital with cloud technology. As Providers and over 75 other financial institutions using Oradian’s cloud-based core banking platform, cloud technology provides the gateway to this future.
About Oradian
Oradian is a financial inclusion company serving financial institutions in remote, hard-to-reach communities. Using insights from its community of customers, Oradian offers a cloud-based platform that visionary financial institutions leverage to access best practice and efficiency.
Its global community is made up of over 75 financial institutions in eleven countries. Collectively, Oradian’s community of financial institutions provides access to financial services for over 3.3 million end-clients.
The country’s leading foreign bank continues its aggressive bid to be the number one digital bank in the country with the launch of new digital partnerships, products, and services.
Citi Philippines latest digital innovation comes in the form of online credit card application and approval program, a first in the Philippines.
David Stoughton, Director for Credit Payment Products
David Stoughton, Director for Credit Payment Products, briefed members of the media this morning, and said their clients can expect to get credit approval online, after they complete the simplified application form and submit digitized copies of required documents.
“We were one of the first banks to launch an online presence and also one of the pioneers in attracting customers through our website,” recalled Stoughton.
“At that time, we were only capturing the information online when they apply, but the processing still takes place offline including the credit review. With this latest service, we are excited to break new ground for the industry and deliver another innovation for the Filipino consumer.”
Apply online and get a digitized reward too!
With the digitized application and approval process, a client will know in minutes if he or she is qualified for a Citi credit card. “This is a game changer as we continue to look at our products and services, and accelerate digitization to deliver remarkable client experiences,” said Stoughton.
Citi also digitized its rewards – clients who prefer to submit applications through promotion booths in shopping centers or travel exhibits because of attractive turn-in gifts will be pleased to discover they won’t be missing out just because they will do it online.
From now until April 30, complete an application online and receive an electronic voucher you can redeem for an Auntie Anne’s pretzel and iced tea. Upon approval, clients who are getting their first Citi credit card and make a purchase of P20,000 or more within 60 days are also eligible to get a Fitbit Charge 2 fitness wristband.
Groundbreaking partnerships with leading digital retailers
Citi also recently unveiled another strategic digital partnership, this time with Amazon. The Philippines will come next after Thailand where credit card holders can now use their Rewards Points to pay for purchases at Amazon.com.
On average, Citi announced a new digital innovation or partnership fortnightly in the last 12 months across Asia. During 2016, Citi announced strategic partnerships in leading digital ecosystems across the region. Some of these included Alipay and WeChat in China and Line in Thailand and Taiwan. The bank also formed digital credit card partnerships with the likes of Airbnb and Uber in various countries. The bank’s social media followers in Asia grew from 3million to over 10million during 2016.
In the Philippines, its regional digital partners include:
“Our Consumer Bank business in Asia draws some 20 million visits to our online properties every month and between 90 to 95% of all transactions already happens outside a branch,” Stoughton.
He added that regional figures show one out of every four new credit card accounts acquired comes from digital sources and over 50% of clients are actively using digital banking channels, up from 30% three years ago.
Over the past five years, traffic in Citi branches across Asia has declined 50% as digital transactions grew over 100%. While digital banking is not completely replacing the branch experience, the nature of branch interactions is changing, and Citi’s strategy is now aimed at a combination of bricks and clicks.
“In our drive to digital, we have also become the credit card brand that online and mobile retailers prefer. This initiative presents a bright outlook in a country which greatly embraces the growth of online shopping and lifestyle,” added Stoughton.
Over the last year, Citi launched the newly-refreshed Citi Mobile App in Asia featuring easy-to-use functionality and interfaces such as Snapshot and Touch ID which has seen over 2m million downloads to-date. The bank also was the first to launch Voice Biometrics across the region which has since received more than 700,000 sign-ups from customers with over 1m clients consenting.
“We are focused on becoming the world’s leading digital bank, and we will continue to leverage on our global network for strategic partnerships even as we develop and deliver digital products and services,” said Stoughton.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
You must be logged in to post a comment.