PBCOM is one of the first commercial banks in the Philippines to be approved by the regulator to host its core banking system in the cloud, powered by Temenos.
PBCOM (Philippine Bank of Communications) has gone live with Temenos Transact next-generation core banking Software-as-a-Service (SaaS) to offer “digital-first” banking services in the Philippines.
The bank’s new mobile banking service, PBCOMobile, is powered by Temenos and is driving mass-market adoption with a low customer acquisition cost.
Temenos‘ efficient cost model allowed PBCOM to rapidly launch PBCOMobile “digital-first” products and services to customers, with self-service digital onboarding and origination to accelerate customer acquisition and drive sustainable business growth.
The PBCOMobile app was launched during the pandemic and national lockdown to acquire and service “digital-first” customers. The app allowed non-PBCOM customers to immediately open bank accounts by submitting a selfie and an image of a valid ID.
PBCOM will also make use of Temenos’ API solution to pursue open banking initiatives, enabling third-party developers to create a digital ecosystem of products and services for PBCOM customers.
John Howard D. Medina, Chief Operating Officer, PBCOM, commented: “With Temenos, we are building “digital-first” banking services for our customers they can access via their mobile devices. The Temenos SaaS platform will enable us to bring new digital products and services to market much faster. It is also open and extendable, enabling us to innovate easily and leverage the opportunities with open banking and financial ecosystems to create digital experiences to help customers manage their money and improve their financial lives.”
Jean-Paul Mergeai, President – APAC and MEA, Temenos, said: “We are proud to support PBCOM to build and scale its ground-breaking digital bank. Temenos SaaS will enable PBCOM to launch new products quickly and easily extend its banking services into new market segments with the winning combination of localized, rich banking functionality and advanced cloud technology. This is an exciting development in digital banking for the Philippines, and I look forward to seeing the bank continue to innovate, transforming the digital experience for individuals and businesses across the country.”
Temenos has helped over 3,000 clients accelerate their digital transformation in more than 150 countries. Compliance in the digital world has become one of the biggest concerns as the industry ditches legacy systems.
The pandemic only pushed the banking and trading industry further to the digital avenue. It is safe to say that consumers’ new digital behaviors are here to stay as online banking is quickly becoming the dominant channel for opening new accounts.
The trading industry is now growingly aware of the need to effectively manage money laundering risks from fraudsters as well as the compliance risks that stem from digital onboarding in order to comply with regulation.
