NextGen Day

According to a financial software executive, banks should view financial technology companies as partners rather than rivals in guaranteeing consumer satisfaction with regard to the digital finance arena.

The current period is a “payment perfect storm,” according to managing director of Finastra Asia Pacific Payments Tal Weisser, in terms of both potential and challenges.

According to him, banks must follow the new rules in order to continue serving their customers.

He noted that in the past, payments for small and medium-sized enterprises could take three days, but this had become unacceptable given the innovation in digital payments. “Customer expectations have evolved significantly in recent years,” he added.

Dheeraj Joshi, regional head for Payment Solution Consulting at Finastra, noted during the same briefing that the growth of electronic wallet (e-wallet) use in the Philippines is consistent with that of Asia Pacific.

He claimed that the Bangko Sentral ng Pilipinas (BSP), which has developed numerous projects including the PESONet and InstaPay to enhance the country’s payment system infrastructure, is “quite supportive of the changes.”

The two electronic fund transfer services are a part of the central bank’s Digital Payments Transformation Roadmap, which aims to increase the proportion of adults using the formal banking system to approximately 70% of the total by 2023 and the share of digital payments to approximately 50% of the total by that time.

Joshi advised banks not to view fintech as rivals and to carefully review their payments modernization strategy.

He declared that cooperation was preferable if one wanted to succeed in digital transformation.

As governments and the private sector roll out initiatives in this direction, Joshi of Finastra said the region’s digital payments market is continuing to improve.

“We are seeing that customers are embracing those digital payments, and among banks, we see more and more penetration of digital payments backed by the expansion of e-commerce, supported by government initiatives, as well as innovation,” he continued.

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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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