HOW RURAL BANKS WILL DIGITALLY TRANSFORM FOR THE FUTURE
September 5, 2018 – Geniusto hosted a workshop together with its guest speaker, Aleksander Wyka and various representatives of the rural banks in the Philippines. The workshop aims to provide helpful insights to the representatives on how they will be able to equip themselves with the right tools and methodologies to digitally transform and position themselves to the growing demand of generation Z customers.
We are currently living in a VUCA world (Volatile, Uncertain, Complex, and Ambiguous) wherein famous companies are forced to close down due to lack of adaptability and accelerating demands and expectations of companies. Companies that are able to transform their services/products into platform-based business models are able to increase their brand value drastically in today’s world – a world where buyers, sellers, and other third parties are connected. Technological development for the past few years is accelerating more than ever.
“If the rate of the change outside exceeds the rate of the change inside, the end is in sight…”– Jack Welch
Rural banks that are not able to achieve digital transformation soon will surely struggle for the next few years, considering multiple competitors trying to secure their place in the new financial technology market. Key points below are some of the tips Geniusto offers to help digitally transform rural banks of the Philippines, to make its banking services more accessible to its customers.
Digital Transformation Readiness Assessment
Change, as with all other organization, must start internally – but where to start? Rural banks must look at their organization from an internal perspective and identify if the 5 clusters of their business is capable for digital transformation (core banking, customer service, reporting, integration and IT service management). Geniusto, with its team of elite business analysts, will be able to provide Gap Assessment covering delivery, planning and management capabilities in addition to the 5 clusters mentioned above, to help you build a sustainable digital roadmap for the future.
Digital Transformation Journey
Once the assessment is complete, the organization must develop a transformation roadmap that will be able to build the bank’s capability needed to support priority business opportunities whilst securing and growing its market. This transformation roadmap must be built upon a rapid launch concept wherein requirements and functionalities are adjusted to the market. Geniusto offers out-of-the-box solutions for easy materialization and customization of the tool for its clients.
Our Banking Out-of-the-Box Products and Services will be able to equip your bank for digitalization and tap new market opportunities. Geniusto guests and its participants look into making the Banking Out-of-the-Box solutions available in the cloud as a demo in the future.
For a first look and to get live experience on our product, visit the upcoming BSP 2018 event where we will speak more about Transforming Rural and Thrift banks from being a traditional bank to being enabled in the digital space.