Philippines’ PBCOM Goes Live with Temenos SaaS to Offer “Digital-First” Banking Services
Temenos (SIX: TEMN), the banking software company, today announced that 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.
PBCOMobile is the mobile-only suite of services from PBCOM, one of the largest commercial banks in the Philippines. PBCOM offers a broad suite of financial solutions ranging from deposits and corporate, commercial and personal loans, to cash management solutions and investment services.
Supported by Temenos, PBCOM became one of the first commercial banks in the Philippines approved by the regulator to host its core banking system in the cloud. With Temenos SaaS, PBCOM was able to drive mass-market adoption using mobile apps to deliver new digital products and services and provide a low-cost channel to acquire new customers.
The Temenos SaaS solution allowed PBCOM to create PBCOMobile, a self-service onboarding and origination experience for its retail and corporate banking customers to drive sustainable growth and streamline product applications. PBCOM will also leverage Temenos’ API-first technology to pursue open banking initiatives, enabling third-party developers to create a digital ecosystem of products and services for PBCOM customers. 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.
PBCOMobile customers can deposit checks to their accounts using the app, request their PBCOMobile debit card to be physically delivered directly to them, and then link, activate and control the debit card securely from the app. The PBCOMobile app also offers the regular benefits of mobile banking, such as real-time funds transfers to other banks, prepaid reloading, bills payments, transfers to other PBCOM accounts, and account maintenance. The PBCOMobile Concierge feature can also be used to request account-related transactions via the app. The PBCOMobile app is available on the Apple App Store, Google Play Android Store and the Huawei App Gallery.
Using Temenos to deliver its core banking software from the cloud allows PBCOM to focus on its core business and devote capital and resources to better banking solutions. The PBCOMobile app allowed PBCOM to create a virtual branch to provide customers to access their accounts, perform transactions, originate applications and communicate with the service desk of the bank through video conferencing.
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.”