DAVAO CITY — A microfinance provider part of a huge group of companies that provides services to the poor is introducing its newly implemented mobile application in a nationwide scale.
Based on its statement released to BusinessWorld, (Center for Agriculture and Rural Development) Bank, Inc. said it is looking at deploying the core banking system — a component of its mobile application — this year to parts of the country where it is present.
CARD Bank is part of CARD MRI (Mutually Reinforcing Institutions), a group of initiatives directed at providing key services to the poor, including those in the remote areas.
CARD Bank said it has started its core banking system orientation for its staffers in Mindanao as it “hopes to roll out” its centralized system that has an online component by the second quarter of the year.
Dolores M. Torres, bank senior management adviser, said the bank will make sure it uses the latest in banking technology so it can be at par with big banks.
“We continue to improve our products and services aligned with the changing needs of our members and clients,” said Ms. Torres.
The bank said it is among the first, if not the first, in the Philippine microfinance industry “to use (the) core banking system.”
“We are breaking the traditional banking operations and re-engineered our technology to core banking system to deliver better and stronger result of our services,” said Flordeliza L. Sarmiento, CARD Bank managing director.
Among the components of the new system is the konek2CARD mobile application that allows clients to monitor transactions under their savings accounts through balance inquiry and make bank transfers, among others.
A client can also enroll his or her account in the mobile application to either pay loans or deposit savings online. In case there is no Internet, the client can visit an agent in the community for the transactions.
The bank is also enhancing the application to provide more services to its clients such as paying bills and for remittances.
The use of mobile application, it added, is also in line with the Bangko Sentral ng Pilipinas’ goal to increase electronic transactions from just 1% of total volume at present to 20% by 2020. — Carmelito Q. Francisco