GoodTech Information Systems Inc., a homegrown sustainable financial technology company, wants to help rural banks make a quick and seamless transition to digital amid growing regulatory pressure and fierce competition from non-bank players.
GoodTech cofounder Jove Tapiador stressed that the digital transformation of rural banks is key to accelerate financial inclusion in the Philippines given its unique role as trusted partners in the community. In the face of heightened competition from technology-enabled players, rural banks must embrace digital to become more efficient and remain relevant to its customers.
Tapiador pointed out that rural banks, however, are currently facing numerous challenges in their transformation journey. These include migrating a predominantly older customer base to digital channels and increasing regulatory requirements on IT risk management, compliance and cybersecurity. In addition, there are bank technology core issues such as lack of technology talent, poor IT risk management and compliance, and non-compliant technology processes.
GoodTech aims to address these key pain points by leveraging the team’s track record on community banking, nation-building and innovation.
To assist more rural banks in their digital transformation, GoodTech is launching its flagship products—GoodBank and GoodLoan—at its inaugural summit on June 5 in Bacolod City. GoodBank is a mobile banking platform that simplifies the customer onboarding process of depositors. GoodLoan, on the other hand, is a cutting-edge application designed to enhance the lending business of rural banks through built–in identity verification and compliance checks, credit scoring, and hassle–free and secure transactions.
One of the early success stories of GoodTech is Rural Bank of Silay City (RB Silay), a 63–year–old bank in Negros Occidental. After partnering with GoodTech, RB Silay has reduced its client onboarding process to five minutes, cut the loan application cycle from seven days to less than 24 hours, and increased outstanding loan portfolio by more than 50% in just six months.
“GoodTech has the digital tools to execute the digital transformation of rural banks. By making the banks more efficient, we are helping financial services become more accessible to the underserved markets through lower cost and ease of access—creating an overall superior digital experience,” Tapiador said.
The GoodTech Summit will bring together stakeholders and technology experts for a meaningful dialogue to help rural banks thrive in the new normal, respond to the changing demands of digital savvy clients and serve the needs of the unbanked and underserved markets.
Tapiador, Cofounder Sylvester Wong, Chairperson Sergio Edeza, and Chief Operating Officer Rowell Saludes will lead discussions in the panel: “The Digital Banking Landscape in the Philippines.”
By leading this discussion with stakeholders, GoodTech aims to differentiate itself from competition, showing it is more than just a fintech platform, but an innovator and a thought leader committed to reimagining banking for financial inclusion.
The GoodTech Summit will coincide with the Rural Bankers Association of the Philippines’ annual symposium on June 4 to 5, also in Bacolod City.
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