Development Bank of the Philippines transforms CBO

PHILIPPINES and CHENNAI: The Development Bank of the Philippines (DBP), one of the largest Government Financial Institutions (GFI) in the Philippines, is transforming its core banking solutions.

It has signed up with Polaris Kaisa, a joint initiative between Polaris Consulting & Services, a player in digital transformation solutions and services and Kaisa Consulting to implement Intellect Digital Core for the project.

DBP has chosen the solution packaged with an integrated set of products from the digital-ready Intellect suite of products such as Digital Core (CBS), loans origination & loans management system and end-to-end trade finance. The solutions will drive operational, technological implementation and support excellence at a very low total cost of ownership (TCO) for the bank.

The Digital Core solution will help DBP become the primary bank of every customer by redefining the overall customer experience, the vendors said.

Gil A Buenaventura, President & Chief Executive Officer, Development Bank of Philippines, said, “The bank is a key player in the nation’s economy building initiatives. As a development financial institution, we strive to assist in the building of productive communities and in promoting developmental activities taken up by individuals and organizations in the country. Polaris’ domain expertise and its CBS will help us in achieving our agenda. I also believe that the solution would also provide us with the flexibility and robust scalability required to support our growth plans.”

Jitin Goyal, CEO and Executive Director, Polaris Consulting & Services, said, “This technology partnership with DBP comes at an opportune time as, in the current global economic scenario, banks worldwide are focusing on digital transformation for more stable annuity revenue with lower risks.”

Jaideep Billa, CEO, Global Consumer Banking (iGCB), Intellect, said, “The solution harmonizes the power of digital 360 with customer-centric architecture, ensuring same experience across at all touch points. Supporting the vision of the bank, this implementation will enable the bank to re-align their strategies to provide superior customer experience. With the solution, the bank can achieve their ambition to embrace digital technologies through innovative banking products.”