How can banks remain relevant in the digital age?

The financial technology (fintech) market has recorded a pandemic-driven growth for the past years, with industry players riding on the trend to introduce more services to users. While traditional banks continue to reign, digital solutions can help them improve customer engagement and compete in the market. 

The increasing presence of mobile wallets or digital banks has been pronounced during the pandemic, with GCash and Maya leading the sector, enticing millions of Filipino customers. 

Based on a report last December 2021, Moody’s Investors Services said mobile wallets threatened the growth prospects of Philippine banks amid the aggressive penetration of digital services. 

The adoption of digital payments should not come as a surprise as the Philippines has 79.7 million active internet users in 2020 alone, following cheaper smartphone options, data from Statista showed.

From paying for items or bills and sending money in real-time, these fintech players have expanded their portfolio, allowing users to access insurance, cash loan services, and cryptocurrency trading. 

Aside from them, the Bangko Sentral ng Pilipinas (BSP) approved licenses of six digital banks to operate in the country. 

Given this, how can traditional banks thrive in the market? Tapping new technologies is the key. 

Even the central bank, which launched a Digital Transformation Roadmap, urged microfinance institutions to make their financial products and services more accessible to Filipinos through digital transformation. 

To help jumpstart the digital shift, one of the trusted technology players in the Philippines, Monstarlab Philippines’ Attaché Docs, can guide banks in improving their workflows using a document management system. 

Receiving deposits and making loans remain banks’ core businesses. With Attaché Docs, bank employees can monitor multiple applications without dealing with heavy manual work. 

When applying for an account or financial services, bank customers are usually required to fill out several documents. Deploying Attaché Docs in the bank’s system means it can access the former’s drag-and-drop Form Builder and intuitive productivity tools for customizing forms than can embed on the website and share via email. 

Attaché Docs’ tools also improve application tracking and approval as they can digitally send confidential documents within the organization, driving greater efficiency. 

As processes have become automated, financial reports, statistics, and customer reviews are accurate. Processing payments, custom invoices, and banking documents can also be done at the touch of a button. 

With Attaché Docs’ digital solutions, banks have more time and resources to improve their customer service skills. 

Equipping your banks with new technologies will result in the fast processing of applications, subsequently increasing customer satisfaction levels. Approach the Attaché Docs team now for your digital needs!