EastWest Banking Corporation, one of the Philippines’ fastest-growing universal banks, is embarking on a significant digital transformation journey, announcing its strategic adoption of Temenos’ state-of-the-art software-as-a-service (SaaS) solution.
This pivotal move is set to modernize the bank’s core retail, SME (Small and Medium-sized Enterprises), and corporate operations, promising a dramatic enhancement in service delivery and efficiency for its expansive customer base.
The comprehensive Temenos SaaS solution is designed to underpin a wide array of EastWest Bank’s critical banking functions. This includes the intricate management of customer accounts, efficient processing of deposits and lending activities, streamlined payments, and robust trade finance operations.
The flexibility and scalability inherent in a SaaS model also present a tantalizing prospect for EastWest Bank: the potential to strategically expand into new, high-growth segments such as wealth management, broadening its service portfolio and market reach.
Immense promise for EastWest Bank’s customers
This modernization initiative holds immense promise for EastWest Bank’s more than 3 million customers, spread across its extensive network of over 400 branches throughout the Philippines.
For these customers, the adoption of cutting-edge technology translates directly into a more seamless, intuitive, and personalized banking experience, whether they are interacting through the bank’s mobile application, engaging with branch personnel, or seeking assistance via customer support channels.
Barani Sundaram, EastWest Bank’s Chief Technology Officer, articulated the bank’s vision behind this transformative step. “Our adoption of Temenos’ SaaS is a strategic imperative that will enable us to offer a truly seamless and personalized banking experience,” Sundaram stated, emphasizing the multi-channel impact this upgrade will have.
The aim, according to Sundaram, is to create a unified and consistent customer journey, irrespective of the touchpoint.
He further elaborated on the foundational importance of this modernization. “By modernizing our core banking systems, we are ensuring that we can continue to meet the evolving needs of our customers while staying agile in a fast-changing financial landscape,” he explained. This statement underscores EastWest Bank’s proactive approach to adapting to the dynamic demands of the digital era, where customer expectations for speed, convenience, and personalized service are continuously rising.
EastWest Bank’s SaaS adoption fuel operational agility, future growth
The move to a SaaS model signifies EastWest Bank’s commitment to leveraging cloud-native technologies for operational resilience and future-proofing. SaaS solutions offer inherent advantages such as enhanced scalability, reduced IT infrastructure overheads, faster deployment of new features, and automatic updates, ensuring the bank remains at the technological forefront without massive upfront capital expenditures.
This allows EastWest to focus its resources on strategic growth and customer-centric innovations.
For MSMEs and corporate clients, the modernization means faster transaction processing, more efficient trade finance facilitation, and potentially more agile loan application and approval processes. For retail customers, it promises a more intuitive mobile banking experience, quicker access to account information, and more responsive customer service, reflecting the bank’s dedication to convenience and accessibility.
The Philippine banking sector is increasingly embracing digital transformation to keep pace with global trends and meet the demands of a digitally savvy populace. EastWest Bank’s decision to partner with Temenos, a global leader in banking software, positions it strongly within this competitive landscape.
This strategic alignment is expected to bolster EastWest’s competitive edge, allowing it to innovate more rapidly and deliver a superior customer value proposition.