Philippines banking to move online

Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is spending millions to beef up its IT infrastructure, foreseeing that more Filipinos will shift to Internet from branch-based banking in the future, says BusinessWorld Online.

Lorenzo V Tan, RCBC president and CEO, said that for this year, the bank has allotted P400 million (R65 million) for the acquisition of hardware and software and is budgeting another P400 million for expenses related to operating the improved IT infrastructure.

"Fifteen years from now, there will be 130 million Filipinos and you cannot make the young ones go to a bank branch because they'll want to do their banking from the Internet," he said.

The central [Indian] government has acknowledged the game-changing role of computerisation in the case of state-owned banks, states The Economic Times.

The Economic Survey shows the decision by PSU lenders to put in place a core banking solution has led to an improved outlook for the banking industry.

According to the survey, the new technology has helped public sector banks change their image and also the outlook of the entire banking sector significantly through an improvement in processes and procedures, rapid product development by alternate delivery channels and a reduction in the transaction costs.

Union State Bank has implemented technology from Metavante to streamline teller capture workflow, according to RFPConnect.

Union State Bank is deploying Metavante's Direct Teller application, a distributed capture product that allows bankers to image-capture and balance cheque deposits at the teller station.

Requiring no software interface development, the Direct Teller solution fully integrates with Metavante's Teller Insight, the bank's existing branch teller system. Combined, the applications enable traditional online transaction processing, cheque image capture and transaction balancing at the point of presentment.