Financial technology (fintech) makes digital banking in the Philippines thriving these days with the existence of e-wallets like GCash and PayMaya which help in transforming the way how Filipinos do modern banking.
Despite the presence of digital banking, traditional banking is still here and will remain to serve and become a much more reliable financial institution.
Digital banking, as a matter of fact, is helping traditional banks to transform their operations without the need to change their core systems and reach more Filipinos, including those living in unserved and underserved areas.
On another note, it’s undeniable that digital banking has disrupted the many aspects of traditional banking, the former can work hand in hand with the latter.
The traditional banking that we know today has been in the Philippines since the Spanish era, with a huge of loyal customers.
But with the growth of digital banking, the country’s long-standing financial institutions can cover more grounds and provide faster and more diversified services to further promote financial inclusion in the country.