The Chamber of Thrift Banks (CTB) underscored the importance of artificial intelligence (AI) in shaping the future of banking.
The group tackled the challenges and opportunities of digitalization during their 50th anniversary celebration on July 19, 2024.
It said the group achieved several digital milestones through collaborations with the Bangko Sentral ng Pilipinas (BSP) including the implementation of the Financial Consumer Protection Act of 2022, Anti-Money Laundering Act updates and BSP initiatives on banks digital transformation and cybersecurity.
The CTB said the integration of AI is at the forefront of the continued success of thrift banks in their transformation to digitalization.
“Investing in digital transformation is paramount for thrift banks to remain competitive in the evolving banking landscape,” CTB convention committee chairman Jerome Minglana said.
“Collaboration with fintech pioneers offers member banks a gateway to advanced technology, streamlined services, and operational efficiency,” he said.
Mingalana said thrift banks need to adapt to evolving customers. “By staying attuned to evolving customer needs and leveraging innovative technologies like AI, thrift banks position themselves for success in an ever evolving banking landscape. It is crucial for thrift banks to embrace digital transformation as a strategic imperative to enhance competitiveness, drive innovation and deliver superior customer experiences,” Minglana said.
