Philippines Wealth Management Forum 2019 - Exclusive Insights - Sachin Gawade
Director Sales, Asia Pacific
EbixCash Financial Technology (Formerly Miles Software)
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- 1. What’s the willingness of banks in the Philippines to move away from their legacy technology platform and upgrade to a new option?
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Currently, most of the banks are using legacy systems here, implemented over the last eight to ten years, without any major upgrade. The key limitation of these systems is the data which is stored in that particular system - which impacts decision-making based on the data. In today's digital world, it is very difficult for banks to catch up with new initiatives like robo-advisory or analytical reports. So if a bank wants to progress their business in this particular space, it is important for them to upgrade their software solution. We see this as a great opportunity. We have been successful in doing this successfully in a few of the banks over here.