Monday,24 June 2024

BDO embarks on core banking overhaul

5 min read

Interviewed By Foo Boon Ping

The bank‘s senior vice-president Enrico Hernandez outlined the benefits of core banking transformation, and challenges and risks for banks.

In a strategic move to bolster operational efficiency and elevate customer service, BDO Unibank, one of the Philippines’ largest banks, has undertaken a comprehensive, phased transformation of its core banking system. Enrico Hernandez, senior vice president of IT at BDO, outlined the benefits, challenges, and risks associated with this ambitious initiative.

Partnering with Temenos, a provider of banking software systems, BDO aims to position itself at the forefront of innovation and digital transformation within the region. Hernandez emphasised the meticulous approach, stating: “Currently, our engagement is with a system integrator partner assisting us in implementation, with product support from Temenos.” This phased approach enables the bank to transition its systems methodically while minimising disruptions to ongoing operations.

While acknowledging the challenges inherent in such a large-scale project, Hernandez exuded confidence in its trajectory, asserting: “Yes, it has been demanding, but we are on the right path.” The phased transition is meticulously designed to roll out in stages, ensuring rigorous testing and optimisation throughout the process.

The first phase, slated for completion by the first quarter of next year, marks a significant milestone. Hernandez expressed optimism about the project’s future impact, stating: “I‘m looking forward to completing the first phase; this is just the beginning. Once completed, it will open doors for successive projects.”

Through this transformative core banking overhaul, BDO aims to streamline operations, bolster agility, and deliver enhanced digital banking experiences that exceed customer expectations.

Keywords: Banking Transformation, Digital Transformation, Service Excellence, Operations
Institutions: BDO Unibank, Temenos
Country: The Philippines
Region: Southeast Asia
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