The Postal Savings Bank of the Philippines (Postbank) has chosen IDEALINVENT's next generation banking platform, ConnectCore™ to implement their Deposit Management system.
IDEALINVENT’s local partner, QNX Solutions Inc. (QSI), will be consulting for the implementation of the system.
The three companies partnered late last year in implementing a streamlining of Postbank’s Loan Management System. Riding on the successful delivery of the Loan Management System, Postbank has taken the next step in modernizing the experience for deposit processes. With 25 branches located nationwide and a long-standing legacy of bringing banking services closer to the homes of Filipino families in rural areas, Postbank has certainly made a mark in the lives of many.
The contract signing ceremony was held on the 7th of January at the Sofitel Philippine Plaza and was attended by the top executives of the companies. Postbank’s President & CEO, Cesar Sarino, expressed his optimism in the partnership by asserting the importance of this milestone in shaping the future of Postbank and marking their leadership in the market.
IDEALINVENT was represented by their CEO, Premkumar Bhagwatsaran, and Asia Pacific Business Head, Ganapathy Swaminathan. Bhagwatsaran stressed the importance of ‘trust’ in establishing partnerships, especially in the banking sector. As he explained, “when a bank chooses a partner, it’s as good as you opening the doors to your house and inviting somebody in. It is through being transparent and honest that a productive collaboration may be achieved”. According to him, it is also their commitment to this level of trust, focus and efficiency that makes them a perfect complement to Postbank as proven with the delivery of the Loan Management System earlier this year which has led to the cementing of the partnership with the awarding of the Deposit Management System.
The Postmaster General and Chairman of the Board of Directors, Maria Josefina Dela Cruz, also articulated her excitement in expanding the presence of Postbank especially on the countryside and ensuring the sustainability of the company for the customers and the employees. She conveyed their goal of solidifying the legacy of Postbank in being “the bank that has empowered the smallest and the poorest of our Filipino people.”
QSI President, Emmanuel Ramasola, responded to these aspirations by ensuring that “the technologies are geared to empower Postbank, to bring a new standard in the competitive banking industry, and QSI is here to support our partner even after the software solution has been implemented.” He further ensures that “this is going to be a long-term partnership for our companies and at the same time, we promise our long-term commitment.”
The primary goal of this partnership is to establish a robust system that will address realistic human challenges and be able to apply it efficiently to rural environments. The Deposit Management System is designed to complement the Loan System that has previously been developed and future solutions that will be implemented. It is created for customers to be within a single platform and to enhance the communication system in the bank and across all branches. These solutions will be developed to forge the competitive edge of Postbank and achieve the long-term goals of the brand for the country.