The Ateneo Graduate School of Business Advantage
The banking sector is under pressure to innovate. First in the traditional banking business. BDO is doing a lot of business in the retail sector because: it extended its banking hours beyond the traditional Monday to Friday 9-3 pm. It has adopted to the work schedules and even shopping schedules of its customers; that is is why it does business up to 6 pm and even on Saturday and Sunday. Those who stick to their custom and habits will find it hard to compete. The winner in the banking game will not be determined by the number of branches or its financial might but how well they respond to the customer needs and wants.
Then on the payment system. The Bayad centers (owned by Meralco) is taking away traffic from the banks. And who knows that someday the Bayad centers would offer credit cards, forex and other financial services.
And then the fund transfers. Before banks controlled the remittances. But now, there are Western Union, LBC, g cash. smart cash whose charges are much much lower. Will the banks still dominate the large and lucrative remittance business?
The credit card companies will see pressure coming from debit cards in the cell phone using tap technology. The payment system will change the way we see it (heard of Google wallet?)
And now there are sprouting GPRS businesses (Global Payment and Remittance Services). Hmmm.
BPI however under Mr. Montinola III is spearheading construction of minibanks and bank all services.
"New ideas create more and better new products and services; create more wealth."
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