Philippines-based Cebuana Lhuillier Bank has chosen Swiss banking software provider Temenos to transform its core banking platform.
Through modernisation, the bank, which serves seven million Filipinos, aims to launch new banking products and scale efficiently.
Besides, Cebuana Lhuillier Bank intends to expand its product offerings as well as to grow to more than 11 million customers over five years with the help of Temenos.
Cebuana Lhuillier Bank vice chairman Jean Lhuillier said: “Cebuana Lhuillier’s commitment to financial inclusion remains steadfast.
“In a nation where access to reliable financial services is paramount, this collaboration strengthens our resolve to provide better services, products, and opportunities for Filipinos to create meaningful change.”
Temenos’ core banking platform will enable the bank to manage customer accounts and transactions with enhanced performance and efficiency and to offer tailored products rapidly and at a lower cost.
As a result, Cebuana Lhuillier Bank will launch affordable new lending products, including motorcycle loans, to draw new customers.
Temenos said that the solution will be executed by the company’s delivery partner Orion Innovation.
Initially, Cebuana Lhuillier Bank will deploy the Temenos solution in its on-premise datacentre. The cloud-native solution will also enable the bank to easily migrate to the cloud in the future.
As a regulated financial institution controlled by Bangko Sentral ng Pilipinas, the Temenos solution will also assist the bank to easily adapt to evolving market conditions and local regulatory requirements, said the Swiss company.
Temenos APAC managing director Ramki Ramakrishnan said: “We are delighted to welcome Cebuana Lhuillier Bank as the newest member of our Temenos family in the Philippines.
“With a robust presence in the country, our partnership with Cebuana Lhuillier Bank reinforces Temenos’ position as a compelling choice for banks across various sizes and segments, including rural and thrift banks.”
