Digital transformation and product development service firm Orion Innovation has joined forces with Philippines-based Cebuana Lhuillier Bank to drive the latter’s transformative path towards financial inclusion and modernised banking services.
Through the deal with Orion Innovation, the bank, which serves six million Filipinos, intends to implement the advanced Temenos core banking platform to transform its operations.
Besides, Cebuana Lhuillier Bank expects to increase its outreach to unbanked and underserved Filipinos by growing to more than 11 million customers over five years.
The bank selected Swiss banking software provider Temenos earlier this month for transforming its core banking platform.
Temenos’ core banking platform is expected to help the bank manage customer accounts and transactions with improved performance and efficiency and to offer tailored products rapidly and at a lower cost.
It will enable Cebuana Lhuillier Bank to launch affordable new lending products, including motorcycle loans, to attract new customers.
Established in 1998, Cebuana Lhuillier Bank offers credit and savings accounts to individuals, and micro, small, and medium enterprises.
Cebuana Lhuillier Bank president Dennis Valdes said: “The financial industry is continuously evolving due to rapid technological advancements. Our clients’ needs are changing, and it is our responsibility to not only meet but exceed those expectations.
”This alliance marks as a testament to our commitment to embrace innovation and redefine the banking experience for our valued customers.”
According to Orion Innovation, its portfolio of digital services and technology solutions will support banks in updating legacy systems, crafting innovative products, and exploring new business prospects.
Orion Innovation financial services global head Anoop Gala said: “We are thrilled to embark on Cebuana Bank’s core modernisation programme in the Philippines.
‘’Orion’s partnership goes beyond technology, driving positive change by enhancing banking services and promoting financial inclusion in underprivileged communities, fueling economic progress in the APAC region.”
