ABOUT FIT PROGRAM
Rural banking activity must incorporate digital transformation, but the efficiency of this process depends on how the banks make use of available technologies. Digitalization provides many advantages for financial institutions and their customers. A clear advantage of this would be an additional layer of protection for the client’s data and personal information. Their documents are safe from any natural or man-made disasters as their information is stored in the cloud. This in turn, also improves efficiency among employees because cloud-based activities are almost instantaneous and accessible regardless of location. Transactions between clients and employees will be faster, resulting in more customers being addressed per day.
The transition into a cloud-based system was proved effective by the Cantilan Bank where they had the capacity to further reach into the unbanked sectors. Being always connected and available made their services and products accessible for anyone regardless of location, which improved user experience for its clients. Overall, digitalization has improved the efficiency and experience of their banking experience which increased their client base up to 35,000 within just 3 years.
However, rural banks and microfinance institutions must also take the extra step needed to accurately identify and manage the risks related to digital transformation, including data loss, unauthorized access to data, and other cybersecurity-related hazards. Departmental managers must examine security vulnerabilities at the banking level and determine how to close them with digital solutions. The automation of work processes necessitates fundamental changes in employee behavior, which financial institutions must foster in their workforce.
With this, FIT Program is passionate about creating positive change in the rural banking industry and helping rural banks as well as microfinance institutions achieve financial success. We understand that financial inclusion is complex, and we are dedicated to enable rural banks and microfinance institutions that are best positioned to serve underserved communities and locations. We are committed to advancing financial inclusion in rural communities and transforming banking practices to better serve these underserved areas. Our goals include financial literacy, investment, funding assistance, and creating a more equitable financial system for everyone, regardless of income or location. We seek to help rural banks, microfinance institutions, farmers, and small businesses unlock the potential of their businesses and communities, as well as strive to provide the best financial guidance and support to chosen rural banks and microfinance institutions.
ABOUT ADB
Asian Development Bank, or ADB, is a multilateral development bank headquartered in Manila, Philippines.
It is dedicated to making Asia and the Pacific prosperous, inclusive, resilient, and sustainable, maintaining its efforts to end extreme poverty throughout.
ADB was established in 1966 to promote economic and social progress in the Asia-Pacific region by providing loans, grants, technical assistance, and policy advice to its member countries. Their mission is to help reduce poverty and improve the quality of life of people in the region by supporting sustainable economic growth and regional integration.
ABOUT BSP
Bangko Sentral ng Pilipinas, or BSP, is the central bank in the Philippines. BSP is the central monetary authority of the country and has financial and administrative autonomy from the National Government due to its designated duties. Maintaining price stability that supports a balanced and sustainable development of the economy and employment is the BSP's main goal.
Additionally, the BSP will support and uphold the peso's convertibility and monetary security.
ABOUT RBAP
Rural Bankers Association of the Philippines, or RBAP, is a non-stock corporation established under Philippine law. With innovative products like microfinancing for rural sectors, particularly farmers, fisherfolk, and small businesses, and savings programs to help communities build their financial security, RBAP serves the most underserved segments of society by providing essential financial services. Their mission is to support its members' capacity to provide top-notch banking services to all their constituents, abide by legal requirements, and advance the welfare of the local communities where they do business.
ABOUT AFD
Agence Française de Développement (AFD) or French Development Agency is a public financial institution that implements France’s policy on international development and solidarity. It finances, supports, and accelerates transitions towards a more coherent and resilient world.
Compromised of AFD, which finances the public sector and NGOs; Proparco, which finances the private sector; and soon, Expertise France which proposes technical expertise and cooperation, the AFD Group supports, a vision relying on five foundational commitments that underpin all actions: 100% Paris Agreement, 100% social link, 3D development thinking, non-sovereign first and partnership design.
ABOUT MCPI
The Microfinance Council of the Philippines (MCPI) is the national association of microfinance institutions in the Philippines. They advocate for an environment that strives for sustainability, innovation, inclusivity and client-responsive solutions as the voice of Philippine microfinance institutions. MCPI is also the primary force behind initiatives pertaining to MFIs' governance, financial and social performance standards.
ABOUT SGV & CO.
SyCip Gorres Velayo & Co., or SGV & Co., is a professional services firm that provides audit, tax, advisory, and consulting services to businesses and organizations in the Philippines. It was founded in 1946 by Washington SyCip and is a member firm of Ernst & Young Global. Through its services, the firm has helped businesses to grow and become more competitive, creating jobs and contributing to economic growth. It has also supported the government in its efforts to promote good governance and transparency in business operations.
MEET THE TEAM
Get to know the dedicated people behind the program.
Our team is made up of highly trained experts in a variety of fields.
They come from all walks of life and are united in their passion to make a difference in the lives of people from all over the world.
