Banks and operators of cost programs (OPS) should increase their current digital presence to help the growing demand for providers of most people amid the improved neighborhood quarantine (ECQ), the Bangko Sentral ng Pilipinas (BSP) mentioned.
“With the nationwide enhanced community quarantine measures in place to minimize exposure to the Covid-19 (coronavirus disease 2019) pandemic, there is an increasing demand and shift to digital financial services by the general public,” BSP Deputy Governor Chuchi Fonacier acknowledged in a memorandum launched over the weekend.
On March 16, the federal government positioned Luzon underneath a month-long ECQ to include the unfold of Covid-19 virus within the nation. Initially set to be lifted on April 12, the federal government prolonged it to April 30.
Final week, the ECQ within the Nationwide Capital Area and different provinces was extended for an additional two weeks or till Could 15.
Taking the present scenario in consideration, Fonacier mentioned all BSP-supervised monetary establishments (BSFIs) like banks, as effectively operators of cost programs, “should augment existing capabilities and implement appropriate strategies in order to address customers’ growing requirements for digital channels as a means to fulfill basic financial and payment transactions.”
This reminder comes as she warned that potential capability points, if not correctly managed, might result in disruptions of crucial monetary providers and buyer complaints.
Moreover inadequate capability, different points which may be encountered in the course of the ECQ interval embrace unavailability of key data expertise or operations personnel and demanding third occasion service suppliers and growing cyber-attacks, amongst others, the central financial institution official added.
“Although service degradation may not be avoidable in a crisis scenario, anticipation of these issues, development of the mitigation plan or strategy, and implementation of compensating controls will help minimize impact of the disruption to the customers,” she additional mentioned.
On a optimistic word, Fonacier believes the elevated demand for digital monetary providers presents a fantastic alternative for BSFIs to market new and current monetary services.