This is an exciting proposition that has a lot of growth potential, moving forward. Today, we have 872 banks, of which only 55 or 6.3% have electronic banking services approved by the Bangko Sentral ng Pilipinas. Please note that these 872 banks have more than 7,600 branches. What they need therefore are efficient and secure communication systems and infrastructure.
The economies of scale that I.T. companies such as Innove offer, therefore, will be particularly valuable to smaller banking institutions that may not have the technological expertise and enough resources to build their own e-banking facilities. Ladies and gentlemen, it was the advent of automated teller machines or ATMs that allowed banking services and transactions to continue beyond traditional banking hours.