ICAN app and other mobile banking services to serve over 100 underbanked communities
SURIGAO DEL SUR, Philippines – Cantilan Bank (CANBNK), a pioneer in digital rural finance, is implementing its mobile first strategy by officially launching its latest digital channel, the ICAN mobile banking app.
The recently launched iCAN mobile app has been deployed to provide safe and secure cashless financial services to underbanked communities 24/7 and give them efficient mobile access to basic transactions such as money transfer, bill payment, prepaid phone recharging and QR code payment.
CANBNK has been a key advocate for Bangko Sentral ng Pilipinas (BSP) ‘s 2020-2023 digital payments transformation roadmap, which aims to have 50% of total retail transaction volume pass digitally and that 70% of Filipino adults are financially included.
“Banque Cantilan’s determination and commitment to truly help people in the countryside have indeed become its driving force towards innovation. It is the first bank in the country to adopt cloud-based technology for its core banking system, paving the way for other rural banks to do the same. For this achievement, BSP awarded Cantilan Bank the Digital Trailblazer Award 2019 at our stakeholder awards ceremony, ”BSP Governor Benjamin Diokno said.
BSP recently granted licenses and approvals to CANBNK to operate as an Electronic Money Issuing Bank (EMI-Bank), to engage in branch banking, and to offer electronic payment and financial service (EPFS ) cloud-based. This allows bank customers to access mobile banking, e-wallet and treasury agency services in one application.
iCAN is a prime example of how innovation is achieved through partnership, made possible through the support and collaboration of the Asian Development Bank (AfDB), the International Finance Corporation (IFC), the center of regional and market innovation APIX and fintech Geniusto.
The AfDB has been integral to CANBNK’s digital success, noting its key role in promoting financial inclusion in the rural banking sector.
“We are inspired by Cantilan Bank as it continues to lead the way for many others in the finance industry and to leverage digital technology for innovative transformation. They demonstrated that a small rural bank can also be technologically innovative and competent, ”said Junkyu Lee, AfDB Financial Sector Group Leader.
Lowell Campbell, IFC’s global digital finance specialist, who has supported CANBNK’s transformation journey, noted, “(The) next step now is to deliver the next level of innovation in a sustainable and relevant manner to the communities that we believe in. you serve, and one of them was how to build mobile banking, how to harness the power of fintech. “
CANBNK intends to maximize its digital and cloud-based omnichannel platform to effectively increase end-customer access to a variety of digital financial services during the pandemic crisis through partnerships with regional innovation champions such as APIX, the premier API Marketplace architecture and sandbox platform for collaboration between fintechs and financial institutions.
By developing a multi-faceted mobile app, Shane Hermans, Founder and Chief Innovation Officer of Geniusto, worked side by side with CANBNK to deliver the best version of iCAN to his customers.
“We had the pleasure of concretely experimenting with the accelerated objective of integrating the rural landscape into the digital space. The staff of Cantilan Bank have also ensured that better, safer and more economical services are put in place for their clients. ICAN is the first step in our continued digital expansion partnership in the rural countryside, ”he explained.
In closing, CANBNK Chairman of the Board, Lt. Gen. William Hotchkiss III, AFP (retired), stressed the need for a mobile-centric strategy with a customer-centric business model, to diversify products and online service channels, and to continue the significant process of digital transformation in a post-COVID digital economy.
iCAN is now available for download on Google Play and the Apple App Store.