IBM (NYSE: IBM) today announced that PR Savings Bank, one of
the fastest growing thrift banks in the Philippines, has selected IBM Power
Systems to improve the efficiency and reach of its banking services across
urban and rural communities in the country.
PR Savings Bank is implementing the IBM Power 730 Express to help provide financial services, such as loans, deposits, and money transfers for individuals, small and medium companies, across its 92 branches and other banking offices from as far North as Aparri in Cagayan Province to Davao City in Mindanao. PR Saving Bank will use upgraded infrastructure to improve processing efficiency in loan approval cycles which it hopes to shorten to just a couple of hours.
PR Savings Bank is implementing the IBM Power 730 Express to help provide financial services, such as loans, deposits, and money transfers for individuals, small and medium companies, across its 92 branches and other banking offices from as far North as Aparri in Cagayan Province to Davao City in Mindanao. PR Saving Bank will use upgraded infrastructure to improve processing efficiency in loan approval cycles which it hopes to shorten to just a couple of hours.
Founded in 1977, PR Savings Bank has experienced significant growth in the last three years with its loan portfolio increasing 2.4 times and its assets tripling to reach PHP 8.1 billion. Supporting thousands of individual clients and small and medium enterprises means executing numerous transactions daily: handling iterations securely, maintaining full data integrity while ensuring regulatory compliance across multiple subsystems and constantly balancing workloads.
“PR Savings Bank recognizes the role of technology in transforming operations and enabling growth,” said Roberto P. Alingog, PR Savings Bank President and CEO. “This key investment in our IT infrastructure will help us build up our computing capacity to focus on providing more innovative and tailored banking products such as mobile and online remittances and settlement payments, deposits instruments and loans facilities to our growing mix of clients that include private and government employees, farmers, self-employed individuals, overseas Filipino workers and their families, micro, small, and medium enterprises.”
The IBM Power 730 Express is capable of running up to 30,000 applications, a vital benefit to banking organizations which require fast speeds from their hardware to process applications. It also features IBM's Power VM virtualization technology, which offers unparalleled performance, energy efficiency, workload optimization and stability. Its innovative Energy Scale technology enables an array of energy-saving features, such as power trending, power-saving, capping of power, and thermal measurement, contributing to overall cost-savings in their power costs.
“Smarter Computing is an approach to IT based on the wide breadth of advanced systems and software that IBM offers and continues to develop,” said Chestnut Andaya, Country Manager for General Business, IBM Philippines. "We help companies and governments around the world and in the Philippines to adopt smarter computing systems which use intelligence to drive operational efficiencies and optimise workloads, concurrently reducing costs. The solution implemented at PR Savings Bank will help our client to improve access to financial services for rural households and businesses and to bring innovative services such as mobile and online banking to remote regions in the Philippines. "
As part of its geographic expansion initiative, IBM is actively expanding its business operations in the Philippines and other ASEAN countries where large growing organizations such as PR Savings Bank benefit from IBM's global scale and local presence to drive continued business growth across the country.
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