Author : Jazarene B. Lingad 1
Date of Publication :28th September 2023
Abstract: As technology advances rapidly in the Philippines, digital transformation emerged as one of the shaping forces for the competitive landscape in the banking industry. This study was conducted to determine whether there is a potential growth for banks venturing in digital transformation, such as UnionBank, given that there has been an expanding market penetration coming from digital wallet solutions. As the market penetration for digital banking grows, an e-wallet solution is another option. To this, a great need for understanding and analyzing the current gaps, trends, and practices is essential to build and maintain a competitive advantage for banking institutions leveraging digital innovations. To assess this, STEEPLED Analysis, Scenario Planning and Technology Roadmapping was used to build a Technology Foresight for digitally-transformed banks. The study revealed a notable inclination towards using e-wallet solutions over mobile banking applications. Based on the interviews and customer reviews collected, there is a substantial potential for improvement that can significantly enhance the usability and user experience of e-wallets. In light of potential scenarios such as an economic downturn, cybersecurity breaches, and the introduction of new regulatory requirements, it is crucial to address certain concerns like this. Finally, adopting emerging technologies in the business’ future strategies is paramount to maximize utilizing the potential of going digital and remain competitive in the fast-paced ever-evolving digital landscape.
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