Expression of Interest for Financial Inclusion Framework Strengthening - National Consulting Firm: Fintech For Inclusion Transformation (Fit) Program For Rural Banks

Financial Inclusion Framework Strengthening - National Consulting Firm: Fintech For Inclusion Transformation (Fit) Program For Rural Banks For The Past 70 Years, Rural Banks In The Philippines Have Played An Important Role In Promoting Financial Inclusion In The Regions Where They Operate, Offering Front-Line Financial Services To Rural Populations Underserved By Traditional Commercial Banks. Rural Banks Remain As Key Financial Service Providers For Farmers, Fishermen, And Msmes. Rural Banks In The Philippines Are Now Facing Growing Competition In These Rural Communities That Used To Be Served Exclusively By Them. Large Commercial Banks Using Digital Financial Services Are Extending Their Reach Into Rural Communities. Despite A Wide Range In Size And Activity Levels, Rural Banks Remain In A Unique Position To Extend The Reach Of Financial Services In Rural Areas. However, To Face This Competition, Rural Banks Must Address Two Challenges: • Improve Their Efficiency To Reduce Their Cost Of Operations, Mainly Linked To Outdated Time- Consuming Manual Processes That Slows Their Business Down And Makes Their Operations Inefficient; And • Offer Better Services To Their Clients Who Are Increasingly Demanding Access To Digital Financial Services And Mobile Apps To Manage Their Personal Accounts Without Having To Travel To The Bank’S Branch. Digital Transition Of Rural Banks Has Emerged As One Of The Key Elements To Address These Challenges.