The Chamber of Thrift Banks (CTB), the umbrella organization of thrift banks in the Philippines, on Friday underscores the strategic importance of artificial intelligence (AI) in shaping the future of banking, as the Chamber anticipates challenges and opportunities in the widely digitalized space.
CTB is celebrating fifty years of dedicated service. This year’s conference carries the theme “Chamber of Thrift Banks @50: AI in Banking.”
“Over the past five decades, CTB has faced various challenges and seized numerous opportunities, playing a significant role in shaping regulatory reforms like the Thrift Banks Act of 1995,” said CTB President Cecilio D. San Pedro.
“We have expanded our mission to promote economic development through savings mobilization and credit extension, particularly to SMEs and the housing sector,” added San Pedro.
CTB achieved significant milestones through collaborations with the Bangko Sentral ng Pilipinas (BSP).
Virtual training programs focusing on key regulatory aspects such as the Financial Consumer Protection Act of 2022, Anti-Money Laundering Act updates, and BSP initiatives on banks’ digital transformation and cybersecurity were conducted, showcasing CTB’s commitment to fostering industry excellence.
Looking ahead, CTB recognizes the imperative of digital transformation for the continued success of thrift banks. At the forefront of this transformation is the integration of AI, which offers unparalleled opportunities for innovation, efficiency, and customer-centricity.
“Investing in digital transformation is paramount for thrift banks to remain competitive in the evolving banking landscape,” said Jerome Minglana, Chairman of the CTB Convention Committee.
“Collaboration with fintech pioneers offers member banks a gateway to advanced technology, streamlined services, and operational efficiency.”
“By staying attuned to evolving customer needs and leveraging innovative technologies like AI, thrift banks position themselves for success in an ever-evolving banking landscape. It is crucial for thrift banks to embrace digital transformation as a strategic imperative to enhance competitiveness, drive innovation, and deliver superior customer experiences,” Minglana explained.
CTB was organized in 1974 as the Chamber of Savings and Development Banks and was then composed of 10 savings banks, 28 private development banks, and 44 savings and loan associations.
It was organized primarily “to provide an institutional medium through which the members can collectively assist and cooperate with one another, with other members of the banking sector, and with the National Government and its instrumentalities, more particularly the Bangko Sentral ng Pilipinas to promote, develop, expand and strengthen the role of savings and loan associations, private development banks and savings and mortgage banks (otherwise known as thrift institutions), in the accumulation of savings, enhancement of trade, commerce, industry and agriculture, and in the economic development of the county.”
On November 20, 1996 the Chamber was officially registered with the SEC as the Chamber of Thrift Banks (CTB).
CTB currently has 41 member-banks nationwide, with more than 2,600 branches that include the so-called “branch-lites” or micro-banking offices (MBOs) that bring financial access points even to underserved or unbanked populations.
