Banks around the world have accelerated their technological advances over the past decade. There’s a good reason for that. Those who cannot advance become obsolete. The pressure to stay ahead continues to increase as customers demand more immediate and user-friendly experiences.
Enter fintech companies like Salmon, which is based in the Philippines. They leverage agility, talent, and innovation to not only compete and collaborate with banks, but also to acquire banks and transform them into full-fledged financial institutions.
For senior executives at established financial institutions, this is a familiar story. Legacy in-house systems are on paper and fully customizable. However, the ability and flexibility to scale quickly is not equal to cloud-native SaaS platforms such as: Oradiancan be provided.
These cloud cores give you the freedom to quickly bring new products and services to new markets without having to build your financial infrastructure from scratch. With Oradian’s latest product development, Custom code°customization capabilities can not only rival in-house systems, but also improve upon them.
Taking a customer-centric approach to growth in the Philippines
The Philippines is seeing significant growth in the fintech sector. As of 2023, the country will 52.8% of all monthly retail payments converted For digital trading.
From a government perspective, there is a big push to increase digitalisation, which is also encouraging the growth of local start-ups. Many of these startups operate in the fintech space. The opportunity to address the unmet economic needs of local populations is too attractive to pass up.
Salmon is one of the financial institutions that has emerged as a leading player in the Philippine market.
rear get Since its founding at Santa Rosa Regional Bank in early 2024, Thermon has been bridging the gap between modern banking services and unbanked and underbanked customers in the Philippines and other parts of Southeast Asia. Significant emphasis on filling.
However, meeting the needs of customers who are unfamiliar with current banking technology is a challenge in itself, requiring Thermon to adopt a highly customer-centric approach. The products and services created must be easy to understand and operate, while also offering cost-effective benefits.
A number of technologies were leveraged to achieve this, including AI-enabled solutions and a proprietary credit engine. Additionally, Salmon has partnered with Oradian, a core banking technology provider. The highly customizable and configurable nature of Oradian’s platform has enabled Salmon to fulfill its mission of creating innovative and comprehensive financial products.
Other key capabilities Oradian provided Salmon included scalability, flexibility, real-time updates, and the ability to localize services without disrupting core business functions.
Leveraging cloud-native capabilities and the power of an experienced team based in Southeast Asia, Oradian quickly implemented a core banking support solution for Salmon’s credit line functionality in a matter of months. This allowed Salmon to quickly begin connecting with customers in the target region.
Tailoring your solution with Oradian Custom Code°
Oradian’s Custom Code°, available to all customers, enables financial institutions to gain an edge in dynamic markets, offering flexible and lightweight coding options that can be implemented directly into their systems for bespoke solutions .
In Salmon’s case, the benefits of system flexibility played a key role in the agency’s decision to work with Oradian.
CEO George Chesakoff said:
“Cloud-based systems can’t really be changed. It’s one size fits all, and that’s not our style. What Oradian has given us is the beauty of being a ready-made solution hosted in the cloud. It’s not just the ability to do it, it’s the ability to further develop it using the latest software development techniques, making it even more future-proof in terms of how you build your IT organization.”
Oradian Custom Code° offers several key features that allow financial institutions to easily tailor the solution to their exact needs.
Common use cases include:
Special calculations: Oradian’s specialized calculations allow financial institutions to set product-specific rules, such as automatically applying late fees when an account exceeds a set threshold, so new Adaptation to market conditions is streamlined.
Enhanced reporting features: Advanced reporting capabilities enable institutions to gain insights through custom formulas and data tags, enabling them to quickly and data-drivenly respond to changing customer needs and regulatory changes.
This improves operational efficiency by proactively identifying and addressing the unique needs of clients in specific regions, such as the Philippines.
Building a custom API: Institutions can develop their own APIs directly within the system, such as combining “create account” and “edit account” actions.
Oradian’s custom API capabilities improve system interoperability and scalability, enabling financial institutions to meet evolving requirements and streamline financial workflows.
Results – Salmon significantly increases mobile app usage for payments
Since the introduction of Oradian’s system Instafin, Salmon has experienced significant growth and increased adoption of its digital capabilities. Despite the nature of modern financial technology, which was previously unfamiliar to customers in the region, more than 90% of Thermon’s customers now use the company’s mobile app to monitor and make payments.
Real-time alerts and flexibility allow Salmon to serve these customers according to their needs and preferences.
Oradian provides a truly future-ready core banking platform that drives financial institutions’ growth and success. Oradian enables rapid entry into any market, including previously underserved markets.
download Learn more about the challenges, outcomes, and cloud-native core banking technology in the Oradian x Salmon case study.
