Deposit accounts opened through the Overseas Filipino Bank’s digital onboarding system more than doubled to nearly 46,000 as of July of 2021, compared to the number of accounts in December last year.
In a report to Finance Secretary Carlos Dominguez III, state-run Land Bank of the Philippines said new deposit accounts opened through the OFBank’s Digital On-Boarding System with Artificial Intelligence (DOBSAI) totaled 25,648 from January to July 2021, n
And along with the 19,887 DOBSAI accounts opened as of December 2020, the total number of deposit accounts opened with OFBank reached 45,535 as of end-July.
The bank’s DOBSAI allows the real-time opening of a mobile banking deposit account on supported iPhone or Android devices.
OFBank, the country’s first branchless and digital-only government bank, is a wholly-owned subsidiary of LandBank.
The Monetary Board of the Bangko Sentral ng Pilipinas issued the OFBank’s digital banking license on March 25.