Security Bank Corp., the seventh-largest lender in terms of assets, said it expects more digital transactions in the coming months amid the health crisis.
Security Bank executive vice president and head of transaction banking group John Ong said that from March 17 to Aug. 31, the bank saw a 170-percent increase in online banking with the implementation of the enhanced community quarantine.
“We have seen a surge in the number of people transacting via Security Bank Online with transactions growing steadily month-on-month. We’ve also noticed that a huge chunk of transactions come from online bills payment. This has been one of the main drivers of our electronic channel growth with a 48-percent increase versus the previous year,” Ong said.
Online money transfer recorded a 312-percent increase in 2020 versus 2019. The said activities include InstaPay which allows hassle-free Inter-bank fund transfers and eGiveCash, the bank’s remittance service which allows clients to send money online and recipients to withdraw the funds at any Security Bank ATM.