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Friday, March 29, 2024

Filipinos still shun mobile banking

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Unysis, a global information technology company, hopes to help accelerate mobile banking adoption in Asia Pacific, despite the results of the Unisys APAC Banking Insights Survey which shows most consumers still prefer face-to-face bank transactions.

The Philippines has the highest preference for visiting the branch, based on data by research firm OmniPoll, where 1,000 people from the Philippines, Australia, Hong Kong, Malaysia, New Zealand, Singapore and Taiwan were surveyed.

“We asked this [preference] because we are interested in the bank customer experience when it comes to fraud protection. Some of the observations surprised us a little,” Unisys Asia Pacific financial solutions director Ian Selbie said in a briefing at Makati Shangri La Hotel.

Unisys Asia Pacific financial solutions director Ian Selbie

The balance of security and convenience on the costumer experience was also examined. Based on the survey, 51 percent of the respondents said they would feel frustrated by the inconvenience if the bank would block their credit card because of suspected fraudulent transactions even though they are genuine. Even so, they are glad that employees take legal actions to protect them. 

The findings suggest that banks need to improve their service to accurately detect fraud cases and to prevent inconvenience and losses from the customers. 

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Moreover, two well-known banks were involved in a fraud case which was later commented by Selbie “I don’t think that was fraud. [It must be an] incorrect perception,” he said.

Selbie said Unisys aims to improve bank service for better customer service through technology. He does “not expect the branches to go away. They will still play a key role.”

Richard Parker, vice president for financial services of Unisys Asia Pacific, said while banks in the Philippines offer a range of digital channels, “they do not yet provide a compelling enough experience for customers to replace visiting the branch.” 

“This is typical for other emerging markets such as Malaysia and Taiwan and means that the branch remains an important channel within an ever-evolving omichannel strategy,” Parker said.

Unisys contributes in providing industry-focused solutions integrated with leading-edge security to clients in the government, financial services and commercial markets.

“Through the years, Unisys has provided services that the Philippines is actually using. One of the largest banks in the Philippines is using check-processing,” said Selbie.

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