Banking transitioning smoothly to mobile, online platforms

The coronavirus pandemic has greatly affected the way we live our everyday lives.

Banking transitioning smoothly to mobile, online platforms

Staying-at-home has been the theme for the past couple of months as lockdowns have been imposed from all parts of the country as a preventive measure in stopping the spread of COVID-19.

With the "new normal' of social distancing and contact-less engagement, the world has become digital overnight.

Despite the unprecedented disruption brought by the pandemic, banking smoothly transitioned to mobile and online platforms, with the big help from modern technology.

With the strong performance of e-commerce, banks in the country promise to continue weathering the challenges of transacting with people at home, while mobile banking applications are modified and upgraded to cater to the needs of their customers and depositors.

In mid-May, Bangko Sentral ng Pilipinas released a report on the decline of ATM transactions in Luzon by 25%, while the value decreased by 30%. At the same time, there was a spike in the use of e-payment services and online banking portals.

Banking transitioning smoothly to mobile, online platforms

A report by Philippine Payments Management Inc.—the BSP-designated payment system management body —revealed that 8.8M InstaPay fund transfers were processed in April, representing an increase of 2.2M, or 32%, over the previous month. The growth figure from February to March is represented at 10 percent.

The best example for this rise in digital banking is the UnionBank of the Philippines,  which reported a 160% increase in daily signups in its online and mobile banking platforms for the month of March.

The Ayala-led Bank of Philippine Islands (BPI) booked a 25 percent jump in its retail digital transactions, including money transfers, interbank transfers, transactions with e-commerce partners and bills payment during the enhanced modified community quarantine.

As the country is still nowhere near returning back to its old ways, internet banking is expected to grow stronger even in the post-pandemic era.

Banking transitioning smoothly to mobile, online platforms

For the meantime, Filipinos should embrace the much safer, hassle-free and convenient online banking to avoid exposing themselves to the coronavirus and the elements outside.

Topics: COVID-19 , Bangko Sentral ng Pilipinas , Philippine Payments Management Inc.
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