More Filipinos warming up to online banking, Citi survey shows
More News from Doris C. Dumlao
More News from Philippine Daily Inquirer
Three out of four Filipinos are now comfortable conducting online banking transactions, based on a Citigroup online poll.
“We are seeing a marked shift to online and mobile banking, and in Asia, we already see 98 percent of all transactions taking place outside a branch,” Citi Philippines consumer business manager Bea Tan said in a statement on Wednesday.
This conclusion was derived from an annual online poll that measures the Fin-Q or financial quotient of Filipino consumers. The survey covered 3,500 online respondents across seven countries including the Philippines. Five hundred interviews were held in each of the participating countries that include Australia, India, Indonesia, Korea, Singapore and Taiwan.
The survey showed that 75 percent of the people covered, those who have either a bank deposit or credit card account, were now doing almost all their banking transactions through their computer, tablet or mobile phone.
Only one of every four respondents continue to visit the branch, and mostly for face-to-face meetings with the bank managers or account officers. Only 9 percent of respondents said they had yet to try online banking.
The same survey showed that popular transactions online included account inquiries, bills payment and funds transfers between accounts. This trend was attributed by Citi to new technologies that offered customers user-friendly solutions and enhanced security.
The Citi Fin-Q Survey also showed that Filipinos were showing growing interest in using online banking beyond the usual transactions. About 92 percent of respondents wanted to “take their banking with them” and be able to access all of their finances while traveling, and 78 percent expressed interest in global investment opportunities.
In line with this, Tan said Citi was committed to remain a step ahead of its clients’ needs especially in the online banking space where Citi had gained considerable ground.
“As of September 2012, we have already registered more than 1,000,000 mobile banking users for Citi in Asia, and we are confident that the number has grown since,” she said.
One online banking innovation cited by Citi is the newly-launched One-Time Personal Identification Number (PIN) which uses Citibank Online, the bank’s multi-awarded Internet banking platform.
The One-Time PIN is a unique six-digit PIN, sent via SMS, which allows users to access their account details and complete online transactions via Citibank Online. Users of Citibank Online need to key in their username and password first before they will be prompted for a One-Time PIN. The One-Time PIN acts as a second-level authentication method to ensure that online transactions are secure.
The One-Time PIN may also be generated via the Citi Mobile Banking App, an application available to Apple and Android device users. Also available for a minimal fee is Citi’s Online Security Device, which generates One-Time PINs in one click.
Another recent addition to Citi’s roster of online banking services is the “Call Me” service for clients who wish to apply for another credit card, or those who have yet to own a Citibank credit card. Consumers can click on the “Call Me” button at the upper right section of Citibank Online’s homepage to request Citi to call.
As the number of online banking users rise, Citi said its mobile application had also gained foothold in the mobile banking space. This app represents a suite of mobile banking applications for Android, BlackBerry and iPhone. It enables credit card and bank clients to access their accounts and complete a range of banking transactions using their preferred smartphones.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94