Lender Security Bank has reported a dramatic increase in online banking transactions since mid-March when the Philippines was locked down to curb the coronavirus pandemic.In a statement, Security Bank said online banking use rose by 170 percent between March 17 and Aug. 31 this year.
Online money transfer during the period recorded a 312-percent year-on-year growth, mostly via InstaPay, which allows hassle-free interbank 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 automated teller machine (ATM).
“We have seen a surge in the number of people transacting via Security Bank Online (SBOL) 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,” said Security Bank executive vice president and head of transaction banking group John Ong.Among the products offered by Security Bank through its SBOL platforms are its high-yielding eSecure Savings (eSS) account, which is available to existing depositors, and the unit investment trust fund (UITF). Ong said the rapid increase in online banking users signified positive response from the public as more and more people adapt to the new normal. The bank vowed to offer more online banking features and services as it speeds up online integration and innovations.
“Security Bank will continue to test and roll out new user-friendly features, streamline our digital solutions, and strengthen our technology and platforms to support the changing needs of our customers. Our commitment to continuous innovation allows us to provide BetterBanking services to those we serve,” he added.
Recently, the bank launched its online account opening service for new clients through Skype video calls. Its latest credit card service, SimplyPay, also allows credit card cardholders to pay for big-ticket expenses directly to the receiver’s deposit accounts. —Doris Dumlao-Abadilla INQ