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BPI makes banking easy with digitalization initiatives

The COVID-19 pandemic has prompted many Filipinos to shift to digital. Mobile and online platforms have helped users bank, pay bills, and shop, among others, while in the safety and comfort of their own homes.

“The pandemic accelerated the shift to technologies like mobile banking apps to transact even at home,” said Fitzgerald Chee, Bank of the Philippine Islands (BPI) Head of Consumer Platforms, during the recent BusinessWorld Economic Forum. “We see much potential and opportunities in the payments and general banking space, especially now that people are embracing the use of online platforms.”

In 2017, 23% of Filipino adults had bank accounts. By 2021, the number had jumped to 53%. Contributing to that were the efforts of financial institutions such as BPI to reinforce digitalization and harness open banking to make financial transactions easier, more intuitive and empowering. Committed to promote financial inclusion in the country, BPI is determined to make banking products and services more accessible to more people.

Mobile and online banking

BPI’s digital platforms are certainly paving the way for greater financial inclusion, customer convenience, and security. BPI Mobile makes banking functions available 24/7, allowing clients to get more things done in a safer and more secure way.

Also, clients can now open another deposit account via the app in minutes. Plus, they can set their debit card control limits, view bank statements, and enroll third party app accounts for easier fund transfers.

BPI’s development of a formidable roster of open banking partners empowers clients to enjoy convenient and secure seamless transactions for e-wallets, popular e-commerce and delivery apps, prepaid phone services, prepaid utilities, prepaid transportation, government payments, insurance payments, donations, and many more.

The Mobile Key feature also provides extra security to clients, allowing them to verify their online banking transactions through biometrics or nominated PIN code. This enables easy verification and quick transaction since there is no need to wait for an SMS OTP to arrive.

“Cybersecurity is really important in a bank or any financial institution. Why? because our business is about making sure that people’s money is safe. At BPI, we really put an emphasis on the importance of cybersecurity as we understand the implication of this not just on our business, but on our customers,” said Chee.

Employing smart and easy features is also part of BPI’s approach to foster the interest and confidence of the public in digital banking.

At the forefront of innovation

BPI has proven to be a digital trailblazer. It was the first bank in the country to introduce an online banking platform in 1999—four years after the internet became available in the country—and a mobile app in 2009.

In the last decade, BPI Mobile has been streamlined and optimized to handle more users.

In 2022, more than 60% of BPI’s clients are enrolled in the BPI Mobile app. The Bank has seen the sustained utilization of the platform as most banking transactions are still done digitally even as more branches have reopened.

As digital banking continues to gain ground, BPI will continue to build on its capabilities to further elevate the banking experience of Filipinos.

“We’ve been looking at different technologies out there, a wide-range of possibilities and opportunities that can definitely bring impact to each of us in the future,” Chee said.

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