LISTED Bank of the Philippine Islands (BPI) is expecting 50 percent of its clients to shift to its digital platforms before the end of the year.
In a roundtable discussion on Tuesday, BPI Chief Operating Officer Ramon Jocson said that out of the 8.5 million accounts handled by the bank, 1.8 million were still transacted through traditional pass books.
“People who have pass books, they don’t even have ATMs (automated teller machines). Usually they’re older generation and they’re not used to trusting anything that’s electronic and we have to contend with that,” he added.
Jocson also said another challenge for BPI was how to migrate its ATM-using clients into using the lender’s online platforms.
“The challenge for us is for those who have accounts with us — ATM accounts that have not gotten to the branches yet to apply for an online account,” he added. “So our target right now is to get to at least 50 percent by the end of the year.”
For his part, BPI Chief Digital Officer Noel Santiago said the bank had created a digital ecosystem to attain this target.
“What we are creating is a lifestyle enabled by digital banking. It’s about helping people act in a more digital way, allowing them to get a lot of things done without missing out. Our digital ecosystem aims to make this possible,” Santiago explained.
BPI’s digital ecosystem has two components: Open Banking and the BPI Digital Platforms ― BPI Online banking website, www.bpi.com.ph, and BPI Mobile app.
“Our open banking is far-reaching and with near-limitless possibilities. We are capitalizing on this to grow our network of trusted partners so that clients can easily and conveniently transact via one app or website, wherever they are, whatever the need,” Santiago said.
These nine partners with 36 services include GCash, Lazada, and Paymaya. Clients can load e-wallets to shop and travel with ease, pay bills and transfer funds for their personal errands.
The bank has also launched Bea of BPI, the first conversational banking app in the Philippines, giving clients the convenience of having the equivalent of a personal banker who can provide one’s account balance, or help transfer money to someone.
“By logging in to our channels, we are providing our clients the easiest options to do their financial transactions — more partners, more potential for our platforms, more access for you. At the end of the day, it’s about you, our clients, logging into the amazing digital ecosystem of BPI,” Santiago said.
BPI shares rose by 5 centavos or 0.05 percent to end at P99.05 each on Tuesday.