by Jan Michael Carpo, Reporter
In a significant move to enhance financial accessibility for Filipinos, BDO Unibank Inc., led by the Sy family, is introducing digital innovations like self-service machines across its branches nationwide. This initiative, according to the bank, aims to provide a seamless blend of physical and digital banking experiences — or “phygital” options — to its customers.
BDO introduces new digital innovations like self-service machines to enhance the banking experience for its clients (IMAGE CREDIT: https://www.bdo.com.ph/).
Integrating technology into BDO’s traditional services
BDO believes that integrating technology into the bank’s traditional over-the-counter services can help streamline processes, reduce wait times, and offer a more efficient customer experience. By offering an additional transaction-completion channel, BDO ensures a more efficient and customer-centric branch experience.
“We always strive to improve how we assist our customers,” said BDO branch banking group head Cora A. Mallillin. “By incorporating technology, we provide a digital banking experience that saves time and enhances convenience.”
“BDO’s digital banking solutions are now accessible on mobile phones and branches. Our bank branches have self-service stations and universal machines, among other digital banking technologies,” Mallillin further stated.
The new service and account assist devices will allow customers to input transaction details before interacting with branch staff, eliminating the need for manual form filling. With these machines, customers can scan QR codes for online branch booking, encode transaction details, queue their transactions, and benefit from priority queuing.
Additionally, the account assistance machines will help customers pay credit card bills, access online accounts, and open new accounts.
BDO offers various options for banking and payment methods that cater to their client’s preferences, whether they prefer physical or digital channels. These include branches, ATMs, mobile apps, websites, agency banking, and payment channels.
For those who prefer remote banking, BDO offers the BDO Online and BDO Pay application platforms. Through BDO Pay, customers can make payments linked to their BDO accounts, while BDO Online enables them to manage accounts, track finances, and perform various transactions.
BDO‘s commitment to financial inclusion
BDO’s commitment to improving financial inclusion is evident in its phygital approach, which combines the best of digital and physical banking. This dedication to innovation ensures that Filipinos have access to reliable, inclusive financial services, empowering them to achieve their financial goals with confidence and ease.
In a related development, a top executive of BDO Unibank Inc., the country’s largest bank, has stated that it will remain cautious this year despite strong profit growth in 2023 and in the first quarter of the year.
Earlier this year, BDO announced that it had achieved a net income of PHP18.5 billion in the first quarter of 2024, marking a 12 per cent increase compared to the same period last year. This performance has also resulted in an annualized Return on Common Equity (ROCE) of 14.3 per cent for the quarter.
BDO expands its footprint with a new branch opened in Bicol
The bank’s focus on growth and customer satisfaction is underscored by its impressive 41% increase in net income in the first quarter, rising from P11.7 billion to P16.5 billion compared to the same period last year. With 1,729 branches already in operation, BDO plans to expand further, particularly in underserved areas.
“As we look toward 2024, we see a stronger BDO in an improving economy. However, we have to remain vigilant given the country’s vulnerability to geopolitical shifts and external economic activity,” said Nestor Tan, president and CEO at BDO Unibank Inc., in a press release.
“Generally, we expect interest rates to go down and when things start to stabilize, we expect NIMS (net interest margins) to slightly decline because yields will go down. So that means we expect it to be flattish to slightly going down,” he further stated.
BDO Unibank’s phygital banking strategy not only showcases its commitment to innovation and customer happiness but also reinforces its role in driving financial inclusion across the Philippines.