CTBC Bank Philippines has revamped its web interface and mobile banking applications for retail clients.
In collaboration with Hitachi Asia, the newly redesigned Retail NetBanking app boasts a more unified dashboard, enhancing navigation, functionality, and user experience, according to a press release from CTBC Bank Philippines.
IMAGE CREDIT: https://www.facebook.com/ctbcbank.ph/
The app now includes personalized widgets and customizable features. It also integrates advanced security measures to protect user data. Besides requiring a User ID and password, the app introduces a time-based one-time password (OTP) system to prevent unauthorized access.
Additionally, secure socket layer (SSL) encryption ensures a secure link between the user’s device and the banking servers.
In the future, CTBC Bank Philippines has also announced plans to further enhance security with features like biometric authentication for transactions.
PH banking has sector expanded in 2023
In a related development, the Bangko Sentral ng Pilipinas (BSP) has reported that the total assets of the Philippine banking sector expanded by 9.2% to roughly $439.3 billion (PHP 25.2 trillion) in 2023.
These figures are as per central bank data released in May 2024.
This represents 83.3% of the Philippine financial system’s total resources, according to the BSP.
Banks boosted their lending and investing activities by 9.8% and 9.3%, respectively. By the end of 2023, total lending amounted to $242.3 billion (PHP 13.9 trillion), while investments totaled PHP 6.8 trillion.
Collectively, loans and investments made up about 80% of the banking industry’s total assets.
Loans to micro-, small-, and medium-scale enterprises exceeded US$8.7 billion (PHP 502.2 billion).
Additionally, loans across all industries, including households, increased in 2023, with household loans showing the highest growth at 24.6%, according to the BSP.