Land Bank of the Philippines (LANDBANK) has continued to enjoy a surge in its digital transactions in the first quarter of this year, with transactions jumping to P736 billion for a 30 percent increase in value.
According to a press statement from the state-owned bank, its digital banking channels were able to record a total of 41.2 million transactions from January to March that’s worth around P735.95 billion.
This figure means that the bank had a five percent improvement in its volume and a 30 percent hike in value as compared to the same period last year.
The statement further stated that the increase came about as more and more customers in the Philippines continue to shift to digital banking solutions.
Surge due to combined transactions from mobile banking applications
Broken down, LANDBANK said that such increases were derived from the combined transactions from the bank’s mobile banking applications such as iAccess, weAccess, Link.BizPortal, and electronic modified disbursement system (eMDS), as well as from LANDBANK’s bulk crediting system.
The overall transaction value was driven by eMDS, LANDBANK’s internet facility for national government partners, which recorded nearly 600,000 transactions to pick up by 22 percent from P447.5 billion.
This amount is equivalent to roughly 85 percent of all the disbursements of the government from January to March this year.
On the other hand, WeAccess, LANDBANK’s corporate Internet banking platform, facilitated transactions worth P199.38 billion (up by nearly 40 percent).
LANDBANK’s bulk credit system facilitated 1.8 million transactions equivalent to P19.7 billion, the biggest increase in value at over 1,400 percent during the quarter. Its mobile banking app likewise improved with 32.2 million transactions amounting to P61.79 billion, up by eight percent and 31 percent, respectively.
LANDBANK’s online retail banking channel iAccess posted a slight improvement in terms of total transactions, which amounted to P4.6 billion or a two percent increase in value.
Finally, Link.BizPortal, the bank’s web-based payment channel, also saw improvements in both volume and value at 2.18 million transactions equivalent to P3 billion.
A commitment to safe and convenient banking services
In light of recent trends in the Philippine financial system, particularly with the brewing merger between LANDBANK and Development Bank of the Philippines (DBP), LANDBANK’s president and CEO Cecilia Borromeo stated that the financial institution remains committed to safe and convenient banking services.
“We are focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” Borromeo said.
IMAGE CREDIT: www.landbank.com
Late last week, the state-run bank launched its digital onboarding system (DOBS) Mobile through its Facebook page. The system, which allows people to open a savings account using their mobile phones, was created in support of the government’s Ease of Doing Business (EODB) bid and is also meant to help address pandemic-related health protocols.
The DOBS Mobile has various features such as cardless withdrawal through the mobile app, and transfer of funds as well as bills payment through both the Mobile Banking App (MBA) and the Landbank iAccess, among others.
According to Borromeo, some four million accounts have already been opened via the LANDBANK digital onboarding system, including clients of the Overseas Filipino Bank (OFB).
This year, the bank says it targets to grow its overall digital transactions by at least 60 percent in terms of both volume and value.