Security Bank Corporation saw a 170-percent increase in online banking usage between March 17 and August 31, 2020. This exponential growth in online banking users can be attributed to the implementation of the enhanced community quarantine (ECQ) from March to June, which further drove the adoption of digital banking in the country.
Online money transfer recorded a significant increase in 2020 compared to 2019 with a 312-percent growth on online fund transfer transactions. Said activities include InstaPay which allows hassle-free inter-bank fund transfers and eGiveCash, the bank’s remittance service which allows clients to send money online and recipients to withdraw the funds at any Security Bank ATM.
“We have seen a surge in the number of people transacting via Security Bank Online (SBOL) with transactions growing steadily month-on-month. We’ve also noticed that a huge chunk of transactions come from online bills payment. This has been one of the main drivers of our electronic channel growth with a 48-percent increase versus the previous year,” EVP & Transaction Banking Group Head John Ong said.
Some of the products that Security Bank offers through its SBOL platforms such as its high-yielding eSecure Savings (eSS) account, which is available to existing depositors, and the Unit Investment Trust Fund (UITF) have shifted to online availability.
Security Bank also recently launched its Online Account Opening Service for new clients through Skype video calls, and its latest credit card service, SimplyPay, which allows credit card cardholders to pay for big-ticket expenses directly to the receiver’s deposit accounts.
By The Manila Times
Source: Peso Economics
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