The Bank of the Philippine Islands (BPI) has passed the 1-million mark for mobile-banking users and targets to acquire at least half of the lender’s clients over the next five years.
BPI Vice President and Electronic Channels Division Head Carlo Carmelo Gatuslao said 1 million of the 7 million BPI retail clients use the bank’s mobile app at present.
He said BPI already exceeded this year’s 40-percent growth target or 800,000 mobile-banking users by year-end. Combined online and mobile-banking users already reached 1.8 million and mobile-banking users alone reached 1 million.
“We expect our digital channel enrollment and usage to grow. We will offer more services beyond what we have now. Currently the penetration rate is 35 percent of our customers. Half of the bank’s customers will use electronic banking in five years. We can have half of 7 million bank clients in five years,” he said. He sees further growth in usage of mobile-banking services because of the convenience and efficiency it offers.
“With the BPI Express Mobile app, our clients can easily access their accounts and make financial transactions even with the most affordable smartphone. About 32 percent of smartphones users in the Philippines use it for data. In five years, the number of smartphone penetration will double,” he said.
BPI Assistant Vice President Frederick Faustino said mobile-banking financial transactions averaged 1.6 million transactions a month totaling Php12.6 billion. The transactions involve cash transfer and bill payments, Faustino said. He said most of the mobile-banking users were aged 20 to 45.
BPI’s leadership in Philippine mobile-banking was recently affirmed by two prestigious award-giving bodies in the financial services industry. The Asian Banker recognized BPI for the Best Mobile Banking in the Philippines award and the Bank Marketing Association of the Philippines awarded BPI as Best Electronic Delivery Channel.
The award honors the bank with a mobile-banking platform that demonstrates the use of the full range of current mobile device technology for financial transactions and services in the most intuitive and secure manner possible.
Earlier in the year, The Asian Banker also named BPI as the Best Retail Bank in the Philippines for 2015.
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