BPI mobile-banking users hit 1 million

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.

BPI sets new banking trend with Make the Best Happen Campaign

Bank of the Philippine Islands (BPI) is setting a new trend in banking with its Make the Best Happen campaign. Over and above offering its range of products and services, BPI first of all wants to support its clients by helping them focus on their life aspirations.

BPI, the first bank in the Philippines and in South East Asian region, has a wide range of consumer, corporate, and investment banking products and services. In a statement, Cezar P. Consing, BPI President, said the bank wants to focus on needs-based financial planning where individuals make decisions based not on returns but on the goals they want to achieve.

The process begins with helping clients identify their life needs and goals and then create a priority list based on those aspirations. Clients are then encouraged to make personal financial assessments, computing, among others, one's net worth, cash flow requirements, and even emergency funds.

Based on this initial assessment, BPI helps clients create a game plan, mindful of their budgets, goals, risk profile and investment options.

"BPI empowers Filipinos to make the best of their lives happen through its innovative and accessible financial solutions," Consing said. "We strive to know and understand the individual circumstances and financial needs of our clients, then offer financial advice. Only then do we propose certain solutions that are suitable and customized for each and every client."

Tricia Quiambao, Head of BPI's Strategic Management, said BPI's Make the Best Happen campaign is a different look on banking. "We put a premium on understanding our clients and their needs, whether it's to travel, or start a business, or fund their children's education," she said.

"As people become more and more aware of the world around them and the many possibilities and opportunities it offers, BPI would like to enable them to accomplish those goals and aspirations better, faster and more efficiently."

Rally Jereza, BPI Division head for Visayas and Mindanao,a dded: "Cebu has been a hub of out-of-the-box thinking, and BPI feels right at home with our trendsetting solutions. With Make the Best Happen, we aim to expand the conversation with our clients and friends, beyond solutions and into actual life and lifestyle choices."

The microsite devoted to the Make the Best Happen campaign - makethebesthappen.ph - addresses some of the top life and lifestyle goals of most individuals: travel, health, parenting, shopping, future, and dining. Its content is enriched every week with updated content derived from current areas of interests.

BPI to expand business via mobile-based BPI Globe BanKo

The Bank of the Philippine Islands (BPI) aims to expand microfinance lending by targeting the bottom market through the country’s first mobile phone-based savings bank, BPI Globe BanKo. Former BPI Globe BanKo President and CEO and now the Mynt President and CEO John Rubio said BPI is accelerating its third leg, BPI Globe BanKo, to widen its bottom market reach.

“We have a big market base in microfinance business. They wanted to go to the specific model in microfinance based on the success of our segment. They have great brands, BPI and BPI Family, and there’s a viable way to reach the base of the pyramid through Globe BanKo,” he said on the sidelines of the Mondato Summit Asia.

He said Globe BanKo’s total deposits reached Php1.1 billion in August. Total loans expanded to Php180 million, from last year’s Php100 million. The mobile-based bank has 1.1 million clients. BPI will increase its touch points. Currently we have five bank branches. BPI’s plan is to expand them,” he said.

Rubio said they do not want to compete with commercial banks and that Globe will be accelerating its business in the digital platform. He did not divulge the acquisition cost, but he said that sales proceeds were used by Globe to set up Mynt, the financial technology innovations arm of Globe Telecoms.

With Mynt, they will be able to serve the underserved and unserved markets in a different way. “The proceeds from the sale were reinvested back to financial technology business. That’s why we have Mynt.

We have the G-Cash transactions and other business in the pipeline like payments, scoring and other financial technology business,” he told reporters. With the acquisition of BanKo, BPI underscores its commitment to inclusive growth.

Ayala Corp. CEO and Chairman Jaime Augusto Zobel de Ayala said BPI’s assumption of full control and ownership of BanKo is an important step in the continued effort of the Ayala group to provide access to essential financial services to the unbanked segments of our population.

“BPI will now  be  properly  positioned  to  pursue  traditional  microfinance  lending  within  existing  regulatory frameworks,” he said.

“We thank our partners for giving us yet another opportunity to give access to funds and other banking services to clients who, otherwise, would not have been able to bridge their personal financial needs and jump-start their ventures,”  BPI President and CEO Cezar P. Consing said.