Bank of the Philippine Islands (BPI) has 36 services for open banking and the most extensive list of online banking and mobile app features of any local bank announced today its digital ecosystem to make everyday financial transactions more convenient with nine partners.
BPI Chief Operating Officer Mon Jocson said BPI has made mundane financial tasks such as loading beepTM cards or e-wallets, ordering meals or splitting bills, sending and receiving money, scheduling branch appointments, or placing money for investment accounts easier with just a smartphone or a computer.
“This digital ecosystem will enable our clients to shift to digital behaviors for their everyday tasks, said Jocson. “Digital transformation is not just about applying technology. It’s also about changing mindsets and culture, from the inside out.”
“Culture is a key determinant of a successful digital transformation, we acknowledge this and we are working on it. We can’t afford to adopt the latest in digital technology tools without changing the way we think of ourselves and our place in customers’ lives,” he added.
The nine partners for open banking are businesses with which BPI has agreed to open up its API, or application program interface, and vice versa, in order to facilitate transactions of mutual clients of BPI and each of the partners. APIs are communication protocols that determine how software components should share information or interact.
These partners include fintechs and online merchants such as GCash, Paymaya, and Lazada, to name a few.
Noel Santiago, BPI Chief Digital Officer, added that another component of BPI's ecosystem are the digital channels that include the BPI Online website, bpi.com.ph, and BPI Mobile app.
He said BPI has the most number of features available among local banks: 70 for online banking and 40 for the mobile app.
“BPI's digital ecosystem make digital financial transactions frictionless for clients. We are proud to say that we are leading the industry with these features that we come up with almost every month. Being relevant to our customers is important to us as we expand and integrate our presence in their everyday needs and lifestyle," he said.
Some of these new features include scheduling appointments via BPI Online, taking control of card usage through withdrawal limits, setting for into international use, and temporarily blocking debit cards.
Furthermore, the bank launched its upgraded digital banking assistant, Bea, which is the first conversational banking app in the Philippines. This makes the banking experience more convenient and easy for clients to transact via voice.
In the last ten years, there was an increase of 656% in BPI's enrolled digital users, and a 1,683% increase in transaction volume. As of end-2018, there was a 37% penetration rate for digital users.
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