Wednesday, April 17, 2024

Landbank touts onboarding solution that cuts time for opening account

By Ram Superable Agustin

At a recent event organized by analyst firm IDC, a top official of the Land Bank of the Philippines promoted its Digital Onboarding System (DOBS) which halves the time spent in opening a bank account.

Landbank first vice president Althon Ferolino

Landbank, the official government depository catering to a large number of transactions and handling the payroll of most government employees, was recently a recipient of the Financial Insights’ Innovation Awards 2019 (Asia’s Most Inclusive Bank) for the DOBS solution.

Landbank first vice president Althon Ferolino said DOBS allowed the bank to become the first to offer full digital account opening to both individual and institutional clients that include government agencies.

The account opening process usually involves filling out opening forms manually which prolongs the stay of clients in the lobbies of many branches. The DOBS project, he said, is Landbank’s response to declog bank lobby traffic especially in the “new accounts” counter, and address the rising number of over-the-counter transactions and deposit accounts.

“We acknowledge the importance of technology to streamline processes and improve the delivery of our products and services. This is why we continue to invest on systems and technologies that allow us to further expand our reach and improve operational efficiency,” Ferolino.

As an interconnected front-end and back-end application that streamlines deposit account opening, Ferolino said DOBS allows immediate capturing and validation of complete account opening data while enabling easy storage and retrieval of digital records, as well as staying compliant with regulatory requirements of data quality.

Landbank, according to the official, will also launch DOBS in its website where clients can already fill out forms and upload IDs prior to completing the process in the branch which further decreases the time they spend at the branch.

Ferolino said second phase for the development of DOBS will involve a complete client onboarding without going to the bank, an increased accessibility for OFWs, customer information updating through DOBS, a verification system interface, and even loan applications done entirely digital.

“In this day and age where customers are more discerning and demanding than ever, we acknowledge the need to provide no less than a delightful customer experience,” shared Ferolino.

DOBS is already available in all 400 Landbank branches and has been utilized in opening more than 98,000 accounts, the executive added.


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