BANKING ON THE FUTURE | Why is BPI embarking on a digital transformation journey?

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The Bank of the Philippine Islands (BPI) has always been at the forefront of adopting new technology. It has banked on digital transformation even before the term became a buzzword.

Digital history

BPI took a huge step towards digitalization in 1983, when it introduced the first through-the-wall 24/7 automated teller machine or ATM network in the country. This revolutionized its customers’ personal banking experience, as they now had access to their cash from multiple locations at any time of the day.

In 1991, BPI launched phone banking with 89-100 (now 889-10000). Its interactive voice response system paved the way for self-service /convenience banking, empowering clients to pay bills, transfer funds and know their account balances without having to travel to a BPI branch.
And finally, in 1999, the bank offered online banking services to its customers. BPI’S online platform guaranteed a secured and convenient banking experience for the customers.

BPI’s digital evolution has been phenomenal. Since 2009, it has recorded a 656% increase of enrolled digital users and a 1,683% increase in transaction volume. In 2018, BPI revealed that they have a 37% penetration rate for its digital users. 

BPI infrastructure has always been ready to adapt to technology in order to provide its customers an efficient and convenient 24/7 digital banking experience.

To date, the bank has launched 70 online banking features and 40 mobile app features. BPI Online and the BPI Mobile Banking app are the bank’s main platforms for digital users. 

Five digital initiatives

This year, BPI is continuously upgrading its system and innovating solutions to provide more advanced services and capabilities to its clients. 
In line with this, BPI has established a digital ecosystem that is founded on five pillars or initiatives:

  1. Omni-channel experience. This entails syncing BPI’s branch operations with its digital services. This means that customers can open bank accounts in any branch and then practically have all other subsequent transactions via BPI Online or the BPI Mobile Banking app. 
  2. Customer experience. BPI takes note of its customers’ banking habits and their feedback in order to tailor-fit its service platforms to suit their needs. Aside from BPI Online and the BPI Mobile Banking app, BPI also offers time-saving facilities and tools such as the BPI Cash Acceptance Machine (CAM) and the BPI 24/7 Banking Zones. These were all conceptualized with customers’ needs in mind. 
  3. High tech, high touch. Since BPI has equipped its customers with more tools so they can conduct self-service transactions, and so that branch operations can now focus on specialized customer services. This means that BPI’s branches will become venues for high-value conversations or interactions when it comes to customers’ complex financial needs involving investments and other major financial decisions.
  4. The bank of every day. BPI wants to serve its customers in as many ways as possible. Thus, it has partnered with fintech service providers such as GCash and PayMaya. Through this, BPI becomes a part of customers’ daily habits each time they load their Beep cards, pay for goods or services online, or transfer funds to friends, family members, and colleagues.
  5. Cybersecurity and privacy. Continuing its mission to guarantee the security of its clients’ financial assets, BPI has set up a cutting edge cybersecurity center that runs 24/7 and powered by leading cybersecurity service providers. BPI is likewise continuing its campaign to educate its clients about cybersecurity so that they are always vigilant against the various scams that are attempted by fraudsters. BPI reiterates that cybersecurity is a shared responsibility and that customers also have the responsibility to protect their confidential information such as passwords and OTPs. 

Why is BPI embarking on all these? It’s because it’s committed to accelerating financial inclusion in the Philippines.  At the same time, BPI is working hard to reshape behaviors to prepare everyone for the future of banking.

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