For its efficient online account opening through the Digital Onboarding System (DOBS), state-owned Land Bank of the Philippines has received a commendation from the Philippine Army (PA) for making it easier for new clients like Army recruits to open payroll accounts online.
In a letter addressed to Landbank president and CEO Cecilia C. Borromeo, PA Finance Center director Col. Seigfred C. Tubalado expressed his gratitude to the bank as DOBS has allowed their new enlisted personnel to conveniently open Landbank ATM payroll accounts.
“We are elated to have benefitted from the DOBS. This is a welcome development as the system complements with the Finance Center Philippine Army’s commitment to continually provide effective and efficient financial services for the Philippine Army,” said Tublado in his letter.
Launched in 2019, the Landbank DOBS is a pioneering Web application among Philippine banks that reduces the account opening time from 30-45 minutes to only 10 minutes turnaround time. It effectively simplifies the account enrolment process for individuals and institutional clients, both private and government.
“The timely acquisition of an ATM payroll account card prior to deployment in the field has been crucial to our soldier’s sense of well-being, and has helped many to focus on the accomplishments of the mission,” Tublado added.
The Philippine Army is among the various government agencies that have utilized the DOBS for its hassle-free features, with a total of 1,717 payroll accounts opened through the online system for new Army recruits attending pre-entry courses at the PA’s Armor School, Armor Division stationed at Camp O’Donnell in Capas, Tarlac.
“This commendation is a proof that Landbank is on the right track in providing more accessible services for our stakeholders. As we adapt to the changing landscape of the banking industry, we will continue to improve and digitize our systems to deliver a more delightful banking experience to our clients,” Borromeo said.
Even with just a year of implementation, the DOBS has already recorded a total of 988,711 accounts opened as of end-August 2020. This milestone led to the addition of a new feature which now allows existing DOBS account holders to update their information through the system.
Opening an account through the DOBS also provides automatic enrollment to the Landbank iAccess, the bank’s Internet banking system, that aims to decongest client visits in its branches, especially during the pandemic.
The automatic enrollment also allows clients to enjoy the full features of the Landbank mobile app for convenient banking transactions through their smartphones, and the Landbank Link.BizPortal for payment of products and services to the enrolled merchants in the system.
For this banking innovation, Landbank has been recognized as “Asia’s Most Inclusive Bank” by the Financial Insights Innovation Awards 2019, and was conferred as “Digital Trailblazer in Financial Services” by the Bangko Sentral ng Pilipinas (BSP).