The boom in digital banking being experienced in the country as a result of the Covid-19 pandemic has resulted in an increase in online account opening and other digital banking services, according to the Land Bank of the Philippines.
The state-owned bank has recorded 1,039,926 accounts opened online through its Digital Onboarding System (DOBS), as demand for online banking services as well as safer and more convenient ways to transact with banks continue to surge.
About 492,156 accounts were opened from January to September 2020, including 11,972 for Overseas Filipino Bank accounts — Landbank’s digital-only branchless bank subsidiary.
“This milestone is a welcome development for the Bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” said Landbank president and CEO Cecilia C. Borromeo.
Landbank DOBS, a pioneering Web application among Philippine banks, was launched in 2019 with the goal of reducing the account opening time from 30-45 minutes to only 10 minutes. It also simplifies the account enrolment process for individuals and institutional clients.
Aside from hassle-free account opening, DOBS also provides automatic enrollment to Landbank iAccess for Internet banking, the Landbank Mobile App for convenient banking transactions through their smartphones, and the Landbank Link.BizPortal for payment of bills, products and services to the enrolled merchants in the system.
The system also allows existing DOBS account holders to update their information through the system, a move to decongest client visits in bank’s branches, especially in this time of pandemic.
“This is only the start for the Bank’s digitization agenda as we also look forward to streamlining other Bank processes using new technologies such as loan application, among others,” Borromeo said.