At its annual stockholders meeting on Thursday, April 28, the Bank of the Philippine Islands (BPI) outlined a strategy focused customer obsession, sustainability, and digitalization.
BPI president and CEO Jose Teodoro K. Limcaoco said reinvention is a way of life for BPI and is key to its sustained leadership throughout the years.
“We will continue to reinvent banking so that we can better serve the evolving needs of our clients. Digitalization, customer obsession and sustainability remain to be our focus as we move forward to a post-pandemic environment,” Limcaoco said.
BPI said that while many companies purposely reduced expenses during the pandemic, it spent nearly P9 billion or about 9% of total revenue in 2021 on technology, including new digital initiatives such as building and improving customer engagement platforms and onboarding new partners in its open banking business.
In October 2021, it announced plans to acquire and engage clients through seven customer engagement platforms, each specifically designed to fulfill the banking needs of a particular segment. Five platforms — BPI Online, BPI Mobile, BPI Trade, BizLink, and BanKo app — are already available, with two more slated for release this year.
BPI said its ongoing digitalization journey continues to reinvent the customer interaction and experience. As of 2021, 4.9 million of its 8.46 million client base were enrolled in digital channels. Of the number, 3.24 million were active, up 20% from the previous year.
BPI also has a growing list of over 80 API partners covering nearly 800 products and services, with over 100 million transactions in 2021, a 75% growth from the previous year.
“In 2021, we accelerated our goal to transform our Bank for the future while executing and growing through the pandemic,” Limcaoco said.
