Analytics software firm Fico has released a new survey which found that the complexity and cost of validating the identity of digital banking customers are the top pain points for banks in the Philippines.
Tag: digital banking
Digital banking platform provider Backbase announced on Tuesday, Oct. 6, the appointment of Aileen Lopez Sanchez as the country sales manager for the Philippines.
Finance startup Tonik said it received early this year a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank.
The national government, spearheaded by the Department of Finance and Landbank, has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless government bank that allows overseas Filipinos to perform banking transactions anytime and anywhere in the world.
The study showed that digital account opening is rapidly becoming the norm in the Philippines, with 76 percent of consumers saying they would open some kind of financial account online.
The 168-year-old Bank of the Philippine Islands (BPI) said it is on an “inflection point” towards massive sea-change with digital transactions now far outstripping traditional branch transactions.
The ADB also noted that purely digital banks have also started operating but regulations are still currently using the traditional models.
The Ayala-owned bank has launched its digital ecosystem, which has two components — Open Banking and BPI Digital Platforms.