online banking

Banks and financial service institutions (FSIs) are responsible for protecting consumers' critical data to avoid economic and reputational loss in today's digital world. However, the existing infrastructures continue to evolve due to industry’s digitalization, and more consumers are now utilizing digital platforms for their daily transactions.

In five months, digital lender Maya Bank announced that has amassed one million customers and a total deposit balance of P10 billion.

BPI said that of the more than nine million clients as of June 2022, 5.2 million were enrolled in digital platforms.

Suspicious transaction reports (STRs) submissions by electronic money issuers (EMIs) rose by 688 percent, while submissions by pawnshops and money service businesses (MSBs) increased by 51 percent.

A new study from analytics software firm Fico has found that Filipinos struggle to recall their current passwords and prefer biometrics, with 72 percent of them happy to provide this information to their bank.

BPI said online payments have become a more prominent part of business operations as it allows businesses to recover sales lost from physical stores by putting more focus on online sales channels.

Banks are urging the general public to utilize digital and online platforms for their payment requirements and inquiries as the government implements community quarantine to address the rise of Covid-19 cases.

December, with all its non-working days, is one of the busiest banking banking months of the year.

Security, saved time, and convenience may not have actual price tags, but their value cannot be denied.