Banks see future in Internet banking
By Ted P. Torres Updated July 21, 2009 12:00 AM
MANILA, Philippines - One of the major features of banking today, and in the near future, is convenience banking, be it for the corporate or consumer segment.
That means not having to visit the bank’s branch, have to deal with volumes of paper work, or even going to the automated teller machines (ATMs). Instead, bank clients are maximizing the telephone, computer, the Internet, and mobile phones.
“Our penetration rate for Internet banking rose from 15.1 percent in 2007 to 23 percent, as of the first quarter of 2009,” Jaime L. Araneta, senior vice president and E-banking head for Philippine Savings Bank (PSBank), pointed out.
PSBank already services 23,000 client via its remote banking systems, meaning the telephone, the computer and mobile phones.
Bank clients save on time and effort, while increasing efficiencies in terms of documentation and cost savings. The branch meanwhile reduces over-the-counter transactions thus freeing up more personnel for in-branch marketing and sales.
Todate, PSBank operates 164 branches and 168 ATMs nationwide.
