Long queues, additional charges, and inflexible operating hours make transacting in bank branches inconvenient. These unnecessary interruptions eat up time that can otherwise be used for other important tasks.
Good thing the advent of technology has paved the way for the digital lifestyle - even on banking. All traditional bank services, from opening an account to cheque deposit, can now be done from the comfort of one's home or anywhere else.
All-digital banking crosses out the need to go through arduous metro traffic and long lines, and more.
The 24-hour availability of mobile banking offers a seamless way of living - no bank holidays, and no time constraints. This is beneficial especially during emergencies.
First all-digital bank in PH
Riding on its experience in delivering branchless banking around the world for more than 25 years, ING has launched the first all-digital retail banking platform in the Philippines.
It is the first bank to be authorized by the Bangko Sentral ng Pilipinas (BSP) to allow end-to-end electronic onboarding of the customers via the mobile phone by using the latest in facial recognition technology.
Its initial product, the ING Savings Account, redefines the role of a savings account. With no debit card, customers are encouraged to set aside their money and to take advantage of the high interest of 2.5 percent* per annum with no minimum balance and no lock-in period. It also allows customers to transfer funds to any bank in the Philippines with no fees.
Customer can deposit to his account by taking a picture of any check issued by any bank based in the Philippines. The check image goes to the same interbank check clearing system. Customers can also transfer funds from other banks to ING via PESONet and InstaPay.
Customers do not have to worry about the security of their bank account. ING ensures that the customer is the only person that can change the passcode by verifying the personal details and more importantly, by performing a facial recognition and ‘liveness’ detection and matching it with its database.
More information can be found on ING Bank's website and Facebook page.
*For balances up to P10 million
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