Big banks urged to embrace digital shift


Posted at Mar 18 2019 10:57 AM | Updated as of Mar 18 2019 11:21 AM

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MANILA – Traditional banks should enhance their online and mobile services as digital platforms start to gain good traction, an analyst said Monday.

"The traditional banks still have an edge in the sense that there is a lot of trust in them… but the first they need to do is get their act together and improve their customer experience they provide through their own apps, through their digital service offering," Boston Consulting Group partner and managing director Anthony Oundjian.

"If people interact and do their day to day banking with maybe one of these alternative wallets, they may not need their bank when it comes to getting a loan or something like that," he said. 

ING Bank and CIMB Bank's "all digital" platforms have entered the country, betting on mobile phone penetration for growth.