MANILA, Philippines - The adoption of electronic banking, particularly Internet banking, will continue on its strong upward growth over the next few years, according to a top official of the Bank of the Philippine Islands (BPI).
In the past 10 years, the combined rate of growth of electronic banking for BPI registered at almost 12%.
BPI senor vice president and consumer banking group Natividad N. Alejo said enrollments to the BPI 24/7 Express Online Banking has grown 35% in the first six months of 2011 compared to the same period in 2010.
“We had over 700,000 enrollments year to date,” Alejo said.
In the first year after introducing electronic banking, roughly 70% of the transactions were manual and 30% e-banking. But to date, 66% of transactions are now accounted for by e-banking and 34 % manual transactions.
E-banking includes, among others, automated teller machine (ATM), customer transaction account (CTA), telephone banking, Internet banking and mobile banking.
CTA is the electronic machine situated inside BPI branches, which reduces over-the-counter transactions. Alejo said 300 BPI branches already host CTAs, which reduces human intervention, and teller time by 30%, and reduces the use of forms.
Transactions generally undertaken through e-banking are funds transfer, bills payments, airtime load for mobile phone and balance inquiry.
BPI has also rolled out 100 cash-accepting ATM machines.
The bank official, however, revealed that cash-accepting machines are not within their priorities at the moment.
BPI has a combined 809 branch network including kiosks and other self-serving channels. It has a deposit base of 4.3 million at the end of 2010, from a mere 2.5 million the year before. By the end of the year, it is expected to reach a record five million, with a little over one million directly correlated to the remittance business.