Virus lockdowns drive 'exponential growth' in online banking: Security Bank

ABS-CBN News

Posted at Sep 11 2020 01:50 PM

Security Bank. Mark Demayo, ABS-CBN News


MANILA - Security Bank said Friday it saw an "exponential" increase in online banking transactions in the last few months due to the lockdowns imposed to stem the spread of COVID-19.

Online banking usage surged 170 percent between March 17 to Aug. 31, the lender said in a statement.

"This exponential growth in online banking users can be attributed to the implementation of the Enhanced Community Quarantine early in the year, which further drove the adoption of digital banking in the country," Security Bank said.

Online money transfer grew 312 percent in 2020 compared to 2019, which include InstaPay, the bank said. Bills payment were a "huge chunk" of the transactions with a 48 percent increase compared to last year, it said.

“Security Bank will continue to test and roll out new user-friendly features, streamline our digital solutions, and strengthen our technology and platforms to support the changing needs of our customers," said EVP & Head of Transaction Banking Group John Ong.

Clients are encouraged to "fully utilize" online banking platforms and to transact from their homes to reduce the risk of exposure to COVID-19.
 
The Bangko Sentral ng Pilipinas has also been pushing for cashless and contactless payments, even waiving fees for select transactions, to urge Filipinos to transact online.