BPI eyes digital transformation to future-proof banking business

ABS-CBN News

Posted at Dec 18 2018 12:46 PM | Updated as of Dec 18 2018 10:17 PM

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MANILA - BPI on Monday said it could spend more on technology as it forays into digitalization to future-proof its business.

Speaking to ANC, BPI president and CEO Cezar Consing said the bank's current technology spending at 6 to 7 percent of revenue could go up to help transform operations including its platform, payments and marketing channels, among others.

"We’re at the very early stages of our digital transformation. Our digital transformation will cover almost every aspect of this bank. This will prepare us for the future," Consing said. 

Despite the majority talking about how "difficult" 2018 was, Consing said the country's strong economic growth "has helped a lot" in the banking business.

In fact, BPI's net interest margins increased in 2018, he said.

Although its corporate loan business remains the core, Consing said the bank planned on growing its micro-lending arm to become the most inclusive bank in the Philippines.

Its thrift bank BPI Direct Banko expects to finish 2018 with 50,000 loans released, its president Jerome Minglana earlier said.

BPI is the country's 4th largest bank in terms of assets.