Security Bank reported a significant increase in online banking transactions since the Philippines was placed under community quarantines to prevent the spread of COVID-19 in the country.
In a statement, Security Bank said online banking transactions increased by 170 percent from March 17 to August 31 this year.
Meanwhile, the bank recorded a 312-percent year-on-year growth on its online money transfer, mostly using InstaPay, which allows hassle-free fund transfer between banks. Security bank patrons also frequently used eGiveCash, the remittance service, which enables clients to send money online while recipients could withdraw the funds at any Security Bank automated teller machine (ATM).
“We have seen a surge in the number of people transacting via Security Bank Online (SBOL) with transactions growing steadily month-on-month. We’ve also noticed that a huge chunk of transactions come from online bills payment. This has been one of the main drivers of our electronic channel growth with a 48 percent increase versus the previous year,” said Security Bank executive vice president and head of transaction banking group John Ong.
Ong added the surge in Security Bank online banking transactions indicate that more users are adapting to the new normal already.
Security Bank reports surge in online banking transactions
“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,” he said. “Our commitment to continuous innovation allows us to provide better banking services to those we serve.”
The bank, meanwhile, also reminded the public to be vigilant against online scammers amid the COVID-19 pandemic.
Security Bank logged its first-half earnings increase by 14 percent to P5.7 billion from P5 billion in 2019 for the same period on the back of higher net interest income and trading gains.
Its total revenues soared by 68 percent to P25.9 billion, while total net interest income increased by 34 percent to P15.8 billion in the first semester of 2020.