The rise of digital technologies has enabled a whole host of service providers to better connect with their customers. Here, we will look at how digital technologies have enabled banks to better connect and engage with their customers:
Internet Banking or Online Banking & Mobile Banking – As per data released by the Bangko Sentral ng Pilipinas (BSP) there were 121 banks in the Philippines (34 Universal and Commercial Banks, 35 Thrift Banks and 52 Rural and Cooperative Banks), as on Dec 2015 that offered electronic banking facilities.
These banks’ customers could login to their accounts via the Internet or even through their mobiles and carry out a range of banking and financial transactions. Internet banking customers get any time convenience to conduct their banking transactions.
Mobile banking technology is even more accommodative. Those with smartphones can download specific “apps”, those with Internet-enabled phones can log on to the mobile-specific websites of their banks and those with low-end phones can bank through SMS.
Prospective customers of many of these banks could also in one form or another visit the bank and apply for a bank account or a credit card online.
Online tools – There are a number of banking products that customers are interested in but are unsure about how they work. Take home loans for example. This is a product that garners a lot of interest but many customers are also quite apprehensive about how it works. Enter online tools.
A Loan Calculator is a very useful online tool available on most banks’ websites. You can enter the loan amount you are looking for and the tenor of the loan and the Calculator will help you determine the probable monthly repayment installment amount. Some Calculators will require you enter your income details and these Calculators will also help you understand your loan amount eligibility.
Yet another great tool available is the Comparator. This tool works great with products like Credit Cards. You can choose a few from the credit cards available and this tool will deliver a tabular side-by-side listing of features, benefits, fees/charges applicable and eligibility norms associated with the chosen credit cards. You can use this tool to determine which card best suits your requirements and budget.
Mobile money accounts – The Philippines has long been regarded as one of the world’s pioneers in developing mobile financial services for the unbanked. Its two big telecommunication companies were some of the first to start mobile money transactions in the world, with Smart Communications introducing Smart Money in 2001, and Globe Communications offering G-CASH in 2004.
The Bangko Sentral ng Pilipinas allowed banks and mobile services companies to offer mobile-banking accounts in 2009 and by 2014, there were 27 million of them, more than half the 45 million traditional bank deposit accounts in the country.