BPI further strengthens its digital ecosystem

After its brand refresh this year, the Bank of the Philippine Islands (BPI) is strengthening its multi-channel approach to further serve all types of its clients, whether online or offline. The country’s oldest major bank aims to make its stronger digital ecosystem more reliable and more accessible to most of its depositors.

In a media briefing held on October 29, 2019, in Makati City, BPI Chief Operating Officer Ramon Jocson disclosed that the company is aiming to further increase the number of its digital banking platform users through making relevant financial solutions more accessible to them.

Currently, about 42% or 3.6 million of BPI’s depositors are enrolled and are using the bank’s digital platforms. The lender expects this to rise to 50% by the end of 2019 and to 70% by the end of 2020. Jocson said the bank will continue to encourage more of its customers to access its digital platforms specifically its mobile banking services amid a high mobile penetration in the country.

Digital lifestyle
“What we are creating is a lifestyle enabled by digital banking,” said BPI Chief Digital Officer Noel Santiago. “It’s about helping people act in a more digital way, allowing them to get a lot of things done without missing out. Our digital ecosystem aims to make this possible.”

The bank’s digital ecosystem is comprised of open banking, which is capitalizing on the company’s growing network of financial partners in the fintech sector (including GCash, Paymaya, and Lazada among six others), and of BPI Digital Platforms that include its website and mobile app.

BPI’s digital channels boast of the most extensive list of capabilities compared to any other local bank. Presently, the digital component has 70 online banking and 40 mobile app features.

Changing mindsets
“A digital transformation is not just about applying new technologies. It’s also about changing mindsets and transforming culture. We are trying to influence our clients to adopt digital behaviors and develop a digital culture, just as we inculcate the same in our workforce so we can enhance the customer experience as well,” said Jocson.

Through the partnership with fintech firms, BPI clients can now load e-wallets for their shopping, bills payment, and fund transfer activities. BPI’s Bea has also been re-launched to be the first conversational banking app, serving as a virtual personal banker to facilitate basic account tasks. The bank’s digital ecosystem now facilitates more banking transactions more quickly and conveniently, 24/7—managing accounts, paying bills, transferring funds, funding and redeeming investments, controlling debit cards, setting branch appointments online, and more.