Security Bank Corporation reported a 170 percent surge in online banking usage between March 17 and August 31, 2020 as the Enhanced Community Quarantine drove the adoption of digital banking in the country.
In a statement, the bank said online money transfer recorded a significant increase in 2020 versus 2019 with a 312percent growth on online fund transfer transactions.
The said activities include InstaPay which allows hassle-free Inter-bank fund transfers and eGiveCash, the Bank’s remittance service which allows clients to send money online and recipients to withdraw the funds at any Security Bank ATM.
“We have seen a surge in the number of people transacting via Security Bank Online (SBOL) with transactions growing steadily month-on-month,” said Security Bank Executive Vice President and Head of Transaction Banking Group John Ong.
He added that, “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.”
Some of the products that Security Bank offers through its Security Bank Online platforms such as its high-yielding eSecure Savings (eSS) account, which is available to existing depositors, and the Unit Investment Trust Fund (UITF) have shifted to online availability.
According to Ong, the rapid increase in online banking users also signifies the positive response from the public as more and more people adapt to the new normal.
“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. Our commitment to continuous innovation allows us to provide BetterBanking services to those we serve,” he said.
Security Bank encourages its clients to sign up and fully utilize its online banking platforms to help stay at home and protect themselves from the risk of COVID-19.
The bank is also reminding clients to stay vigilant against scams and to keep a lookout for new features
and offerings as it works on bringing new services through online integration and innovations. Security Bank also recently launched its Online Account Opening Service for new clients through Skype Video Calls, and its latest Credit Card service, SimplyPay, which allows credit card cardholders to pay for big-ticket expenses directly to the receiver’s deposit accounts.