In the old days, people heavily relied on face-to-face transactions to accommodate their banking needs. Everyone can agree, however, that visiting a bank isn’t the most convenient thing, most especially when factoring in a hectic schedule and the brewing traffic around the neighborhood.
Fortunately, innovative features in modern banking technology have changed the way people handle their finances. A few swipes or taps on a smartphone allows users to access their bank account, deposit checks, and transfer money.
Although mobile banking is still a new concept for many Filipinos, ING Bank, a leading global financial institution with a strong European base, introduces their fully digital retail banking services in the country—the first in the Southeast Asian region.
Hans B. Sicat, ING’s country manager, explained why ING has decided to pilot their all-digital retail banking platform in the Philippines during a media briefing.
“The Philippines is on the road to becoming an upper middle-income economy, and Filipinos have more disposable income. ING wants to encourage more Filipinos to save by giving an attractive interest rate of 2.5% per annum with no minimum amount and no lock-in period.”
Going Fully Digital
Unknown to many, ING has been active in the country since 1990, but since it has been more popular in the commercial banking arena, many Filipinos are not aware of its local presence. Nonetheless, it’s a trusted wholesale bank with a universal bank license.
Sicat emphasized how the introduction of the first-ever all-digital retail banking platform in the country can help promote a healthy savings mindset.
“With our high-interest rate, we can help Filipinos achieve their saving goals faster and empower their dreams, whether grand or modest. ”
Sicat also emphasized how ING Bank wants to introduce a banking process that’s innovative and fits the lifestyle of modern Filipinos.
ING’s Mobile App
To set up an ING savings account, you must be of legal age (18 years old and above) and be a resident of the Philippines. A government-issued ID (driver’s license, UMID, passport, or etc.) and number (TIN, SSS, or GSIS number), an active mobile number, and a valid e-mail address are also needed to open an account.
Mohamed Keraine, ING Philippines’ head of retail, discussed ING Banks’ many firsts in the market, including being the pioneer when it comes to digitalizing all transactions by using the ING mobile app exclusively.
“The biggest differentiator is customer experience delivered in a digital way. That’s where we are and what we are bringing here in this market.”
With this all-digital platform, ING becomes the first bank to be authorized by the Bangko Sentral ng Pilipinas (BSP) to provide end-to-end electronic boarding of customers by utilizing the advanced facial recognition technology. Deposits can also be done through fund transfers, which are available on PESONet or Instapay platforms.
When asked what customers can expect from ING’s mobile app, Keraine points out that users can deposit to their account by taking a picture of a check from any local-based bank.
“The check image goes to the same interbank check clearing system. This game-changing feature is the first ever approved by the Philippine Clearing House Corporation.”
Apart from check deposits, customers may also transfer money, with a given limit, which depends on the transaction type. When withdrawing money, they can transfer the money to a bank account where they have an ATM card.
Security Features
Many people think that the Internet is a vulnerable platform, especially when it comes to digital banking. The ING mobile app, however, ensures smooth banking transaction without compromising security.
“When we went to BSP last year with our proposal, we had numerous discussions about our system, processes, and security measures”, said Ben Issa, ING’s chief information officer.
For enhanced security, the ING mobile app operates with facial recognition and a random gesture test. This feature is a big leap from the traditional selfie verification.
“We want to make sure you’re alive, and we want to make sure it’s you”, Issa exclaimed.
High Hopes for the All-Digital Banking System
For those who have already tried ING’s mobile app like Abe Olandres, a tech blogger and founder of Yugatech, it’s an ingenious way to balance convenience and security.
“I started using the ING savings account and I can see myself using the app quite frequently.”
On the other hand, Chuchi G. Fonacier, BSP’s deputy governor, supports ING in using ground-breaking technology, which will enhance the customer experience and encourage cashless transactions. This is anchored towards BSP’s goal to promote digital fund transfers.
“We are happy to work with ING to move a step closer to our goal of increasing cashless transactions in the Philippines, raising the bar for fintech or banking transactions in the country”, said Fonacier.
2 comments
I have tried and failed. The face recognition ware sucks. I had major problems that i was not recognized the second time around. I tried many times mouth open even eyes shut and open. I do not have many hair left at 78 and my ears are cute….I think . I pictured I would have 500 K deposited I deleted the App again Hopefully my given info is wiped.
Sadly
Gus
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