Philippine Bank of Communications (PBCom) has formed its digital-first customer base after introducing a mobile application amid the lockdown measures due to the coronavirus pandemic.
The PBCOMobile app, which was launched in end-March this year, has reached over 13,000 customers in November, the bank said.
Through the app, the bank said that even non-PBCOM customers were able to immediately open a savings account.
In the app, the customers can deposit checks to their accounts and request a PBCOMobile Mastercard Debit card. The card will be delivered directly to them and will also be linked, activated and controlled securely from the app.
The app also allows online fund transfers to other banks via InstaPay, prepaid reloading, bills payments and account maintenance.
“The PBCOMobile Concierge feature can also be used to request account related transactions (within reason) via the app that even the bank has not yet thought of,” the bank said. “This is one way digital first customers can help enhance or redesign the app going forward. If enough customers request certain transactions, they can be added to the app later on.”
Amid the digital shift, PBCOM said the number of its customers enrolled in online banking channels soared by over 40 percent during the lockdown period.
The bank’s digital banking channels are available for both retail and corporate customers via the web and mobile phones. Volume transactions surged by over 230 percent during the same period.
In the first nine months, PBCOM saw its net income nearly grow two-fold to P1.51 billion from P759.68 million, thanks to higher net interest income for the period.
The bank has a total assets and capitalization of P105.98 billion and P14.36 billion, respectively, as of end-September. For the period, its capital adequacy ratio and common equity tier 1 ratio stood at 18.05 percent and 15.24 percent, respectively.