By Jordan Thomas Pimentel
PHILIPPINE Savings Bank (PSBank), a subsidiary of Metrobank Group, is amplifying its digital banking platforms with its wide selection of products and services available 24/7 despite rising client preference for mobile transactions.
PSBank, the second-largest savings bank in the country, first initiated the use of Cardless Withdrawal, which as the name suggests, allows withdrawal of cash from any PSBank ATM without using an ATM card among other banks.
“PSBank has been steadily creating a digital ecosystem for our banking services with the aim of making things simple for our customers and enhancing their banking experience with us,” said PSBank Senior Vice President Noel Tuazon, Head of Marketing Group.
Customer usage of Cardless Withdrawal is gradually increasing since it launched last October as average daily transaction jumped 23% at the end of the first quarter as against the average daily transaction recorded at the end of 2017.
To use said feature, clients must log in to their PSBank Online or PSBank Mobile app; select “Cardless Withdrawal” to create a transaction request; choose the account where the amount will be withdrawn; type in their nominated 4-digit PIN and the amount they wish to withdraw.
A topnotch security feature of the PSBank Mobile app is the ATM Lock, which enables clients to lock their ATM card and prevent its unauthorized use in any ATM, point of sale or online transaction that require the card number. This feature provides an additional layer of protection against ATM-card related fraud or in the case of losing or misplacing their cards which puts the clients in better control of their accounts. Clients may also activate this feature via the PSBank online portal.
Among the forefront of their innovation, PSBank introduced One Touch ID and PayMe. One Touch ID allows customers to quickly access the PSBank Mobile App with the use of their registered fingerprint, without keying in a password. PayMe, on the other hand, allows customers to request for money and payments from other users in a click of a button.
Other digital banking transactions include the PSBank Online Loan Application (POLA). This online platform provides people a simpler and convenient way to apply for a car and personal loan, eliminating the need for time-consuming paperwork. This mode hastens approval process granting a credit decision within 24 hours for Auto Loan and within three days for Flexi Personal Loan, from the time of application, via SMS.
The company’s online assets enable clients to make banking transactions through PSBank’s e-Trust, which is an online investment facility that allows clients to apply and manage their PSBank Money Market Fund online. Such facility allows clients to make additional subscriptions, redeem funs partially or fully, update risk profile or simply view their portfolio using mobile devices anytime and anywhere.
Also, PSBank Business Online Buddy is the bank’s answer to the simple cash management requirements of SMEs and retail customers for their business. The facility enables clients to manage their accounts, do fund transfers, make disbursements, effect collections and even cut checks real-time in a safe, secure and convenient online environment.
PSBank has embarked on several automation projects to manage the growing volume of our transactions, improve turnaround time, and strengthen controls. These include Mobile Credit Verification, Check Image Clearing and Billings and Ledger Recon systems, leading to faster delivery of services—91% of loan applications were processed in less than 8 hours.
Tuazon said the goal of improving customer experience also led the bank to roll out last year a new deposit core banking system called Flexcube to further improve its capability to deliver best in-class branch services, as well as allow for greater flexibility in product and services offerings.