The boom of digital technology in the country amid the Covid-19 pandemic has resulted in an increase in online account openings and other digital banking services, according to state-owned Land Bank of the Philippines.
LandBank said 1,039,926 accounts were opened online through its Digital Onboarding System as demand for online banking services and safer and more convenient ways to transact with banks continued to surge.
About 492,156 accounts were opened from January to September this year, including 11,972 for Overseas Filipino Bank accounts—LandBank’s digital-only branchless bank subsidiary.
“This milestone is a welcome development for the Bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” said LandBank president and chief executive Cecilia Borromeo.
LandBank DOBS, a pioneering web application among Philippine banks, was launched in 2019 with the goal of reducing the account opening time from 30 to 45 minutes to only 10 minutes. It also simplifies the account enrolment process for individuals and institutional clients.
