China Bank Savings, the retail lending arm of China Banking Corp., said Tuesday it launched its 200th and 201st automated teller machines as part of its commitment to provide an enhanced banking experience to customers.
The launch of the two ATMs were held at the CBS head office in Makati City on Oct. 10, 2023.
CBS said it continues to beef up its ATM network to offer the public more physical touch points, alongside efforts to expand reach through digital means such as the CBS Personal Mobile App.
CBS China Bank Savings president James Christian Dee said that while digital banking is the future, it remains necessary to offer physical touch points such as ATMs and branches to ensure everyone is included in the formal financial system.
“We know that the levels of digital literacy and financial literacy in the Philippines can differ greatly, that’s why we are providing the public with as many options as possible to get them started on their financial inclusion journey,” he said.
CBS is the second largest thrift bank in the Philippines in terms of total assets as of Sept. 30, 2023. CBS also has the second largest ATM network among Philippine thrift banks.
Part of its ATM expansion strategy is to increase the physical touch points for public school teachers. It said of CBS’ 201 ATMs nationwide, 21 are in CBS branch lite units in the provinces where public school teachers regularly go to for their cash needs.
CBS on-boarded 32,000 public school teachers via the CBS GO digital app in August, enabling them conveniently open a basic savings account with no minimum balance requirement.
Once the accounts were opened via the CBS Go App, they could use their mobile phones to deposit and transfer funds, check balances, load mobile phone and RFID credits, and pay bills by using the CBS Personal Mobile App.
CBS has 92 APD lending centers and branch lites across the country. Its loan portfolio among teachers and non-teaching personnel in the public education sector surged by 55 percent year-on-year to P50.7 billion as of end-September 2023.
CBS is also broadening its branch network in the countryside. In the pipeline this year are three more branches—Carmona, Cavite; Cauayan, Isabela; and Cabuyao, Laguna—to bring its branch total to 168 by yearend.