Sun Savings Bank sees youth as core market-A A +A
By Mia A. Aznar
Thursday, June 28, 2012
AS THEY begin operations in Talisay City, the officials of Sun Savings Bank hope to develop the younger generation as its core market due to their openness to adopt technology.
Sun Savings Bank president, chairman and chief executive officer Francisco Dizon said his dream for the bank is to widen its reach through the Internet.
While they intend to open more branches in the future, citing areas in Cebu City, Mandaue, Liloan, Mactan, Minglanilla, Carcar and Tubigon in Bohol, Dizon said their planned expansion will not be to open a branch in every corner.
Dizon said they want to open two to three branches a year and have 10 branches in the next five years.
Though there may be depositors who hesitate to make banking transactions online, Dizon said the younger set will be more open to it. Still, he believes that in the future, people will overcome their fear of banking online, as devices become more sophisticated and part of their life.
He added that technology can ease the way banking is done, as people don’t want to line up, fill up deposit or withdrawal slips. The limited banking hours also makes depositors prefer other modes of banking.
He explained that banking is a long-term investment and that the young clients they have today will eventually get better jobs, earn more and decide to get loans to fill the needs of a growing family.
They are currently working to be able to offer online services and expect to complete their ATMs by the first quarter of next year after applying with Bancnet, which also has an online facility in place.
Asked how he can allay fears of new depositors with news of bank closures, Dizon said depositors can be assured that a bank is in good hands by checking the track record of its officers.
He said good banks are managed by those who have honesty and integrity and are competent in their field.
He added that banks only fail if those behind it don’t have a clear understanding of the banking system or are dishonest in their dealings.
Dizon has 37 years of banking experience and once served as president of two commercial banks.
The bank offers low minimum deposit of P200 and a three percent interest per annum for savings accounts, which they hope will encourage those who have not yet opened a bank account to open one with them.
(Disclosure: Dizon, who has served as president of the Rizal Commercial Banking Corp. and then as chairman of the Philippine National Bank, has also served on the board of directors of Sun.Star Publishing Inc. since 1992.)
Published in the Sun.Star Cebu newspaper on June 29, 2012.