THE Cebu Bankers Club (CBC) has named Bank of the Philippine Islands (BPI) central and eastern Visayas senior manager Niel Yu as the group’s new president.
He succeeded Neil Darwin Credo of Maybank whose term as CBC president has ended.
Yu, who is also a field sales manager and a certified securities specialist with 13 years of banking experience, vowed to bridge the gap between the banking sector and the public through the use of technology.
“Our theme for this year, during my term, is ‘Digital Banking—A Vital Tool for Progress and Development.’ As we are already in the age of digitalization, everything is done through computers and phones so we are pushing the usage of technology in online banking,” Yu told SunStar Cebu.
He will also push for financial literacy in Cebu following the investment scams that hit the province recently.
“There are a lot of scams right now. So the CBC will have to take action in educating the public when it comes to the right investment tools that they can use in order for their money to grow,” he said.
Yu said the group is also pushing for a digital culture among the banking players in Cebu.
“We are not only targeting the millennials but also the older ones because, for example, in BPI there are only about 30 percent of our clients who are using our digital tool. And we would like to increase that number in the same manner with other banks,” he said.
In his speech, Yu highlighted three points namely technology, digital culture and regulatory and industry initiatives.
“As members of the CBC, we should be ambassadors of digital banking and provide that impetus for a more digital culture. Let us bring our clients to be accustomed to use digital transactions and at the same time assure them that our digital banking channels are not only convenient but also secure,” he said.
The new CBC president urged member-banks to work hand-in-hand to educate clients during their daily dealings in branches on the proper usage of mobile banking.
He said this will not be difficult as 50 percent of the workforce in Cebu are millennials and are tech-savvy.
“Let us encourage all our fellow Cebuanos, and not only millennials, to use our digital channels for simple banking transactions such as payments, fund transfers, balance inquiries and others,” he said.
As Cebu’s economy continues to grow, Yu sees a steady growth in the banking industry especially with the boom of real estate and construction.
“We have really seen the effects of the Build, Build, Build initiatives of the government. The influx of tourists has also contributed to the growth of the city and that’s why Cebu province is very vibrant,” he said.
CBC has 34 member-banks which includes the universal, commercial, savings and thrift and foreign banks.