THE Bangko Sentral ng Pilipinas (BSP) noted an annual growth rate of 14 percent for total loans and seven percent for total deposits in Cebu-based banks, as the province continues to drive the economy in Central Visayas.
BSP Gov. Benjamin Diokno, in a message to the Cebu Bankers Club (CBC) during its 56th induction ceremony of new officers, urged the banking industry to shift to digitalization to improve financial processes for the Filipinos.
“This uptrend demonstrates the continuing contribution of Cebu-based banks to the growing economy of Central Visayas,” he said in a speech delivered by BSP Cebu Director Sonia delos Reyes.
Diokno said with the new technology, banks can now take advantage of new systems to further improve the client experience in banking.
“With the evolving financial landscape, your member-banks can now leverage on a broad range of innovative digital solutions thereby improving business operations, maintaining competitiveness and further expanding financial service access points.
The BSP also assured the banking sector of a friendlier environment on regulatory processes that can benefit the banks as well as the public.
“We, at the BSP remain strongly committed in ensuring and enabling policies and regulatory environment conducive to the greater financial inclusion. Toward this end, we encourage the CBC and the rest of the banking industry to be more strategic in embracing technological advances in delivering financial services to various segments, including the financially unserved and underserved,” Diokno said.
In support of the digitalization, the Bank of the Philippine Islands (BPI) said it is constantly updating its digital application to upgrade its clients’ experience in mobile banking.
BPI executive vice president and chief operating officer Ramon Jocson said they are gearing toward mobile first and focusing on the user interface and the security of their app.
“What we’re doing is harmonizing our channels. While we’re offloading most of the day-to-day transactions, we are enriching the products and services at the branch level,” he said. (JOB)