Union Bank of the Philippines (UnionBank) chairman Justo Ortiz believes the coronavirus disease 2019 (COVID-19) outbreak accelerated digital banking in the Philippines.
In a recent interview with ANC, Ortiz said the surge in digital adoption is a silver lining of the COVID-19 outbreak, citing how customers shifted to online channels for their banking needs during the enhanced community quarantine.
“Filipinos are ready for the digital shift and the government’s national ID is key to making that happen,” Ortiz told ANC. “The force that moves us from the inertia of the status quo is the silver lining of this pandemic…The bigger story for me is that finally customers are going to be ready to adapt to fourth industrial revolution.”
Ortiz said he believes the national ID will spell the end of cash.
“It becomes a very crucial component,” he said.
He added that banks should also ensure protection of their systems from risks inherent to digital as more customers go on board.
Earlier, UnionBank said it saw a dramatic rise in its digital banking transactions during the lockdown.
In March, its PESONet transactions surged 82% year on year, while InstaPay transactions in April alone, equaled its total number of transactions since its inception.
Even the bank’s digital account openings have registered a huge spike – a 400 percent increase in monthly number of accounts opened since the start of the ECQ.
