Security Bank sees surge in digital transactions amid COVID-19

Security Bank Corp. said Friday it saw a dramatic rise in online transactions from mid-March to end-August this year as mobility restrictions prompted Filipinos to adopt digital means.

The bank said it saw a 170% increase in the use of online banking between March 17 and August 31, a period when the country was under a community quarantine to prevent the spread of COVID-19.

Security Bank said in a statement that the growth in online banking users can be attributed to the implementation of the enhanced community quarantine early in the year, which further drove the adoption of digital banking in the country,

Likewise, online money transfers surged 320% year-on-year. Such fund transfers include the use of InstaPay, which allows inter-bank fund transfers, and its eGiveCash remittance service which allows clients to send money online and recipients to withdraw the funds at any Security Bank ATM.

“We have seen a surge in the number of people transacting via Security Bank Online (SBOL) with transactions growing steadily month-on-month. We’ve also noticed that a huge chunk of transactions come from online bills payment. This has been one of the main drivers of our electronic channel growth with a 48% increase versus the previous year,” Security Bank Executive Vice President and head of Transaction Banking Group John Ong said.

Ong added that the rapid increase in online banking users also signifies the positive response from the public as more people adapt to the “new normal.”

“Security Bank will continue to test and roll out new user-friendly features, streamline our digital solutions, and strengthen our technology and platforms to support the changing needs of our customers,” he added. — DVM, GMA News