UCPB’s e-bank deals hit P8.2B

Electronic banking has been gaining ground as more clients are opting to transact via the internet, an official of the United Coconut Planters Bank (UCPB) said. The bank said its e-banking business grew to P8.2 billion, 15% higher than the previous year’s P7.14 billion. Transaction volume rose 21% to 4.12 million from 3.41 million. UCPB’s electronic banking services are comprised of telephone banking; internet banking for large corporate and institutional clients, and a separate one for individuals and small businesses; and a Web-based payment facility for both corporations and individuals. UCPB data showed that the total number of users enrolled for these services reached 63,307 in 2005, up 24% from 51,234 in 2004. Enrique L. Gana, the bank’s senior vice-president, said that telephone banking, with 50,485 users, accounted for the bulk of electronic banking transactions in 2005. He placed transaction volume last year at 1.65 million valued at P5.32 billion. He said the growth in the bank’s electronic banking services last year came mainly from the hefty increase in the usage of its corporate internet banking facility, UCPB.biz, and its retail internet banking facility, UCPB Connect. The value of UCPB.biz transactions increased three times to P1.06 billion from P345 million as volume of transactions increased fivefold to 339,359 from 68,793, Mr. Gana said. He added that the number of UCPB.biz users nearly doubled to 197 corporations from 104 corporations. The number of UCPB Connect users increased 31% to 11,894 from 9,066. UCPB Connect recorded a 17% growth in transaction value to P1.79 billion from P1.46 billion, and a 23% increase in the volume of transactions to 2.12 million from 1.81 million, he said. Mr. Gana said the steady increase in the value and volume of electronic banking transactions bodes well for the bank as it reflects growing customer acceptance of electronic banking facilities, viewing them as secure, reliable and convenient delivery channels for banking services. UCPB has been aggressively pushing its electronic banking services, particularly internet banking, which has wider transaction capabilities. Mr. Gana explained that this will allow the bank to deliver more customer value at a lower cost. – Iris Cecilia C. Gonzales/BusinessWorld