Security Bank sees positive increase in digital transactions

Security Bank Corporation saw a 170% increase in online banking usage between March 17 and August 31, 2020. This exponential 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.

Online money transfer recorded a significant increase in 2020 versus 2019 with a 312% growth on online fund transfer transactions. The said activities include InstaPay which allows hassle-free Inter-bank fund transfers and eGiveCash, the Bank’s 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,” says EVP & Head of Transaction Banking Group John Ong.

Some of the products that Security Bank offers through its Security Bank Online platform such as its high-yielding eSecure Savings (eSS) account which is available to existing depositors and Unit Investment Trust Fund (UITF) have shifted to online availment.

According to Ong, the rapid increase in online banking users also signifies the positive response from the public as more and 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. Our commitment to continuous innovation allows us to provide BetterBanking services to those we serve,” he added

Security Bank encourages its clients to sign up and fully utilize its online banking platforms to help stay at home and protect themselves from the risk of COVID-19. The bank is also reminding clients to stay vigilant against scams and to keep a lookout for new features and offerings as it works on bringing new services through online integration and innovations.

Recently, Security Bank also launched its Online Account Opening Service for new clients through Skype Video Calls, and its latest Credit Card service, SimplyPay which allows credit card cardholders to pay for big ticket expenses directly to the receiver’s deposit accounts.

To learn more about Security Bank Online and banking from the safety of home, visit https://www.securitybank.com/banking-at-home/

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