Security Bank has been upgrading its online platforms amid the surge in demand for digital banking during this pandemic, its president said.
Security Bank President and CEO Sanjiv Vohra said in an online forum last week that bank has been “redoubling” its efforts to improve customer experience.
“In order to keep up with the increasing demands for online banking, we are implementing a series of upgrades and enhancements on our digital banking platforms to improve your overall banking experience,” Vohra said.
For example, he said that both retail and business clients can open an account without going to the physical branches because it can be hosted via Skype.
The customers can also continue to transfer funds, through InstaPay, to other participating banks and e-money issuers without charge until the end of the year.
The bank, in addition, is also allowing sending and receiving cash even to those who do not have bank accounts with its eGiveCash feature.
In September, the bank reported that online money transfers rose significantly during the pandemic. Security Bank reported that its online fund transfer grew by over 300 percent year-on-year in 2020. To note, overall online banking usage surged by 170 percent between March 17 and August 31.
At the same time, the bank has also projects to support the medical institutions, business, and students amid the pandemic.
Vohra said Security Bank, along with the Philippine Red Cross, helped build a molecular lab for Covid-19 testing and donated three negative pressure ambulances.
The bank supported the funding for the treatment of indigent Covid-19 patients in Saint Luke’s Medical Center’s Convalescent Plasma Treatment.
It teamed up with educational institutions such as Singapore’s 88Tuition and Edukasyon.ph to make e-learning more accessible in the Philippines.
The bank also partnered with Sprout Philippines to offer free human resources and payroll solutions, extending aid to companies of all sizes.
In the first nine months, the listed bank saw its net profits fall by 13 percent to P6.7 billion from P7.7 billion year-on-year due to elevated provisions for potential credit losses.
Security Bank earmarked a loan-loss buffer of P21.1 billion for January to September, which is markedly higher compared to P1.8 billion in the last year.
The bank registered a 5-percent uptick in its capitalization at P124 billion in the first three quarters. Total assets, however, declined by 19 percent to P651 billion.