Making the best out of banking
According to the latest Consumer Finance Survey by the Bangko Sentral ng Pilipinas, “only 14 percent of Filipino households save their money in banks.” The survey said that the foremost reason cited by households for not having a deposit account was “not having enough money to keep an account.” Majority also said they “do not like to deal with or do not trust banks or institutions.”
This reveals that most Filipinos are not maximizing the potential of banking capabilities to help improve or manage their finances.
Bank of the Philippine Islands (BPI) gives practical tips on how to help anyone make the most in his or her financial journey with the bank.
• Be comfortable with
talking about money. Talking about money does not have to be worrisome. The journey to making your finances grow starts with acknowledging what you have and what you want to have.
“Reflect on your financial goals, and take time to identify what you really need to do to attain them,” shares Joseph Gotuaco, BPI executive vice president and head of Retail Clients Segments. “Better yet, share your financial goals with your family or your trusted friends to educate yourself as you make financial decisions.”
• Open up to your bank. Once you’ve overcome your anxieties to discuss money matters, it’s time to talk to the group most qualified to listen to your financial goals and have the expertise to help you do something about it: your bank.
“When you come to the bank, don’t be afraid to share specific goals that matter most to you,” shares Dennis Montecillo, BPI executive vice president and head of Corporate Clients.
• Know your options. It is important to be aware of bank services available to you, but these services have to match your needs. These services come with the financial advice that is customized depending on your goals.
“The bank’s relationship and branch managers personify BPI. Through them, we strive to identify our clients’ needs and aspirations to provide them with appropriate solutions and trusted advice. We aim to be the bank that clients will go to for their most important financial transactions, from deposits, to loans, to estate planning and capital markets transactions,” says BPI president and CEO Cezar P. Consing.
• Invest in a relationship with your bank where you can get trusted advice. “A regular update on market developments and projections is always helpful. You should be aware of risks and opportunities that your companies and personal portfolios can guard against and — or take advantage of— using various investments and hedging products that the bank offers. By doing so, you have better chances of growing your business and portfolios to support retirement or even future generations,” says Antonio Paner, BPI executive vice president, treasurer and head of Global Markets Segment.
As with every relationship that is beneficial for you, make time for people whom you can trust to get you closer to your financial goals.
“Some of our customers have actually grown their businesses from a single proprietorship to a large corporation with the help of their long-time relationship manager. The more the BPI Unibanker knows you, the more that he or she is better able to advice you and push you more towards your goals and potential opportunities,” Montecillo says.