LANDBANK’S DIGITAL TRANSACTIONS FURTHER UP IN Q1

The prolonged COVID-19 pandemic further increased the use of Land Bank of the Philippines’ (Landbank) digital channels during the first quarter, with the value of transactions up by over a fifth.

In a statement on Tuesday, the state-run Landbank said it facilitated P567.6 billion worth of digital banking transactions from January to March, 22-percent higher than a year ago.

In terms of volume, Landbank clients’ 39.14 million digital transactions during the first three months were 36-percent higher year-on-year.

“Landbank’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” president and chief executive Cecilia Borromeo said.

“The demand for Landbank’s digital services continue to rise as more customers shift to using more convenient, reliable, and safe digital banking solutions, especially in the new normal,” she added.

In particular, Landbank’s mobile banking app grew transaction volume by 37 percent year-on-year to 29.75 million, and value by 46 percent to P47.18 billion in the first quarter.

Its corporate internet banking platform weAccess increased transactions by 37 percent in volume to 6 million, and 25 percent in value to P143.19 billion during the same three-month period.

Web-based payment facility Link.BizPortal also hiked transaction volume by 42 percent to 1.38 million, as well as value by 58 percent to P3.41 billion.

Online retail banking channel iAccess, meanwhile, had a 26-percent larger transaction value of P4.46 billion as of end-March.

Also, Landbank’s electronic modified disbursement system for its national government agency-partners saw transactions rise by 36 percent in volume, and 18 percent in value to P368.08 billion.

“With the continuous increase in the use of digital banking channels, [Landbank] assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams,” it said.