BPI bags The Banker’s 2011 Bank of the Year Award
The Bank of the Philippine Islands (BPI) has bagged the 2011 Bank of the Year Award.
The Banker, a highly-respected international publication, handed out the Bank of the Year Awards and Top 500 Banking Brands.
Aside from earnings, assets, Tier 1 capital growth and returns on equity, contenders for the Bank of the Year Awards were evaluated against their ability to set new standards for the local banking industry, their use of new technology, and their innovation and cost efficient expansion strategies.
BPI president and chief executive officer Aurelio Luis R. Montinola III said that the bank is nearing its five-million customer base target this year.
“We have provided them with additional banking convenience in the form of online investing and loan applications, and real-time cash acceptance machines,” Montinola, who took center stage alongside winners representing the best banks from 146 other countries, said.
Another first in the Philippines, the BPI Cash Deposit Machine allows for actual cash deposit that gets credited to the client’s ATM account real time. It gives out a receipt as proof of the transaction. And because the machines function 24 hours a day, seven days a week, it takes away the need for customers to deposit through bank tellers during banking hours.
“We will focus on cost efficiency, capital efficiency and differentiating ourselves primarily through relationship managers providing appropriate financial solutions to our key clients, and superior online and mobile banking solutions for everyone else,” the BPI chief executive added.
BPI has been leading the way in online and mobile banking solutions, cognizant of the increasing need for banking services while on the move.
The bank offers BPI ExpressLink Mobile for corporate clients and offers BPI Express Mobile for individuals. Both applications, when downloaded on smartphones and tablets, allow users to check account balances, transfer funds, pay bills, remit government dues and for corporate clients, approve disbursements and other financial transactions.
Then there is the BPI Easy Saver where bank clients are able to open a zero-minimum, interest-earning account for only P200. And with My ePrepaid Mastercard, even the youth can enjoy Internet shopping without the risk of unmanageable debt.
BPI also expanded its suite of loan products with packages that addressed needs specific to individual and small- to medium-sized entrepreneurs, who otherwise find it difficult to grow their businesses.
The BPI Ka-Negosyo loan on lite mode reduces cash flow strain in the early stages of a business by letting borrowers settle the interest over the first six months, and start paying for the principal loan amount beginning on the seventh month as liquidity issues ease up.
Another key innovation that aims to make branch banking easy is the BPI Express Assist (BEA) touch-screen machine. These machines allow customers to directly input transactions into the system, eliminating the need to fill-out deposit/payment or withdrawal slips.
This award-winning technology promotes accuracy, reduces long counter queues, frees up bank personnel to address more complicated concerns, and cuts transaction time by as much as 30 percent.
Using a royalty relief method that values a brand based on what would be paid to use it if it were owned by a third party, The Banker ranked the world’s Top 500 Banking Brands, giving each a rating that benchmarks its strength, risk and potential relative to its competitors.
In the Philippines, only BPI made it to the top 300 in this prestigious world list of banking brands.
“Along with the value that is credited to our brand is a responsibility to meet, if not to exceed expectations. As we journey beyond our 160th anniversary, we pledge to be ever more vigilant in protecting the BPI brand and what it stands for,” Montinola added.