According to a Citigroup online poll, there is a marked shift towards online and mobile banking, and in Asia, 98 percent of all transactions are taking place outside a branch. The same source unveils that 75 percent of Filipinos are now doing almost all their banking using their computers, tablets or mobile phones.
Data shows that only one out of four respondents continues to visit the branch and mostly for face-to-face meetings with the bank managers or account officers. Furthermore, only 9 percent of the respondents have declared they have yet to try online banking.
The same survey mentions that popular transactions online included account inquiries, bill payments and fund transfers between accounts. This trend was attributed by Citi to new technologies that offer customers user-friendly solutions at the same time enhancing security.
Research also reveals that Filipinos have shown an interest in using online banking beyond the usual transactions. About 92 percent of the respondents have declared they would like to “take their banking with them” and be able to access all of their finances while traveling, while 78 percent have expressed interest in global investment opportunities.
The survey measures the financial quotient (Fin-Q) of Filipino consumers and is based on a sample of people who own either a bank deposit or a credit card account.
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