digital transactions in 2022, with total transactions amounting to P5.6 trillion. This represents a 126% growth year on year (YoY), highlighting the strong demand for digital banking services in the Philippines.
According to LandBank CEO and President Cecilia Borromeo, the rise in digital transactions is inevitable and the bank is urged to boost its services to cater to this trend. The bank has invested heavily in improving its digital banking capabilities, making it more inclusive for users.
Six of LandBank’s digital channels have seen significant growth over the past year:
- The LandBank Mobile Banking App (MBA) saw a 19% increase in transactions amounting to 123.6 million and a 32% increase in value amounting to P227 billion.
- The iAccess or LandBank’s retail channel also experienced a 15% increase amounting to P17.7 billion.
- LandBank Link.BizPortal reported an 11% increase in value amounting to P11.6 billion
- The bank’s web-based payment facility also onboarded 314 new merchants out of a total of 1,136.
- The Electronic Modified Disbursement System, another digital channel offered by LandBank, grew by 22% in transactions, representing P2.1 trillion in value.
- Meanwhile, the LandBank Bulk Credit System processed transactions amounting to P28.5 billion.
With the continued growth of digital banking, LandBank aims to target a 60% increase in both volume and value this year. To attract more digital banking users, the bank has been actively promoting its services through weekly social media posts, such as #FreeFraidFriday and #SafeModeMonday.
LandBank’s strong performance in digital banking underscores the growing importance of technology in the banking industry. As the bank continues to invest in digital infrastructure and improve its services, it is well-positioned to meet the needs of a rapidly evolving market and contribute to the country’s economic growth.