LandBank’s Digital Transactions Reaches P567 Billion, Sees Rising Demand due to Pandemic

Land Bank of the Philippines Inc. (LandBank), a state-owned bank reports continuously high demand for online services driven by the pandemic, leading to strong growth in the bank’s digital transactions. The bank reports a 36% growth in volume and 22% in value compared to the previous year, now amassing a total of P567.61 billion worth of digital transactions from 39.14 million transactions recorded in the first three months of 2022.

LandBank’s mobile banking application records a total of 29.75 million transactions from the first quarter of 2022 alone, amounting to a total of P47.18 billion. Meanwhile, the bank’s corporate internet banking platform notes more than 6 million transactions totaling almost P143.19 million. Its web-based payment facility also reached around 1.38 million transactions totaling P3.41 billion.

LandBank’s online retail banking channel also reports P4.46 billion worth of transactions– a 26% increase in growth from the same period last 2021 which was at P3.55 billion.

“LandBank’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers,” LandBank President and CEO Cecilia C. Borromeo states. “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,” She also adds. Borromeo states customers have now shifted to digital banking options given the pandemic and its lockdown restrictions, which contributes to the rising demand for the bank’s digital services.

LandBank’s statement also announces, “With the continuous increase in the use of digital banking channels, the state-run bank 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.”

Source: BusinessMirror