PNB launches online account opening service
"We are investing in technology and changing a lot of our processes at PNB. More and more customers are now demanding non-stop banking services. They want it fast, safe, and easy. In the new normal, we need to rely on technology to interact with customers and our target market across all our channels," Veloso said.
For over a century, accounts opened at PNB included a visit to one of its branches where the know-your-customer (KYC) process is conducted. With the launch of this online account opening service, customers can go to the PNB website, submit the necessary identification and information required, and allow the PNB Branch of Account to facilitate KYC via video conferencing.
To be able to support these capabilities, PNB has been investing in technology. The bank allotted around Php2.5 billion of capital expenditures for IT initiatives in 2020, which is 15-percent higher than 2019 budget. This year, PNB is investing Php3.2 billion or 28-percent higher than 2020 budget and is allocating 30-percent of the IT budget for digital payments and e-wallet, among others.
"At PNB, we believe in creating a harmonized business model that integrates the strengths of digital and traditional banking business models. Our thrust is to continuously serve the immediate needs of our customers while looking for innovative ways to enhance their experience,"
Prior to its public launch earlier this year, the bank conducted pilot testing for all its employees in all of its offices locally, where majority of employees are millennials. As of end-May, the bank had processed over 3,000 applications for new accounts.
"We have learned so much from this activity that we conducted with my fellow Philnabankers, especially from our younger colleagues. We have used this experience to build our capabilities before we formally launched to the public. Our young colleagues are more comfortable in using these digital applications through their computers and smartphones and this is why we are investing more in building these capabilities,"
Veloso added that PNB has been encouraging more customers to use digital banking since the start of the community quarantine last year. In a disclosure to the Philippine Stock Exchange (PSE) recently, the bank said its Board of Directors has approved a plan to set up a digital bank separate from PNB.
As a promotional offer, there will be no required maintaining balance for customers who are able to open accounts from June 21, 2021 to September 21, 2021.
Philippine National Bank