Online banking embraced by more Filipinos, says ING

Need more convincing that it is better to bank from home? The COVID-19 pandemic is proving to be a very compelling reason. Filipinos are now shifting to online banking due to the enhanced community quarantine (ECQ) that forces them to stay home.

As an all-digital bank, ING Bank is committed to making its services available 24/7. It has also announced it will keep its savings interest rate at 4% per annum until July 31. This will assure ING customers that their money will continue to grow, as sustained savings or for emergency needs.

Advantage of all-digital bank

“The increasing shift to online banking due to the ECQ has given us bigger opportunities to encourage more Filipinos to bank from home the past few weeks,” Hans Sicat, country manager of ING Bank in the Philippines, told Digital Life Asia via e-mail.

As an all-digital bank, ING Bank says it has been able to maintain its services at the pre-ECQ level.

“Being an all-digital bank, we are fortunate to be in a position to continue providing simple, easy, and convenient banking services to our customers since day one. We have always looked at how digital banking can seamlessly become a part of our customers’ lives and everyday activities.

“We assure our customers that the ING mobile app remains accessible at all times. Our bank transfer and check deposit services via the mobile app are also fully functional during this period. In the same manner, our 24/7 customer care service team continues to be of assistance to our clients’ needs even as they work remotely during this time. We know that managing and moving funds digitally to support one another is important especially during this time. Transferring funds from ING to other banks has been free of charge since our launch in 2018 and we intend to keep it this way,” Sicat said.

Growth of cashless payments

Social distancing and periodic lockdowns are expected to become part of the new normal in the months to come.

Will this crisis also prove to be the tipping point for cashless transactions to become the norm?

“The increasing digitalization trend brought about by the ECQ will spur more corporates (including MSMEs) to utilize digital payment channels. Cash management functions delivered on digital platforms will then have increasing importance.

“Yes, there are strong and positive indicators of an increased adoption of cashless transactions especially at this time. Some examples of these transactions are interbank transfers and the check deposit function in our mobile app. Since the start of the ECQ, we are also seeing higher awareness of the need for savings and keeping an emergency fund,” Sicat said.

ING Bank and ING Business Shared Services, Manila have also committed to donate €100,000 (roughly Php5.5 million). This will go to several healthcare and non-governmental organizations to support frontliners in the fight against COVID-19.