For the first time since opening its doors over a century ago, Philippine National Bank (PNB) now allows new clients to open an account without physically visiting any branch, in line with the bank’s bid to ride on the digital banking boom.
This year, PNB is investing P3.2 billion for technology initiatives, 28% higher than the budget last year. Of this amount, 30% will go to digital payments and e-wallet initiatives.
Recently, the bank’s board also approved a plan to set up an all-digital bank separate from PNB as it seeks to join the mobile banking race.
PNB launched its online account opening service to make it safer and more convenient for customers to start a banking relationship amid cutthroat competition.
Previously, all accounts opened at PNB required 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 comply with KYC via video conferencing.
Prior the its public launch earlier this year, the bank conducted pilot testing in all of its local offices, where majority of employees are millennials. As of end-May, the bank had processed over 3,000 new accounts.
PNB has been encouraging more customers to use digital banking since the start of the community quarantine last year. As a promotional offer, PNB has agreed to waive the maintaining balance for customers who will open accounts until Sept. 21 this year.
Philippine Daily Inquirer
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