LandBank records an increase in the use of online banking channels


The state-owned Land Bank of the Philippines (LandBank) reported that it saw a significant increase in the use of its electronic banking platforms in March when the Enhanced Community Quarantine (ECQ) was implemented. for the first time in Luzon.

In a statement on Monday, the lender said its top five electronic channels saw a 57.7% increase in the volume of transactions facilitated at the end of March compared to the end of February 2020.

The modified LandBank electronic disbursement system for partner national government agencies saw the biggest increase in usage in March, with transaction volume up 94% from the previous month.

The LandBank I-Access, which provides individuals with 24/7 online banking services, saw its transactions increase by 52% at the end of March compared to the end of February.

Meanwhile, LandBank We-Access, which serves the online banking needs of corporate customers, saw 62% more transactions in March compared to the previous month.

Providing convenient banking services via smartphones, the LandBank Mobile Banking app also saw a 61% increase in transactions at the end of March compared to the totals at the end of February.

Finally, the LinkBiZ portal, LandBank’s online payment platform, facilitated 23% more transactions at the end of March compared to the end of February.

“Due to the Covid-19 (coronavirus disease 2019) pandemic, we are seeing an increased demand for LandBank’s electronic and digital financial services. LandBank remains committed to meeting the growing needs of its customers through innovative banking solutions, accessible and secure, even during the ECQ Period,” said LandBank President and CEO Cecilia Borromeo.

She also urges everyone to use LandBank’s digital and online banking services from the safety of their homes and make cashless payments as much as possible during this time.

But with the increased use of e-banking channels, LandBank is also advising its customers to remain vigilant against growing incidents of phishing and vishing (voice phishing) – an attempt to obtain username, password, password, savings account or credit card details pretending to represent a legitimate website or recognized institution, either via the Internet/email or over the phone.

To avoid becoming a victim of phishing/vishing, LandBank customers are advised to check the URL carefully and do not open suspicious emails, links and attachments, especially from unknown senders.

Likewise, it is important not to share username or login ID, password, card number, card expiration date, credit check value and number. single-use personal identification to unauthorized entities.

LandBank said it would never request critical financial information from its customers over the phone.


About Author

Comments are closed.