More and more Landbank customers are using digital banking channels

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Digital transactions facilitated by the state-run Land Bank of the Philippines (Landbank) grew by a quarter in volume and more than a fifth in value during the first half of 2022.

In a statement on Sunday, Landbank said digital banking transaction volume grew 25% year-on-year to 77.6 million from January to June. These six-month digital transactions amounted to 1.4 trillion pula, up 21% year-on-year.

“The increases represent the combined transactions of Landbank iAccess mobile banking apps, weAccess, Link.BizPortal, Modified Electronic Disbursement System (eMDS) and Landbank Bulk Credit System (LBCS),” he said.

“With the growing demand for digital banking channels amid the pandemic, Landbank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against fraud and scams. online banking,” he added.

“Landbank remains committed to driving greater digital adoption in support of the national government’s financial inclusion agenda. Our safe, convenient and accessible digital banking products are designed to meet the needs of our diverse customer base,” said Landbank President and CEO Cecilia Borromeo.

Landbank said first-half customer transactions through its mobile banking app grew 27 percent to 59.8 million in volume and 37 percent to 103.1 billion pesos in value.

As for eMDS, which serves as Landbank’s internet service for its national government partners, transaction value rose 22% to 966.2 billion pesos, out of 1.2 million transactions in the first six months.

WeAccess, Landbank’s corporate online banking platform, increased transaction volume by 17% to 10 million and value by 11% to 262.8 billion pesos during the same six-month period.

“Landbank’s web-based payment channel, Link.BizPortal, facilitated 2.8 million transactions equivalent to an increase of 48%, with a corresponding total value of 6 billion pesos or a growth rate of 30%,” said he declared.

“The Landbank iAccess and LBCS – the bank’s online retail banking channel and electronic disbursement system, respectively – recorded a combined total volume of 2.8 million transactions amounting to 15.3 billion pesos “, he added.

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