The major digital banking platforms of the Land Bank of the Philippines (LANDBANK) in the first three quarters of the year have facilitated a total of 111.3 million transactions amounting to P4.6 trillion – registering 15% and 169% year-on-year growths in volume and value, respectively.
Amid the continuing increase in customer demand for digital financial transactions, LANDBANK President and CEO Cecilia C. Borromeo underscored the importance of digital transformation for the state-run Bank during the “BOUNDLESS: Philippine Digital Convention 2022” held on 27 October 2022 in Parañaque City.
“Digitalization enables LANDBANK to provide better solutions to the growing and varied needs of our customers. This includes delivering greater value to beneficiaries of social protection programs, government employees, local government units, and other key development sectors,” said President Borromeo at the Convention, where she was one of the distinguished panelists.
The total utilization growth recorded by LANDBANK in the nine-month period consists of combined transactions via the LANDBANK Mobile Banking App (MBA), weAccess, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and the LANDBANK Bulk Crediting System (LBCS).
The LANDBANK MBA topped the group in terms of transaction volume, which recorded 87.6 million transactions amounting to P154.3 billion, translating to 20% and 29% increases, respectively.
The overall increase in transaction value was propelled by the Bank’s corporate internet banking platform, the LANDBANK weAccess, which logged 13.26 million transactions worth P2.95 trillion – a 739% increase in value from the same period last year.
Meanwhile, the LANDBANK eMDS for national government partners facilitated 1.7 million transactions worth P1.4 trillion, translating to a 19% rise in value.
The Bank’s online retail banking channel, iAccess, likewise posted a 16% increase in terms of transaction value amounting to P13 billion from 3.9 million transactions.
The Link.BizPortal, LANDBANK’s web-based payment facility, recorded a 50% rise in transaction volume with 4.3 million transactions worth P8.8 billion.
Lastly, the LBCS — the Bank’s online electronic disbursement facility — recorded transactions amounting to P14.09 billion for a significant 575% jump compared to the same period last year.
“More than the numbers – the outcome, the quality of lives of the people and communities we serve are very important. The possibilities of improving the lives of customers are boundless,” added President Borromeo.
LANDBANK continues to leverage on digital technology to deliver convenient and secure financial services and products to development sectors of the economy, as part of its full commitment to serving the nation.