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Security Bank deploys mobile bank in NCR

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SECURITY Bank Corp. rolled out its mobile banking services allowing customers to do transactions without having to visit a physical branch.

In a recent statement, the listed bank said that it began deploying its services via a truck last month in Caloocan City, Metro Manila.

Shares in Security Bank were up 3.5 percent, or P4.50, to close at P133 each amid the 0.78-percent rise for the benchmark index on Tuesday.

The mobile banking service truck is scheduled to visit Security Bank’s payroll partners in Metro Manila, including those areas where its branches are temporarily closed amid lockdown restrictions.

The mobile bank on wheels is equipped with digital tools, built-in interactive screens and mobile devices.

It allows automated teller machine (ATM) withdrawals, cash deposits, bills payment, fund transfer and PIN change.

“As we strive to provide BetterBanking experiences to our clients despite the pandemic, we have launched BetterBanking On-the-Go to make our services available where it matters,” said Leslie Y. Cham, the bank’s executive vice president for the branch banking group.

“Through this initiative, we are also able to support our branch network by diverting foot traffic from our physical branches to our mobile units,” she added.

The ATM withdrawal limit is set at P50,000 while bills payment for utilities are the same with physical branches.

Security Bank stressed that the mobile bank on wheels follows the safety protocols.

In January to September 2020, the bank saw its net income decline by 13 percent to P6.7 billion from P7.7 billion year-on-year due to elevated provisions for potential credit losses.

However, the bank recorded a 66-percent increase in total revenues for the period at P40.2 billion. Top line figures, excluding the trading gains, soared by 22 percent to P27.9 billion.

Security Bank earmarked a loan loss buffer of P21.1 billion in the first nine months of 2020, which is markedly higher compared to P1.8 billion in 2019.

In October last year, the bank finalized its partnership agreement with Bank of Ayudhya, which is commonly known as Krungsri. The partnership is aimed at making customer-centric digital lending experience available to clients and small business owners.

Read full article on BusinessMirror

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