Most Filipinos at ease with online banking, says survey

Three out of four Filipinos are now comfortable conducting banking transactions online, according to the results of a Citigroup online poll.

“We are seeing a marked shift to online and mobile banking, and in Asia, we already see 98 per cent of all transactions taking place outside a branch,” Citi Philippines consumer business manager Bea Tan said in a press statement on Wednesday.

This conclusion was derived from an annual online poll that measures the Fin-Q or financial quotient of Filipino consumers. The survey, which covered people who own either a bank deposit or a credit card account, showed that 75 per cent were now doing almost all their banking from their computers, tablets or mobile phones.

Only one out of four respondents continues to visit the branch, and mostly for face-to-face meetings with the bank managers or account officers.

Only 9 per cent of the respondents said they had yet to try online banking.

The same survey showed that popular transactions online included account inquiries, bill payments and fund transfers between accounts. This trend was attributed by Citi to new technologies that offer customers user-friendly solutions at the same time enhancing security.

The Citi Fin-Q Survey also showed that Filipinos were showing an interest in using online banking beyond the usual transactions. About 92 per cent of the respondents said they would like to “take their banking with them” and be able to access all of their finances while travelling, and 78 per cent expressed interest in global investment opportunities.