Landbank simplifies account opening

MANILA, Philippines — State-run Land Bank of the Philippines is now fully implementing a new system in all of its branches nationwide aimed at simplifying the account opening process for its clients.

In a statement, Landbank president and chief executive officer Cecilia Borromeo said the bank’s digital onboarding system (DOBS) is now being utilized in all of 400 Landbank branches across the country after less than seven months since it was launched.

The DOBS is a web application which aims to streamline the account opening process, thereby reducing lobby traffic in Landbank’s branches. The system significantly reduces account opening time of clients from 30 minutes to 15 minutes.

Since its launch in 2018, more than 98,000 accounts have so far been opened through the system, Borromeo said.

Initially, the DOBS is accessible through the Digital Banking Corner of Landbank branches, but Borromeo said this would also soon be linked to the bank’s website.

She said this would allow individuals – including overseas Filipinos and institutional clients – to fill out forms and upload documents in the comfort of their homes, offices, or even via their mobile phones, prior to proceeding to the branch to complete the account opening process.

“Moving forward, we are targeting to also roll this out in our lending units to streamline and simplify the loan application process for our clients,” Borromeo said.

Landbank is further strengthening its banking platforms and introducing innovative channels in line with its thrust to promote greater financial inclusion and banking convenience for its clients.

“Our efforts are geared towards incorporating as many Filipinos as possible into the financial mainstream through traditional and digital platforms. We continue to invest on systems and technologies that will allow us to expand our reach, streamline processes, and improve the delivery of our products and services,” Borromeo said.

Aside from improving its digital platforms, she said Landbank also continues to expand its traditional network nationwide, with four new branches opened in the first half.

Borromeo said 10 more branches are in the pipeline, which will bring the bank’s total network to 410 by the end of 2019.

These are complemented by 44 lending centers, 2,066 automated teller machines (ATMs) and 120 cash deposit machines deployed in strategic areas across the country.

The Landbank chief also bared their plan to deploy a mobile branch and 10 additional mobile ATMs, which are seen to benefit more remote areas by providing continuous delivery of banking services, even during calamities or disasters.

This will augment the bank’s existing 10 mobile ATMs that provide banking services to beneficiaries of the government’s conditional and unconditional cash transfer program, payroll pay-out of local government units, pension or salary pay-out and loan proceeds of other government agencies, and other special events or calamities.

Landbank is also looking to install 200 point-of-sale (POS) cash-out units to bring financial services more accessible to Filipinos through its network of cash-out partner institutions.