MANILA, Philippines — State-run Land Bank of the Philippines (Landbank) saw its digital transactions surge to a record P5.6 trillion last year amid its push for wider financial inclusion.
Landbank said its digital banking channels recorded a total of 155.8 million transactions worth P5.6 trillion in 2022.
This is a 14-percent improvement in volume and a 126-percent hike in value as compared to 2021 levels, with more customers shifting to digital banking solutions.
The increases were the combined transactions from the Landbank mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system, and the Land Bank bulk crediting system.
Broken down, overall transaction value was driven by weAccess, Landbank’s corporate internet banking platform, that facilitated transactions worth P3.13 trillion, up by a whopping 540 percent.
Landbank’s internet facility for national government partners also picked up 15 percent with 2.5 million transactions valued at P2.1 trillion.
Meanwhile, its mobile banking app also improved with 123.6 million transactions, the highest number among its channels, amounting to P227 billion, up 19 percent and 32 percent, respectively.
Landbank’s bulk credit system facilitated 1.8 million transactions equivalent to P28.5 billion, up by over 1,500 percent and 600 percent, respectively.
Further, its online retail banking channel iAccess posted a 15-percent increase in terms of transaction value amounting to P17.7 billion.
Landbank’s web-based payment channel, Link.BizPortal, also saw improvements in both volume and value at 5.8 million transactions equivalent to P11.6 billion.
Last year, the facility onboarded 314 new partners for a total of 1,136 merchants, of which 798 are from the public sector.
This year, the state-run bank targets to grow its overall digital transactions by at least 60 percent in terms of both volume and value.
Landbank president and CEO Cecilia Borromeo said digital channels continue to service the growing customer demand for contactless financial transactions.
“We are driven to support our expanding retail customer base, to deliver convenient and responsive services to more customers nationwide,” Borromeo said.
As demand for digital banking channels remains in an uptrend, Landbank assured that it is implementing an intensified communication campaign to help protect customers from phishing scams and other forms of online banking fraud.