Filipino consumers want everything simplified — no long queues, no intimidating interviews and no complicated procedures.
With this in mind, PSBank made an extra effort to change the way it runs things, Rolando A. Rodriguez, the bank’s executive vice president told The Star in a recent interview.
As it celebrates its 47th anniversary, PSBank continues to keep things easier and simpler for its consumers.
Five years ago, PSBank, the thrift bank subsidiary of banking industry leader Metrobank Group embarked on a major change with the way it does its business.
After a thorough study of Filipinos as financial consumers, PSBank realized that there was a need to change its operations into a more efficient and simpler system.
Thus, it reintroduced itself to the market and offered better services. Today, there’s no stopping PSBank from growing into a bigger bank with its new character.
“The bank is single-mindedly trying to create an offering for Filipinos. Filipinos are seen as financial consumers. They don’t like banks, they don’t like dealing with institutions. Thus, we made things simple,” Rodriguez said.
PSBank’s simplified system allows customers to deposit, encash a check, and withdraw or apply for personal and business loans at any of its 163-branch network.
Furthermore, PSBank also launched its remote banking service which covers checkbook orders, free-of-charge fund transfer, online loan application and processing and deposit account management.
PSBank has invested significantly in the latest information technology security device. Aside from the customer codes, all accounts are secured by a multi-level encryption and robust firewall.
In the area of loan processing, PSBank also made big strides in processing financial requirements and loan applications immediately.
Be it a home loan, auto loan, personal loan or commercial loan, clients can expect a fast processing time.
For instance, clients can expect a credit decision on their home loan application in five working days.
As if this wasn’t enough, clients get a one percent off on the first year interest rate if PSBank fails to deliver on its commitment to come out with a decision on the application in five days.
Recently, it also offered auto loan applicants a credit decision within 24 hours or else they will enjoy a P24,000 rebate. This promo, however, is good until Dec. 15, 2007 only.
The process starts when customers file a loan application. Consumers pass through a credit scoring system that rates the applicant’s creditworthiness.
PSBank has put in place a technologically-advanced loan processing system, where applicants receive an update automatically via short messaging service (SMS) of the status of their application after all required documents have been submitted.
With these simpler procedures, PSBank has experienced a 60.5 percent increase in its home loan applications.
PSBank also introduced the Money Card which is a personal loan that is accessible anytime from any Bancnet automated teller machine or through optional PSBank Money Card checks.
In terms of accessibility, the bank continues to strengthen its presence around the country by opening 13 new branches in vital areas.
Rodriguez said that all these efforts are geared towards one goal: To make banking simple, fast and convenient to customers.
Based on the bank’s study of consumers, Rodriguez said they liked it simplified. They don’t like long discussions and complicated transactions. They also don’t like thick application forms, Rodriguez said.
Another thing about Filipinos as financial consumers is that they want their bank to be reliable.
“They want a bank that they are comfortable and have confidence in,” Rodriguez said.
For instance, he said that if a bank promises to call customers on a certain day, it must fulfill its commitment.
Otherwise, Rodriguez said, customers get the impression that the bank is unreliable.
PSBank’s efforts have been paying off, officials said.
In a separate statement, PSBank president Pascual Garcia III said that the bank has provided simplified banking solutions to its customers.
“During the past year, we were able to strengthen our image of being reliable and trustworthy. PSBank has strategically positioned itself all over the country to provide customer-friendly procedures, offering simple, easy and efficient bank transactions for all its products. Customer confidence is key and clients can look forward to a brighter future with a reputable financial institution protecting their interest, putting serious efforts to be more sensitive and attuned to every need of the clients we serve,” Garcia said.
But the bank’s efforts won’t stop here.
Rodriguez said that depositors will be assured of a stable network of branches governed by good corporate governance in daily operations and management decision-making.
“As a bank, we listen very well to our consumers. When there are complaints, we hear them out and we do something about it,” Rodriguez said.
There are, however, challenges that come their way, he added.
For one, he said, people have a preconception of what a savings bank is as against a bigger commercial bank.
Rodriguez said the bank has been getting away from such a prejudice.
“We want to refurbish our image. We’re ready and we’re continuously working toward improving our operations,” he said.
Slowly but surely, Rodriguez said, PSBank is transforming conventional banking into a distilled form that customers can easily understand.