A two-minute date with BEA

MANILA, Philippines - What can you do in less than two minutes?

You can probably fry an egg, make a quick call to check on your kid at home while you’re at work, or boot up your computer to log on to Facebook and see if one of your friends tagged you in that hilarious photo after several rounds of drinks last night.

But Bank of the Philippine Islands (BPI) claims that you can do more than that in a flash. You can actually deposit cash, transfer funds, and pay your bills — all in less than two minutes from the time you enter a branch.

BPI recently unveiled the country’s first fully-automated transaction assist platform — the BPI Express Assist (BEA) — during an experiential media event dubbed “160 Seconds with BEA” as part of its 160th-anniversary celebrations.

“BPI has always been known for being a step ahead in terms of innovative banking technologies by pioneering best practices that have become the standard in local banking,” says Nabbie Alejo, BPI senior vice president and head of Consumer Banking Group. “We have quietly rolled out BEA as early as the first half of 2010, initially in 10 of our branches nationwide. And by the end of year, we will have installed this innovation in 100 branches. This technology was born out of BPI’s aim to maximize today’s technology to provide an easier and more convenient banking experience for our clients, in keeping with our anniversary theme of going beyond ordinary banking.”

Alejo notes that since BEA was first introduced, they have been getting great reviews from clients who have tried it. “Old style can be so archaic, as some of our satisfied customers note,” she says. “BEA not only automates standard bank transactions but, more importantly, streamlines processes and cuts transaction time for customers. “BEA provides customers with a much better banking experience by eliminating long queues at the banking counter, as well as eradicating the need to use deposit, withdrawal, and payment slips.”

The media event saw four teams — each with four members — complete standard bank transactions, namely, cash deposit, check deposit, cash withdrawal, and bills payment.

Banking In 160 Seconds Or Less

As part of its thrust towards innovating banking for Filipinos today, BPI is leaning towards promoting electronic banking as a more efficient and convenient way of conducting bank transactions among its branches nationwide.

During the past decade, BPI has seen an almost 12-percent increase in financial transactions, a huge chunk of which was conducted through electronic banking, which includes transactions made through ATMs, the Internet, or mobile phones.

Manual transactions, or those that have to be settled over the counter, have “gone down to 34 percent at present from 70 percent some 10 years ago, while electronic banking transactions have ballooned to 66 percent from 30 percent,” according to Alejo.

“With BEA, BPI has seen reduced waiting times for customers and increased opportunities for cross-selling among various BPI products,” she says. “This award-winning innovation complements BPI’s thrust to be more flexible, efficient, and environment-friendly as it continues to lift industry standards in the local banking sector today.”

Award Winner

BEA, BPI’s groundbreaking innovation, has earned the bank and its partner, Wincor Nixdorf, a prestigious distinction as the Best Branch Automation and Networking Award at the 5th Asian Banker Technology Implementation Awards Programme held at The Hong Kong Jockey Club last April. BPI bested over 50 financial institutions from 15 countries across the Asia-Pacific, Gulf, and Central regions, and this achievement reinforced BPI’s leading stance in promoting a “beyond ordinary banking” experience for its Filipino clients.

“BPI’s project with Wincor Nixdorf reflected its ability to leverage on existing infrastructure and channel distribution with a technology that automates and streamlines process,” Asian Banker said in a previous statement.

 “This is indeed a step forward for improving customer experience while leveraging on existing branch infrastructures,” said Chris Kapfer, head of Asian Banker Research, as he lauded BPI’s BEA technology. “This clearly shows that an institution can increase its transaction capacity by automating operations, and eliminating redundant and often error-prone manual processes.”

BEA is only one of the pioneering services that BPI has introduced over its 160 years of existence. Aside from this, BPI also stands out as the only bank in the country that clears checks in real time. “When you deposit a BPI check in a BPI branch, regardless of which branch the BPI check is drawn, the check clears immediately, as long as it is funded, of course. You can immediately withdraw and use the funds from the check that you deposited,” Alejo notes.

Second, BPI also allows customers to fulfill any bank transaction in any BPI branch — no need to go to your home branch even for transactions like large cash withdrawals, replacing your lost ATM card or applying for a managers’ check. “In BPI, you are not just a customer of the branch where you opened your account. You are a customer of the whole BPI network and you should be able to go where you please to do your transactions,” she says.

Lastly, BPI also allows customers to deposit cash in any BPI branch nationwide, free of charge. “We understand that today’s customers are highly mobile and their financial dealings take them around the country, and they should not pay more for a basic banking service like depositing,” concludes Alejo.

For more information, go to visitwww.bpiexpressonline.com or contact Angela Mirasol at 816-9853.