LANDBANK earns regional award for digital account opening

Tuesday, March 19, 2019

LANDBANK Executive Vice Presidents Alan V. Bornas (third from left) and Julio D. Climaco, Jr (rightmost) receive the Asia’s Most Inclusive Bank award during the 2019 IDC FIIA awarding ceremony at the Marina Bay Sands Convention Center, Singapore.

LANDBANK was named “Asia’s Most Inclusive Bank” at the 2019 Financial Insights Innovation Awards (FIIA) held recently at the Marina Bay Sands Convention Center, Singapore. The award was conferred by International Data Corporation to recognize the best-in-class technology initiatives of financial institutions in Asia and the Pacific.

The Bank was recognized for its Digital Onboarding System (DOBS), a web application it launched in 2018 to reduce account opening time and simplify the account enrolment process for clients.

Within four months of implementation, the System is now utilized in 64 of the Bank’s branches across the country which reported significant reduction in account opening time from 30 minutes to 10-15 minutes.

The implementation of DOBS makes LANDBANK the first universal bank in the country that offers full digital account opening to both individual and institutional clients, including government agencies.

The System is also designed to ensure the Bank’s compliance to regulatory requirements in terms of data quality as it allows immediate capturing and validation of complete account-opening data and enables easy storage and retrieval of digital records.

 

Bringing innovative banking to the countryside

“This Project is a significant step towards streamlining our processes and making our branches more IT-centric. DOBS will likewise play a central role in bringing our services to more unbanked and unserved areas, as we pursue our vision of promoting inclusive growth in the countryside,” said LANDBANK Executive Vice President Alan Bornas, who received the award in a ceremony held as part of the Asian Financial Services Congress in Singapore.

Being the only Bank present in all of the country’s provinces, LANDBANK, through DOBS, can further make financial services accessible and available to more Filipinos in far-flung areas.

The Bank aims a full implementation of DOBS Phase 1 to all its branches by third quarter. Phase 2, on the other hand, is set to be implemented by July 2019, which will banner additional features such as: 1) Client on-boarding without going to a branch; 2) Accessibility feature for OFWs, and; 3) Updating of customer information, among others.

Out of 110 entries, LANDBANK is one of the 13 awardees and the only Philippine bank recognized in this year’s FIIA.