Internet banking in the Philippines slowly evolves with the initiatives of the major banks in the Philippines. It's history and origin can be traced outside the Philippines. Due to the convenience brought by internet banking to the banks in foreign countries, the major banks in the Philippines were convinced to also utilized such technology.
According to the AVP for Electronic Channels Group Bank of the Philippines Islands (BPI), Carlo Gatuslao said that first experiments with the internet banking happened in about late 1980's. Even internet banking was not popular in the Philippines. It was on the mid 1990's that some banks abroad successfully implement transactional internet banking.
About that time, internet banking started to become popular. Then most banks at that time started to put up their webpages.
It was only around 1999 to 2000, major banks in the Philippines were able to successfully implement internet banking. Before internet banking was just browser-based or can be only accessed through desktops or laptops. Now, you can accessed internet banking with your phone or mobile devices as long as it has internet connection.
Major banks in the Philippines have most internet banking services available that other foreign banks have. Some basic services that major banks in the Philippines have are:
- account inquiry or deposit, loans, credit cards
- funds transfer
- bills payment
- customer services:
- stop payment order on check
- checkbook reorder
- information on products and services
Improvements of Internet Banking in the Philippines
Some special services have been added such as:
- schedule banking transactions
- foreign exchange
- reloading of prepaid mobile phones
- online account applications
- electronic statements
Advanced internet banking have been also added:
- investment account inquiry
- subscription and redemption of investment funds
- mobile application: banking and mobile payments
Market Penetration of Internet Banking
In Canada and France, market penetration of internet banking reaches to as high as 60%. But in the Philippines, internet banking penetration is estimated to be around 20-30% (year 2012).
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