BPI president TG Limcaoco believes Southeast Asia's oldest bank can beat the digital newcomers while keeping the benefits of a wide physical branch network
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The Bangko Sentral ng Pilipinas first began handing out licenses for digital banks in December 2020, allowing them to “offer financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering financial products and services.” (READ:
So why do some well-established banks, like UnionBank with its UnionDigital subsidiary, still start their own separate digital bank? When Rappler askedthat question, they explained it had to do with the flexibility that comes with lower capital requirements and operating costs, and more agile bank systems built from the ground up.
BPI’s executives said the bank’s branches remain the primary selling channel for its business banking segment. The bank also values its brick-and-mortar presence because it is where people can learn finance.
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