Electronic Banking Gains Acceptance

Manila Bulletin, May 27, 2007 | Go to article overview

Electronic Banking Gains Acceptance


Byline: FIL C. SIONIL

Electronic commerce (e-commerce) is slowly being accepted in the country as an alternative mode of doing business.

According to United Coconut Planters Bank (UCPB) First Vice President Raul Tan, electronic banking otherwise known as e-banking has been "gaining wider acceptance" among the personal and business clients due to the ease in moving funds, including payments of bills and other accounts.

Its increasing acceptability is best mirrored by the notable uptick in the number of usage.

This reflects the comfort and convenience clients are experiencing. It, also, "underscores the security, reliability of e-banking services.

To prove his point, Tan cited the double digit growth in UCPB's e-banking operations, both, in terms of value and volume of transactions as well as the number of users of its own e-banking services.

For the first four months of the year, Tan disclosed UCPB e-banking handled total accounts of P6.8 billion, nearly doubling the P4.8 billion level recorded in the same period the year past.

The growth was driven by the 13 percent rise in the number of transactions during the period from 158,283 to 178, 850. The number of user, likewise, went by 16 percent from 66,880 to 77,513.

Buoyed by this performance, Tan projected UCPB e-banking services could very well exceed the P25 billion mark for the whole year, up from last year's P18.6 billion.

UCPB's e-banking services consist of a telephone banking facility, UCPB Telebanking; two Internet banking facilities, UCPB Connect for individuals and small businesses and UCPB.biz for corporations; and a web-based electronic payment portal, UCPB 1Time payment for both personal and business clients.

Tan, also, attributed the increase to the upgrading of the bank's business recovery infrastructure effected early this year. …

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