PSBank, the consumer banking arm of the Metrobank Group, is stepping up its digital banking innovations with its wide array of products and services available 24/7 amid growing customer preference for mobile transactions.
A leading thrift bank, PSBank pioneered the use of Cardless Withdrawal, which as the name suggests, allows withdrawal of cash from any PSBank ATM without using an ATM card. Launched in October last year, Cardless Withdrawal is steadily gaining traction in terms of customer usage as average daily transaction jumped 23% at the end of the first quarter as against the average daily transaction recorded at the end of 2017.
To use the Cardless Withdrawal feature, clients must log in to their PSBank Online or PSBank Mobile app; select “Cardless Withdrawal” to create a transaction request; choose the account where the amount will be withdrawn; type in their nominated 4-digit PIN and the amount they wish to withdraw.
Another leading feature of the PSBank Mobile app is the ATM Lock, which enables clients to lock their ATM card and prevent its unauthorized use in any ATM, point of sale or online transactions that require the card number. This feature provides clients with additional layer of protection against ATM-card related fraud on top of having better control of their accounts. Clients may activate this feature via the PSBank online portal and via PSBank Mobile app, the company’s electronic channels for real-time banking transactions.
Aside from enabling safe and easy fund transfers, loan payments and other transactions 24/7, the PSBank mobile app also pioneered the use One Touch ID and PayMe. Using only fingerprint recognition, One Touch ID allows customers to quickly access the PSBank Mobile App without keying in a password. PayMe, on the other hand, allows customers to request for money and payments from other users in a snap.
“PSBank has been steadily creating a digital ecosystem for our banking services with the aim of making things simple for our customers and enhancing their banking experience with us,” said PSBank Senior Vice President Noel Tuazon, Head of Marketing Group.
Other digital banking transactions enabled by the company include the PSBank Online Loan Application or POLA. This online platform, which can be accessed through the bank’s official website (www.psbank.com.ph) provides people on the go a simpler and convenient way to apply for a car and personal loan, eliminating the need for time-consuming paperwork. This channel also hastens approval process, granting a credit decision within 24 hours for Auto Loan and within three days for Flexi Personal Loan, from the time of application, via SMS.
Two of the company’s online assets also enable clients to make banking transactions: PSBank’s e-Trust is an online investment facility that allows clients to apply and manage their PSBank Money Market Fund online. Such facility enables clients to make additional subscriptions, redeem funs partially or fully, update risk profile or simply view their portfolio using mobile devices anytime and anywhere.
Also, PSBank Business Online Buddy or BOB is the bank’s answer to the simple cash management requirements of SMEs and retail customers for their business. The facility enables clients to manage their accounts, do fund transfers, make disbursements, effect collections and even cut checks real-time in a safe, secure and convenient online environment.
Tuazon said the goal of improving customer experience also led the bank to roll out last year a new deposit core banking system called Flexcube to further improve its capability to deliver best in-class branch services, as well as allow for greater flexibility in product and services offerings.
The bank also embarked on several automation projects to manage the growing volume of our transactions, improve turnaround time, and strengthen controls. These include Mobile Credit Verification, Check Image Clearing and Billings and Ledger Recon systems, leading to faster delivery of services—91% of loan applications were processed in less than 8 hours.