Thursday, 23 May 2024

CTBC Bank PH partners with Hitachi Asia for enhanced digital banking

5 min read

CTBC Bank Philippines has partnered with Hitachi Asia to deliver improved internet and mobile banking experiences that are more user-friendly, faster, convenient, and secure to its clients.

Launched today, the redesigned web interface and mobile banking applications for CTBC Bank Philippines’s retail clients offer enhanced user experience and upgraded security features.

This collaboration is set to redefine the banking experience of Filipinos, and marks a significant milestone in the bank’s digital transformation roadmap in providing digital banking services for its retail clients. It also underscores Hitachi Asia’s steadfast commitment to promote financial inclusion, facilitate the digitisation of payment innovation and accelerate the digital transformation journey in the Philippines. Together, CTBC Bank Philippines and Hitachi Asia aim to forge a safe and secure digital payments landscape that improves the lives of Filipinos.

The redesigned application, Retail NetBanking, introduces a modern and user-friendly dashboard. The revamped interface presents a unified, at-a-glance view of users’ financial products, which simplifies navigation, streamlines functionality, and enhances the overall user experience. With personalised widgets and customisable features, users can prioritise the information that matters most to them.

Security is a paramount concern in the financial services industry, given the rise of cyber threats today. The Retail NetBanking integrates a suite of advanced security measures to safeguard user data, and assure users of their privacy and financial information. In addition to requiring the input of user ID and password, a time-based one-time password (OTP) system is introduced to fortify defences against unauthorised access. Device recognition technology detects and remembers trusted devices for an added layer of verification, while secure socket layer (SSL) encryption creates a secure and encrypted link between the user's device and the banking servers, ensuring that all data transmitted remains private and integral.

In anticipation of future updates, CTBC Bank Philippines plans to introduce even more security features, including biometric authentication for transaction, to provide users with both ease of access and peace of mind regarding their financial transactions.

Oliver D. Jimeno, president and CEO of CTBC Bank Philippines said: "This collaboration is not just about enhancing our digital interfaces; it's about reimagining the banking experience for our clients. By combining our strengths with Hitachi's innovative technology, we are creating a banking platform that is not only more convenient and faster, but also significantly more secure and user-friendly. Our new web and mobile banking platforms are designed to meet the needs of our clients, providing them with the essential tools to manage their finances efficiently and securely, anytime and anywhere. This is a key step in our digital journey to not only remain competitive but also make banking more accessible to the general public.”

The BSP Digital Payments Transformation Roadmap for 2020-2023 sets forth ambitious goals, aiming to digitise 50% of all retail transactions and to broaden financial inclusion to encompass 70% of Filipino adults through the facilitation of digital payment and transaction accounts. In alignment to these objectives, Hitachi Asia will supply cutting-edge internet and mobile banking solutions tailored for CTBC Bank Philippines retail clients. This underscores Hitachi Asia's commitment to advancing digital financial inclusion in the region by ensuring safe, efficient, and robust payment and settlement infrastructure.

Lourdes Yap, senior director, sales, marketing and business development, Hitachi Asia Ltd. Philippines, said: “At Hitachi, we're dedicated to enhancing access to financial services and to raising living standards — our efforts reflect our mission to contribute positively to society. As the financial industry evolves, the role of finance becomes broader, serving not only economic interests but also societal welfare and environmental stewardship. We believe financial inclusion is a right, not a privilege, and it should offer everyone the opportunity to participate fully in the economy. Together with Hitachi Group of Companies – Megalink and Hitachi Digital Payment Solutions, we are thrilled to have this opportunity with CTBC Bank and contribute to the digital transformation of the Philippines' banking sector.”

Re-disseminated by The Asian Banker

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