Tuesday, 28 May 2024

BPI was awarded The Remittance Product and Service of the Year for 2018 at The Asian Banker Philippines Country Awards 2018

5 min read

By The Asian Banker

  • BPI offers unique features bundled with its remittance services to add value to its customers
  • The bank’s remittance product achieved a rapid uptake, especially in active users, in the remittance market
  • The bank continuously enhances its service capacity through digitalisation and collaboration with technology partners  

Mr. Foo Boon Ping ( Managing Editor of The Asian Banker), Ms. Bess Aguinaldo ( Product Management and Marketing Manager of BPI) Mr. Manuel “Noel C. Tagaza ( SVP of Financial Products and Services of BPI), Ms. Melinda “Mutley” V. Dulay (Vice President of Payments and Remittance Group of BPI), Mr. David Gyori ( CEO of Banking Reports) and Mr. Richard Hartung ( Managing Director of Transcarta)

Manila, October 5th 2018 —BPI received The Remittance Product and Serviceof the Year awardfor the Philippines at The Asian Banker Philippines Country Awards 2018. The awards ceremony was held in conjunction with the prestigious The Future of Finance Philippines 2018, the annual gathering for decision makers in the financial services industry in the country, held at the Fairmont Makati, Manila on October 5th, 2018.

 

BPI offers unique features bundled with its remittance services to add value to its customers

 

BPI introduced the “BPI Pamana Padala”, which bundles free insurance with its deposits. The BPI Pamana Padala account offers a unique feature, a remittance continuation plan, which not only provides free accident and life insurance, but provides a designated beneficiary with payouts for a year, should something happen to the sender.

 

The bank’s remittance product achieved a rapid uptake, especially in active users, in the remittance market

 

The bank’s BPI Pamana Padala product grew rapidly in terms of uptake since it was launched, making the bank one of the market leaders in terms of inward remittance value. In the ten months since it was launched, about 70% of the accounts opened were from new-to-bank customers. Furthermore, 60% of its customers are active remitters, conducting transactions at least once a month.

The bank continuously enhances its service capacity through digitalisation and collaboration with technology partners

BPI enhanced its information technology infrastructure as it moves towards digital transformation. Most of its remittance transactions were conducted online, relying less on cash payout, with more than 95% of overseas remittances channeled into BPI accounts. Furthermore, the bank is collaborating with technology partners to optimise its processes and lower the costs of its remittance services. For example, it will collaborate with RIPPLE to leverage blockchain technology to enhance its remittance services. The bank is also moving towards partnerships with market players to decrease the reliance on overseas brick-and-mortar offices and to reap cost savings.

 

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

 

For all Business Achievement Awards 2018 photos, please visit

https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10156587646114804

 

For further information on the collaterals for winning banks, please contact:

Mr. Foo Boon Ping

Managing Editor

Tel: (+65) 6236 6526

bpfoo@theasianbanker.com

 

www.theasianbanker.com

Mr. Foo Boon Ping ( Managing Editor of The Asian Banker), Ms. Bess Aguinaldo ( Product Management and Marketing Manager of BPI) Mr. Manuel “Noel C. Tagaza ( SVP of Financial Products and Services of BPI), Ms. Melinda “Mutley” V. Dulay (Vice President of Payments and Remittance Group of BPI), Mr. David Gyori ( CEO of Banking Reports) and Mr. Richard Hartung ( Managing Director of Transcarta



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