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History of Internet Banking in the Philippines

Internet dramatically improves the lives of the people. You can search anything you want through the internet. You can communicate face to face with your love ones on the other country through the internet. You can even easily do banking transactions through internet. Internet banking is just a click away.

Internet banking in the Philippines slowly evolves with the initiatives of the major banks in the Philippines. It's history and origin can be traced outside the Philippines. Due to the convenience brought by internet banking to the banks in foreign countries, the major banks in the Philippines were convinced to also utilized such technology.

Internet banking is not something new in the Philippines. What's new now are the ways on how internet banking can be accessed and that is through the different computer devices such as laptops, tablets, iphones and other gadgets.

According to the AVP for Electronic Channels Group Bank of the Philippines Islands (BPI), Carlo Gatuslao said that first experiments with the internet banking happened in about late 1980's. Even internet banking was not popular in the Philippines. It was on the mid 1990's that some banks abroad successfully implement transactional internet banking.

About that time, internet banking started to become popular. Then most banks at that time started to put up their webpages.

It was only around 1999 to 2000, major banks in the Philippines were able to successfully implement internet banking. Before  internet banking was just browser-based or can be only accessed through desktops or laptops. Now, you can accessed internet banking with your phone or mobile devices as long as it has internet connection.

Major banks in the Philippines have most internet banking services available that other foreign banks have. Some basic services that major banks in the Philippines have are:
  • account inquiry or deposit, loans, credit cards
  • funds transfer
  • bills payment
  • customer services:
    • stop payment order on check
    • checkbook reorder
    • information on products and services
Improvements of Internet Banking in the Philippines

Some special services have been added such as:
  • schedule banking transactions
  • foreign exchange
  • reloading of prepaid mobile phones
  • online account applications
  • electronic statements
Advanced internet banking have been also added:
  • investment account inquiry
  • subscription and redemption of investment funds
  • mobile application: banking and mobile payments
Market Penetration of Internet Banking

In Canada and France, market penetration of internet banking reaches to as high as 60%. But in the Philippines, internet banking penetration is estimated to be around 20-30% (year 2012).

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"History of Internet Banking in the Philippines" was written by under the Banking category. It has been read 4287 times and generated 0 comments. The article was created on 16 June 2013 .
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