MANILA – Overseas Filipino Bank (OFBank) targets to attract about 2,000 account openings daily once lockdowns around the world are eased and deployment resumes strongly.
The digital-only state-owned bank was formally launched Monday through its Facebook page (@OFBank), the Facebook page of its mother-unit, Land Bank of the Philippines (Landbank), @landbankofficial, and the Landbank YouTube Channel, /landbankofficial.
In reply to questions from Philippine News Agency, Landbank president and chief executive officer Cecilia Borromeo said 1,212 accounts of the current 26,000 existing accounts were opened when the bank’s mobile app went live last June 22.
“We target to acquire 2,000 OFBank accounts per banking day. However, we need to consider that travel bans are still in place globally. There are countries that are still in lockdown where deployment of OFWs (overseas Filipino workers) are still restricted,” she said.
Borromeo said they are in close coordination with the Philippine Overseas Employment Administration (POEA), the Overseas Workers’ Welfare Administration (OWWA), and the Commission on Filipinos Overseas (CFO) “to bring across OFBank and its benefits to OFWs and their beneficiaries via webinars and other online means.”
Borromeo said among the advantages of opening an OFBank account include “no worries” on opening deposit requirements, no maintaining balance and dormancy fees, fund transfer from an OFBank account to another OFBank account or Landbank account is without cost, and beneficiaries who are below 18 years old but at least seven years of age can open their own accounts.
She added it is also convenient to open an account as this bank uses the Digital Onboarding System with Artificial Intelligence (DOBSAI) that “facilitate(s) real-time account opening anytime, anywhere in the world, and in as quick as five minutes.”
In a statement, Landbank said OFBank’s mobile app “allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.”
It said the applicant only needs “to take a “selfie” and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client.”
The bank has an “advanced encryption and security technology that protects sensitive information”, it added.
To date, the bank has three account types, namely the OFBank Visa debit card for OFs and OFWs, the OFBank Visa debit card for beneficiaries, and the OFBank debit card for beneficiaries below 18 years old. (PNA)
