First Metro Securities Brokerage Corp. (FirstMetroSec), the stock brokerage arm of the Metrobank Group, has noted a 70 percent increase in new accounts in the online stockbrokerage platform since the country was placed under preventive community quarantine due to the coronavirus disease 2019 outbreak in March.
Gonzalo Ordoñez, FirstMetroSec president, said the jump in account applications was sustained in June even after the enhanced community quarantine (ECQ) was downgraded, as home-based consumers stayed online to manage their finances.
“To cope with this sudden surge in demand, FirstMetroSec is working tirelessly to boost online capacity through system enhancements and process automation. During the ECQ, FirstMetroSec enabled a help center software solution for more efficient handling of customer inquiries online,” he said.
Ordoñez added FirstMetroSec’s experience confirms the rapid shift to digital transactions within the financial sector.
“Digitalization has been ongoing for a while, but the pandemic has accelerated this development dramatically,” he said.
“We are not only upgrading to improve customer experience, but also to adapt to the customers’ evolving behavior and preferences,” he added.
A few weeks before the lockdown, the company launched an improved version of its mobile app, FirstMetroSec Go, designed for users who prefer to transact using their smartphones.
The app, available on Android and iOS, offers all the features of its web platform and more.
Ordoñez said there has also been an increase in demand for webinars that FirstMetroSec offers to its clients.
“We used to hold more seminars than calendar days. We have ramped up our online presence and are offering more webinars and online resources. We have conducted over 50 since March with over 8,900 participants,” Ordoñez said.
“The market has become more discriminating, requiring elegantly designed platforms that are robust and intuitive. And there is a longing for community, combined with a fear of physical proximity. I believe that FirstMetroSec is responding well to this ‘new normal’, and that growth will be persistent,” he added.
