In 2019, digital transactions were only 14% of all retail transactions. In 2024, the number increased over 4 times, and digital transactions were at 57% of all retail transactions in the country. It is no small wonder then, that digital is no longer the domain of purely digital players whose solutions were once considered novelties. There are no longer any remaining major financial institutions that do not offer digital functionality to customers.
In addition, the Banko Sentral ng Pilipinas (BSP) has projected that the number of digital payment users will exceed 60 million by 2027, well over half the country’s population. The goal BSP has set is that by 2028, 60 to 70% of all payments will be digital.
Fortunately, right on the heels of the launch of the latest and best iteration of the My CBC app, Chinabank has added the Deposit Account Application feature to further enhance the app’s capabilities. Now, with a Smartphone, an internet connection, and a valid ID, new Chinabank customers can open a savings account without the need to travel. The rollout of the new feature adds to the best-of-both-worlds advantage of Chinabank.
However, the rollout of greater app functionality will not mean less emphasis on the bank branch experience. There are circumstances wherein direct human interaction is still very much preferred by customers. For more complex and sensitive banking and financial transactions, many bank customers still want face-to-face consultations and empathetic support from experts. For this reason, Chinabank maintains an extensive network of 480 professionally staffed, inviting and customer-friendly branches nationwide.
Digital is thus not a substitute for, but an essential channel that works hand-in-hand with in-person channels such as bank branches to deliver the seamless, convenient, and personalized experience that today’s customers expect. The combination of digital channels and physical locations presents a best-of-both worlds alternative: The convenience of digital, and the assurance of a human presence for times when it is absolutely needed.
Whether it be opening deposit accounts, making retail QR payments, paying your bills, making peer to peer fund transfers, or depositing your checks online, My CBC lets you do it all from the convenience of a mobile app, backed with the full assurance of knowing that when you need human support, there is a Chinabank branch near you with professional staff ready to see to your needs.
