Visa, the world’s leader in digital payments, today released new findings from its Visa Consumer Payment Attitudes study, that show over eight in 10 Filipinos (83 percent) are aware and interested (81 percent) in using digital banking services.
However, only 32 percent of respondents are currently using services offered by a digital bank. Top interest drivers for Filipinos to use digital banking services include access to banking services anytime of the day (68 percent), time saved from not having to queue at bank branches (68 percent) and convenience (67 percent).
The study also showed that Filipinos are most keen to work with a financial services brand for digital banking services (93 percent) and traditional banks (92 percent), followed by new start-ups with digital banking services (72 percent).
Filipinos interested in banking with digital banks are keen to use services such as paying bills (84 percent), transferring money locally (78 percent), making deposits and withdrawals (76 percent), and making payments for purchases at local retail locations (71 percent).
However, the preference of using digital banking for traditional bank services such as investments (52 percent), international transfers (48 percent) and loans (46 percent) is lower.
In addition, 86 percent of Filipino respondents would switch current banking services to digital banking services if the bank provided better rewards and 85 percent would do so if they can benefit from lower costs for their banking transactions.
Filipinos’ interest to use digital banking services increased to 80 percent compared to70 percent in the previous year when the same research was conducted.
