The six major digital banking channels of the Land Bank of the Philippines (Landbank) posted an unprecedented P5.6 trillion in terms of value in 2022–equivalent to a126 percent growth year-on-year–as the Bank continues to ramp-up efforts toward digital and inclusive banking.
The state-owned bank facilitated a total of 155.8 million digital transactions for a 14 percent increase over the previous year, as more customers shift to using convenient, reliable, and safe digital banking solutions.
“Landbank’s digital channels continue to service the growing customer demand for contactless financial transactions.We are driven to support our expanding retail customer base, to deliverconvenient and responsive services to more customers nationwide,” said Landbank President and CEO Cecilia Cayosa Borromeo.
The Landbank Mobile Banking App (MBA) facilitated the highest number of transactions among the channels at 123.6 million amounting to P227 billion, recording jumps of 19 percent in transactions and 32 percent in value from the previous year.
Meanwhile, the bank’s online retail banking channel, iAccess, posted a 15 percent rise in transactions value year-on-year to P17.7 billion.
The Landbank Link.BizPortal facilitated 5.8 million transactions amounting to P11.6 billion, equivalent to 49 percent and 11 percent increases, respectively.
The web-based payment facility also onboarded 314 new partners for a total of 1,136 merchants, of which 798 are from the public sector.
For corporate clients, the Landbank weAccess yielded a significant leap of 540 percent in total value over the previous year, with P3.13 trillion in transactions.
For national government agency partners, the Electronic-Modified Disbursement System (eMDS) facilitated 2.5 million or 15 percent more transactions, amounting to P2.1 trillion representing a 22 percent growth rate.
The Landbank Bulk Credit System (LBCS) facilitated 1.8 million transactions amounting to P28.5 billion, for increases of 1,526 percent and 697 percent, respectively.
For 2023, Landbank is looking to grow its digital transactions by at least 60 percent in terms of both volume and value.
The bank is also implementing an intensified communication campaignthrough its social media channels to help protect customers from phishing scams and other forms of online banking fraud.
LANDBANK posts weekly #SafeModeMonday, #FraudFreeFriday and #ScamAlert featuring reminders and best practices on its social media channels, to regularly providethe public with tips on spotting cyberattacks, how to prevent different forms of phishing, and keeping online credentials confidential, among other online security measures.
