Philippine Savings Bank (PSBank) saw pickup in the usage of its cardless withdrawal feature in its automated teller machines as it proves to be “relevant” to the needs of its client base.
In a statement, the savings banking arm of Metropolitan Bank & Trust Co. (Metrobank) said the usage of its “pioneering” cardless withdrawal feature is picking up pace as average daily transaction rose 23% in the first quarter versus the average daily transaction logged the previous quarter.
“Launched in October last year, average daily transaction of Cardless Withdrawal has steadily increased over the six-month period ending March 2018,” PSBank senior vice president for marketing group Emmanuel A. Tuazon said.
Based on PSBank’s data, the use of Cardless Withdrawal is high on the 15th and 30th day of the month, indicating that clients are using the feature to withdraw their salaries.
“The data only proves that the Cardless Withdrawal feature pioneered by the bank is relevant to meeting the needs of our customers for a secure online or mobile banking environment that allows them to withdraw cash even without an ATM card,” Mr. Tuazon noted.
To use the feature, the client must log into their PSBank mobile phone application to create a transaction request. The customer will receive a six-digit PIN which will be entered to any PSBank or Metrobank ATM to complete their transaction.
PSBank, the second-largest thrift bank in the country in asset terms as of end-2017, logged a net income of P641.1 million in the first quarter, on the back of strong revenues.
Last month, the bank said it plans to raise up to P15 billion by selling peso-denominated long-term negotiable certificates of time deposit to expand its consumer segment. — Karl Angelo N. Vidal

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