ING, which has been operating in the Philippines for nearly 30 years now, has forayed into retail banking with the launch of its pathbreaking savings product designed with digital savvy Filipino consumers in mind.
“The Philippines is primed for a savings product that’s delivered through a digital platform,” Hans B. Sicat, ING’s country manager in the Philippines. He noted that the country has a growing economy, an expanding middle class and an increasing smartphone penetration.
“At ING, our purpose is to empower our customers to achieve their ambitions and dreams, whether grand or modest. And of course, the first step is to help promote a savings mindset among Filipinos for their own growth,” Mr. Sicat said.
ING has created a savings product that offers an attractive interest rate of 2.5% per annum for available daily balance of less than or equal to P10 million, which is substantially more than what other similar products offer. What’s more, it doesn’t require a minimum balance and there is no lock-in period. These incentives will hopefully encourage account owners to save up and achieve their financial goals.
And there are more reasons to love this new ING offering. According to Mohamed Keraine, head of retail at ING Philippines, it is the first bank savings product that allows transactions to be conducted solely on ING’s mobile app.
Creating an account is free. You only have to download the ING app and make sure you meet a number of requirements, including being at least 18 years of age and owning a government-issued ID.
ING is the first bank to be authorized by the BangkoSentral ng Pilipinas (BSP) to perform electronic onboarding of customers via mobile phone using the latest in facial recognition technology. Deposits can be done through fund transfers from other banks that are on the PESONet or Instapay platforms.
“We are pushing the boundaries of how customers can deposit, anytime, anywhere,” Mr. Keraine said.
He emphasized one particularly nifty feature of the app: You can deposit money to your account simply by taking a picture of check issued by a Philippine-based bank.
“This game-changing feature is the first ever approved by the Philippine Clearing House Corporation. Customers can transfer funds free of charge to any bank in the Philippines in just a few clicks via the ING app,” he said.
ChuchiFonacier, deputy governor of the financial supervision sector at BSP, called the new ING savings product “a milestone in the Philippine financial system” and said it will open massive opportunities for financial inclusion and digital innovation in the country.
“We welcome ING’s full use of its universal banking license with the roll-out of its retail banking service in an all-digital platform. We support ING’s use of groundbreaking technology that will enhance customer experience and encourage [a] shift to more cashless transactions,” Ms. Fonacier said.
She continued, “ING is one of the first few banks to adopt PESONet, and now, they are also connected to the Instapay platform. Both are initiatives by the BSP to promote digital fund transfers. We are happy to work with ING to move a step closer to our goal of increasing cashless transactions in the Philippines.”