PNB, after a century since their opening, is finally letting new accounts to be enroled online. This is in part of the company’s plan to ride on the emerging digital banking market.
PNB is investing over Php3.2 billion for technology initiatives, which is a 28% increase than their budget last year. In that 3.2 billion, 30% would go for digital investments and e-wallet initiatives.
The bank also approved for a digital bank separate from PNB, similar to CIMB.
Previously, the bank only allowed the opening of accounts through a KYC (Know Your Customer) basis by going to any branch of PNB. With the launching of the online platform, users who wish to open a new account can just simply submit their requirements there, and comply to the KYC via video conferencing.
The company had conducted a pilot testing in all its local offices. At the end of May, there were 3000 new accounts mostly from millennials, and the bank is encouraging more users to open through their new digital banking platform since the start of the ECQ (enhanced community quarantine). As a limited-time offer, PNB has offered to waive the maintaining balance for customers who will open an account up until 21st September.