Digital account opening is rapidly becoming the norm in the Philippines, it added, with 76 percent of consumers saying they would open some kind of financial account online. Of those who would open such an account, 40 percent would consider doing so for everyday transactions, 38 percent for a credit card and 33 percent for a personal loan. “Younger Filipinos [may be] adept at using smartphones and computers, [but] many do not have the required identification forms to open bank accounts at a young age, don’t have regular income or are presented with bank account options that are not appealing,” Bose said. According to the firm, a large percentage of Filipinos have an expectation that they should be able to complete all aspects of account opening online or on their smartphones. If all actions required to complete an account opening cannot be accomplished in-session, only 41 percent of respondents said they would carry out the necessary offline actions as soon as possible.

Source: Manila Times June 13, 2020 16:49 UTC