STATE-RUN Land Bank of the Philippines (LANDBANK) launched on Wednesday its digital on-boarding system (DOBS) mobile application to allow its clients to open digital savings accounts without needing to visit its physical branches.
LANDBANK said applicants are required to fill out an application form and upload a photo of a valid identification card through the mobile app to open a digital ATM savings account, it said in a statement on Wednesday.
The digital account can be used for cardless withdrawals via the mobile app, fund transfers and bills payments.
It said the time to open an account was effectively reduced to 10-15 minutes since clients no longer need to go to a physical branch to complete the process.
To upgrade the bank account to a regular LANDBANK Visa debit card, however, clients still have to visit a branch to request for a physical card.
“The DOBS Mobile underscores LANDBANK’s continued commitment to provide accessible, convenient, and safe digital solutions. Our digital banking initiatives remain centered on balancing service delivery while ensuring the health and safety of our clients which is of utmost priority,” LANDBANK Branch Banking Sector Head, Executive Vice-President Julio D. Climaco, Jr. said.
The DOBS was introduced by LANDBANK in December 2018 as the first online bank portal in the country. As of April 30, there were 1.53 million accounts opened through the bank’s website.
LANDBANK’s net income went down by 7.57% to P17.1 billion in 2020 from P18.5 billion in the previous year.