It seems the traditional concept of banking in the Philippines will get a run for its money as digital banking sprints its way into the consciousness of clients who want quicker service and faster processing.
Better start saying sayonara to long queues, slow processes, and low interest rates—hallmarks of traditional, brick-and-mortar banks—because digital banks promise no lines, faster turnaround, and higher rates.
While not an entirely new concept, digital banks only made their way into Filipino consciousness early this year with two international players casting their lot on the Philippine financial industry. It’s an uphill climb, some say, but fully digital banks have the speed and accuracy to make a compelling case for clients who can think of better ways to spend their time than waiting in queue at a bank branch to deposit cash or checks into their accounts.
Experience first-hand the perks of digital banking through GCash, the country’s leading mobile wallet, which recently launched GSave, a digital savings account with higher interest rates compared to conventional savings account.
GSave is possible through CIMB, a Kuala Lumpur-based bank with a significant footprint in the ASEAN region. The partnership with GCash is among the bank’s moves as it launched its foray into the Philippine market, years after plans to partner with a local bank were scuttled.
To open a GSave account, simply choose the Save Money option on the GCash menu and follow the steps to open a bank account.
Unlike the usual account opening process, there’s no need to physically go to CIMB’s branch to fill out forms. No more cumbersome requirements needed to open a bank account; a few taps on the app, a photo of a valid ID, and facial recognition are all it takes to get a bank account number. The process takes a few minutes, and one can do it anywhere.
There’s no maintaining balance, which means one does not need to keep a certain amount in the account for it to earn interest. It’s really about encouraging users to save for a rainy day.
GSave also offers 3% interest per annum, way ahead of the average rate in traditional banks, which run only, at best, at 2% per annum.
Do away with the long, terrible queues at the bank to put in your hard-earned money to your savings account. With GSave, banking is a breeze.