Lender Security Bank experiences an unexpected success during the pandemic. The pandemic-led lockdown is presumed to bring a surge in online bank transactions. This further affected the overall achievement of the bank for the first half.
Internet-generated online transactions recorded immense growth during the lockdown period
As quoted from Business Mirror, Security Bank Corp. revealed online fund transfer’s year-on-year grew three times larger in 2020. In particular, the bank recorded a 170% jump from mid-March to August. The listed bank further mentioned InstaPay and eGiveCash as the most used online fund transactions during the mentioned period.
According to John Carry L. Ong, online bills payment is the most sought feature. Compared to last year, online bills payment transactions increased by 48%. Ong correlates the number to the sign that the public has slowly adapted to a new lifestyle. The surge in online banking users signifies that more people have accustomed themselves to the new normal. Thus, manual face to face transactions is slowly shifting into online transactions.
Despite the sudden boom in online banking, Security Bank also informs the public to stay cautious over any kind of online scams.
Security Bank surpasses last year’s achievement
Upon the unexpected outcome, Security Bank marked a 14% incline in its first-half earnings. Compared to last year’s P5 billion earnings from the same period, the bank generates P5.7 billion in 2020.
Business Mirror also noted a significant change in Security Bank’s total revenues. A 68% growth valuing P25.9 billion was recorded for the first semester. Accordingly, net interest income also rose to P15.8 billion, around 34% higher.
Following the success, Ong promises better, user-friendlier features, and stronger technology and platforms that cater to customers’ need and demand. “Our commitment to continuous innovation allows us to provide better banking services to those we serve,” the head of Transaction Banking Group continued.
Read also: 4 Tips to Switch Your Checking to a New Bank
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