PNB launches online account opening service

The Philippine National Bank has launched an online account opening service in a bid to make the starting of bank accounts safer for its clients during the COVID-19 pandemic.

“We are investing in technology and changing a lot of our processes at PNB. More and more customers are now demanding non-stop banking services. They want it fast, safe, and easy. In the new normal, we need to rely on technology to interact with customers and our target market across all our channels,” said PNB president Wick Veloso.

Before, accounts opened at PNB included a visit to one of its branches where the know-your-customer (KYC) process is conducted.

With the launch of the bank’s online account opening service, customers can go to the PNB website, submit the necessary identification and information required, and allow the PNB Branch of Account to facilitate KYC via video conferencing.

As a promotional offer, there will be no required maintaining balance for customers who are able to open accounts from June 21, 2021 to September 21, 2021.

To be able to support these capabilities, PNB said it has been investing in technology.

The bank said it allotted around P2.5 billion of capital expenditures for information technology (IT) initiatives in 2020, which is 15% higher than its 2019 budget.

For 2021, PNB is investing P3.2 billion or 28% higher than its 2020 budget and is allocating 30% of the IT budget for digital payments and e-wallet, among others.

Likewise, the bank, in a disclosure to the Philippine Stock Exchange (PSE), announced its board of directors has approved a plan to set up a digital bank separate from PNB. —Ted Cordero/LBG, GMA News