MANILA, Philippines — Almost one million accounts have been opened under Land Bank of the Philippines’ digital account enrolment system since its implementation in 2019, according to the state-run bank.
In a statement, Landbank said its digital onboarding system (DOBS) saw a total of 988,711 accounts opened as of end-August this year.
DOBS is a pioneering web application that aims to streamline the account enrollment process for individuals and institutional clients, thereby reducing lobby traffic in Landbank branches. The system reduces the account opening time from 30 to 45 minutes to only 10 minutes.
With almost one million registered under the system, Landbank said it added a new feature in the platform, which allows existing DOBS account holders to update their information through the system.
Opening an account through the DOBS also provides automatic enrollment to the Landbank iAccess, the bank’s internet banking system, which aims to decongest client visits in its branches, especially during the pandemic.
This automatic enrollment allows clients to enjoy the full features of the Landbank mobile application for banking transactions, and the Landbank Link.BizPortal for the online payment of products and services.
For this banking innovation, Landbank was recognized as “Asia’s Most Inclusive Bank” by the Financial Insights Innovation Awards 2019, and was conferred as “Digital Trailblazer in Financial Services” by the Bangko Sentral ng Pilipinas.
Landbank also received a commendation from the Philippine Army for the DOBS, which it said allowed armed personnel to open their payroll accounts online.
The Philippine Army is among the government agencies that have utilized the DOBS, with a total of 1,717 payroll accounts opened, specifically for new recruits attending pre-entry courses at the Philippine Army’s Armor School.
“This commendation is proof that Landbank is on the right track in providing more accessible services for our stakeholders. As we adapt to the changing landscape of the banking industry, we will continue to improve and digitize our systems to deliver a more delightful banking experience to our clients,” Landbank president and chief executive officer Cecilia Borromeo said.