Metrobank sees more acct openings with new platform

MANILA, Philippines — Metropolitan Bank & Trust Co. (Metrobank) expects a double-digit increase in new accounts by offering higher interest rates compared to other deposit products.

Jette Gamboa, head for strategic planning and investor relations at Metrobank, said in a virtual briefing the bank is expecting a double-digit rise in new account openings with the launch of the Earnest.

“The expectation or at least our target as far as this new product is concerned, is we can hopefully generate at least a double-digit rise in terms of new accounts that will be opened in the initial phase,” she said.

At present, Gamboa said the bank has more than four million customers.

She said the share of digital usage in financial transactions increased to 74 percent in September from 68 percent a year ago. “That’s definitely a significant increase on a year-on-year basis. What we have also is that at least 33 percent of our clients are now enrolled in electronic channels. ”

Gamboa said Metrobank reported a 200 percent jump in terms of mobile app download.

Metrobank chief marketing officer Digs Dimagiba said Filipinos currently residing in the Philippines can open an Earnest digital account by downloading the app on the Apple App store or Google Play.

Dimagiba said the all-digital service offers a higher interest rate than a regular deposit account and without a maintaining balance.

Metrobank’s deposit base booked a double-digit 10 percent increase to P1.7 trillion from January to September, but its loan book contracted by 13 percent to P1.2 trillion due to the impact of the COVID-19 pandemic.

“We have very strong numbers, which puts us in a very good position to rebound or recover alongside with the economy next year,” Gamboa said.