Landbank digital transactions up 30 percent in Q1

MANILA, Philippines — Digital transactions of state-run Land Bank of the Philippines continued to increase, jumping by 30 percent to P736 billion in the first quarter.

Landbank said its digital banking channels recorded a total of 41.2 million transactions worth P735.95 billion from January to March 2023.

This is a five percent improvement in volume and 30 percent hike in value as compared to the same period last year, as more customers continue to shift to digital banking solutions.

The increases were the combined transactions from Landbank’s mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system (eMDS) and the Landbank bulk crediting system.

Broken down, overall transaction value was driven by eMDS, Landbank’s internet facility for national government partners, which picked up by 22 percent to P447.5 billion from nearly 600,000 transactions.

This is equivalent to roughly 85 percent of all disbursements of the government in the three-month period.

WeAccess, Landbank’s corporate internet banking platform, facilitated transactions worth P199.38 billion, up by nearly 40 percent.

Meanwhile, its mobile banking app also improved with 32.2 million transactions amounting to P61.79 billion, up by eight percent and 31 percent, respectively.

Landbank’s bulk credit system facilitated 1.8 million transactions equivalent to P19.7 billion, the biggest increase in value at over 1,400 percent during the quarter.

Further, its online retail banking channel iAccess posted a slight improvement of two percent increase in terms of transaction value amounting to P4.6 billion.

Landbank’s web-based payment channel, Link.BizPortal, also saw improvements in both volume and value at 2.18 million transactions equivalent to P3 billion.

Further, the bank said some four million accounts have already been opened via the Landbank digital onboarding system including clients of the Overseas Filipino Bank.

This year, the state-run bank targets to grow its overall digital transactions by at least 60 percent in terms of both volume and value.

Landbank president and CEO Cecilia Borromeo said the financial institution remains committed to safe and convenient banking services.

“We are focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” Borromeo said.