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The Budgetarian

EastWest's Komo app assures easier digital banking

Kristofer Purnell - Philstar.com
EastWest's Komo app assures easier digital banking
KOMO Chief Commercial Officer Harvey Libarnes at the service's media launch
Philstar.com / Kristofer Purnell

MANILA, Philippines — Already entering its second year since launching, EastWest's Komo is already paving the future of digital banking for individuals seeking to have better control of their finances.

Komo's launch coincidentally happened in the middle of the COVID-19 pandemic, which only showed where digital banking currently stands as a priority where people may opt not go to banks and instead manage their money right on their phones.

At the official media launch of Komo, Business Head Isabelle Yap pointed out that people are comfortable doing their banking online, "[People] are ready for a digital future, even before the pandemic [happened]."

Yap shared that in the two years of Komo's launch, they learned that people do not find managing finances and savings a chore, and that people would prefer to handle their bank accounts on their own.

This is what makes Komo stands out from other digital banking services according to Chief Product Officer Krisia Cruz, "We can do whatever a bank does, and more."

Related: Money-saving hacks: How to turn your finance woes into wins

Some features that Komo has is a 2.5 percent interest rate, no InstaPay fees (at least until July 31), no maintaining balance needed, and one will have unlimited free withdrawals at any EastWest ATM and up to four free withdrawals per month for other BancNet ATMs..

Cruz also said that having a parent company, in Komo's case EastWest, assures their clients that their money won't be taken away.

Budgeting hacks

While most, if not all, digital banking services allow users to do banking online. Komo also has features that help people monitor their self-imposed budgets.

Komo has a budgeting option where all expenses are tracked and put into graphs in order to show how much spending a user is doing over a given time. There's a goals tracker too so that users can set personal goals for themselves if they are eyeing a purchase or high expense.

"[Komo is] not just a normal service, [we want to] be true to our name na 'Kontrol Mo Pera Mo' and that security is taken into account," explained Cruz.

She clarified though that the two trackers currently only monitor expenses that are done through the Komo app, but they are working on including physical transactions and transactions done in other banks.

Customer service still on hand

Though digital banking on Komo is almost within the management of users, realtime customer support who are actual persons (and not bots) are available via hotline, email and social media for individuals experiencing issues.

Related: Climate change directly impacts people's health, finances — study

This customer service is still not yet 24/7 but so far follows regular service hours that falls within reponse times that issues often occur.

Chief Commercial Officer Harvey Libarnes says that having realtime replies or bot assistance is something Komo may consider as they have clients with big accounts and some younger users focused on budgeting whose preferences may vary.

"We're finding that balance so we can be reached [no matter what]," Libornes said, adding that loan application may be available on Komo in the future.

On that note, Libarnes concluded, "The future will be how banking services will be able to help us in day-to-day lives."

RELATED: How to save up when salary is not enough

EASTWEST

KOMO

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