Latest NewsNewsTFT News

3 out of 5 Filipinos dislike online banking’s cumbersome procedures

Three out of five Filipinos would prefer to abandon online banking application in case they find the process cumbersome, the FICO’s 2021 Digital Banking Survey has pointed out.

The customers who try to open accounts on a mobile app or website lose patience due to a number of questions.

According to the survey 1 in 5 people tend to drop out if they are asked more than five questions even as the COVID-19 pandemic is driving a digital-first mindset in the Philippines. Nearly 61% of consumers are more likely to open an account digitally than a year ago.

RELATED STORY: 76% of UAE residents prefer online banking over bank branch visits – survey

Aashish Sharma, senior director of decision management solutions for FICO in the Asia Pacific, said the number of consumers who prefer to open bank accounts digitally has grown to 41%. Sharma said that it has only shown a rise.

It was found that 41% of UK consumers and 51% of Australian consumers expected to answer 10 questions or less when opening a transaction account while Filipino consumers want digital experiences that reduce inconvenience. (AW)

Staff Report

The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

Related Articles

Back to top button