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In its commitment to delivering a seamless and exceptional customer experience, the government-operated Land Bank of the Philippines (LANDBANK) commemorates six decades of public service by unveiling initiatives to expand its physical footprint in underserved and unbanked areas.
According to LANDBANK President and CEO Lynette Ortiz, the institution remains dedicated to enhancing access to reliable, valuable, and pragmatic financial services in support of the National Government’s development objectives.
The bank will implement a phygital strategy to meet the changing preferences and needs of their customers, with increasing investments in boosting their digital services and expanding their physical touchpoints. Phygital is the seamless integration of physical and digital components for the benefit of the customer.
To bring financial services closer to Filipinos, LANDBANK, the only bank operating in each of the 82 provinces of the nation, plans to open physical touchpoints in each of the 1,634 cities and municipalities across the nation.
As of the second quarter of 2023, LANDBANK has a total of 2,951 automated teller machines (ATMs), 226 cash deposit machines (CDMs), 1,785 Agent Banking Partner POS cash-out terminals, 606 branches and branch-lite units, 58 lending centres, and 1,785 ATMs.
LANDBANK is currently present in 1,396 cities and municipalities across the nation, or 85.4% of the total. These towns include Sallapadan in Abra, Barlig in Mountain Province, Tamparan in Lanao del Sur, Anahawan in Southern Leyte, and Kinoguitan in Misamis Oriental, all of which were previously unbanked.
To boost operational effectiveness, raise the convenience of doing business, and improve the delivery of important public services, LANDBANK is also looking to integrate all government offices into its digital platforms as part of the government’s push towards digitalisation.
The Bank enrolled 180 government organisations in its Link.BizPortal payment network between January and June 2023, and it facilitated 96.5 million transactions totalling Php3.9 trillion (SGD105.3 billion) across all its digital channels.
Additionally, LANDBANK is collaborating closely with the Philippine Statistics Authority (PSA) to offer unbanked PhilSys registrants their own transaction accounts without requiring an initial investment.
There are 8.35 million unbanked Filipinos who have already been enrolled by the Bank in the formal banking system as of June 2023, providing them with easy access to fund management and financial transactions like cash withdrawals, fund transfers, and online bill payments. Also, LANDBANK has made substantial efforts to lower the cost of digital banking, most notably by lowering the transaction costs for online fund transfers to other banks.
The Philippines’ banking industry is incredibly important for driving inclusivity and progress in the nation. Many people find it difficult to acquire traditional banking services because of the country’s unique landscape and dispersed population. This divide is closed by digitalisation, which brings financial services to even the most remote regions.
Filipinos can easily monitor their accounts, transfer money, and pay their bills online, overcoming geographical restrictions. Real-time access is made possible by mobile banking apps, putting financial transactions at the fingertips of millions.
Digitalisation also improves financial inclusion by making it possible for groups of people who were not previously banked to open accounts and obtain credit. This promotes economic growth and narrows income gaps by empowering people and small enterprises.
The Philippine banking sector is empowered by digitalisation to build a society that is more financially inclusive and technologically advanced. Convenience, accessibility, and innovation are combined to advance economic growth and equitable opportunity for all.
