Is your bank open 24 hours?

Gone are the days when customers can only transact with brick and mortar bank branches. Now, they have click and mortar options or remote banking channels such as automated teller machines, the Internet and the cellular phones.

Only the bigger banks, however, have been able to take advantage of the latest technology to offer customers 24 hours, seven days a week accessibility, availability and convenience.

ATMs, which launched the concept of round-the-clock banking, were locally introduced in the 1980s. And yet, almost two decades later, there are only about 4,500 ATMs nationwide, less than 1% of the global network of over half a million ATMs.

When telecommunication services were deregulated in the mid-1990s, banks began offering consumers the use of landlines and mobile phone to regularly access hotlines for banks and credit card services as well as of the Internet for online shopping, banking, news and entertainment.

But for Citibank assistant vice-president Agustin Santiago, it is not enough that remote channels be made available. "Penetration is a consideration. Even as we communicate to customers the benefits of remote banking, there remains the need to enable people to go online."

A quick survey online shows less than 20 Philippine commercial banks maintain websites and even fewer allow electronic transactions via the Internet.

Secure transactions

One drawback seems to be the perception that remote banking transactions may not be secure. Given access to multiple channels, a number of bank customers still prefer to record transactions in a passbook, just to be sure.

In the case of Aurora Go, she likes being able to pull out her passbook from time to time and see her saving or spending pattern. "With my passbook, I am confident all my deposits and withdrawals are recorded. In the Internet, I only have a print-out, which the bank may or may not honor," she said.

This mistrust of remote banking is, however, slowly changing. Bank and credit card customers are becoming technologically savvy and are now more receptive to new ways of banking.

"Remote banking is simply an expansion of the channels through which we serve the customers. It’s bringing the bank to the customer, wherever he is and wherever he needs us. As the need of our customers change, so will the platforms we use to serve them change," Santiago said.

Remote access

Following a global strategy, Citibank has progressively developed its remote access channels in the Philippines. Its website, www.citibank.com.ph, has been giving information on bank services since 1987. Citiphone, the 24-hour hotline for Citibank services, has been in operation since 1995.

Citibank Online, the interactive website that allows Citibank customers to transact electronically, was launched in June 2000. With Citibank Online, customers can check their account information, pay their bills, transfer funds as well as view their electronic statements.

And in October of last year, Citibank mobile banking was launched amid a continuing boom in mobile phone service offerings. Citibank cardholders now simply send text messages to inquire on available balances, pay bills or reload prepaid mobile phones.

As the largest credit card issuer in the country, it has also been part of Citibank’s strategy to open up remote channels to its credit cardholders. The Citibank mobile banking service, for one, is the first in the country to give credit cardholders access to their accounts simply by sending a text message. This secured mobile banking service is protected by a mobile personal identification numbers (MPIN) and assigned account keys to keep the account numbers confidential.

"If you happen to be in a restaurant and was just handed a bill and you wanted to make sure that your credit card can cover it, you can send a formatted text message and you will be sent your available balance in seconds," said Santiago.

Should you prefer surfing the Internet, armed with your Citibank credit card and cash advance PIN, you can check your bill and when it is due so you won’t miss a payment. You can even pay bills of utility companies with cash debited from your bank account or charge the same to your credit card.

"We are still in the early stages of remote banking. But there is a compelling reason for banks to continue enhancing their systems to meet the needs of customers. As more people experience the benefits of remote banking, we expect greater demand and more sophisticated requirements to follow," said Santiago.