Competition prompts longer banking hours

Competition is where the true challenge of businesses lies and it could be quite taxing, however, the bottomline is, it is the customers who benefit from it and this holds true with the recent extended banking hours in certain areas in the city. 

The burgeoning competition has prompted banks to extend office hours especially for outlets located in malls and cyber parks.

“There are branch sites that do not need to extend banking hours, except for those in the malls,” said Metrobank chairman Antonio S. Abacan Jr.,

Former Cebu Bankers Club (CBC) president Prudencio Gesta said aside from competition, the location of bank outlets has influenced banks to stretch banking hours to five o’clock in the afternoon from the usual three o’clock.

Bangko Sentral Ng Pilipinas (BSP-7) regional director Lorenzo Zafico said that BSP does not restrict banks from extending their banking hours, as long as they secure the necessary permits from BSP.

“They can choose their preferred time of operation in a day provided that it’s reported to our office,” Zafico said in an interview yesterday.

“Extending banking hours is part of customer service of a particular bank,” said Gesta adding that some banks have to meet the clients’ demand for banking hour extension, as the effect of stiff competition.

Even on weekends, or some holidays, banks have the option to accept transactions, but these have to have prior BSP approval.

Unlike in the past, that banks can only accept transactions until three o’clock in the afternoon, now there are banks that extend its banking hours to four or five in the afternoon, in order to meet clients’ demand.

Some, especially in the malls are opening according to the mall hours, like opening at 10 in the morning and closing at seven or eight in the evening.