After revamping its mobile app, the Bank of the Philippine Islands (BPI) is further accelerating its digitalization efforts with the launch of a new product and service: BizKo platform for small businesses and payment app VYBE.

At BPI’s annual stockholders’ meeting, the bank highlighted the other platforms it launched: BPI Mobile and BPI Online for retail clients; BPI Trade Online for stock market investors; BanKo app for self-employed micro-entrepreneurs; BizLink for corporate clients.

“We are very excited with this latest technological innovation because it will change the way BPI can reach, acquire and serve more customers, especially in geographically and socio-economically challenged areas, thereby bringing us closer to our goal of financial inclusion,” said Jose Teodoro Limcaoco, president and CEO, BPI.

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E-commerce platform

BPI established a flagship store on the e-commerce platform Lazada hoping to broaden its reach and increase clients in the process. Potential customers can open a deposit account, apply for an auto or mortgage loan or credit card, and soon shop for insurance and investment products. 

The bank also established Agency Banking, which will enable a network of partners composed of department stores, supermarkets, convenience stores, gas stations, and online partners with the aim of serving customers through tech-enabled infrastructure. 

According to BPI, it has nearly 6 million clients enrolled on its digital channels, with an open banking infrastructure that provides access to 2,200 products and services by over 100 partners. 

Mergers

BPI has also completed the merger of its thrift bank subsidiary BPI Family Savings Bank. All services of BPI are now accessible to former clients of BPI Family. It reduced its branch network by integrating or co-locating branches while growing the branch count of its microfinance arm, BanKo, to support financial inclusion and address the needs of self-employed microentrepreneurs.

“We will continue to perfect our ‘phygital’ strategy — a combination of our enhanced physical branches and safe, smart, and secure digital platforms,” Limcaoco said.

BPI also said that it has secured Board and Shareholder approvals for the merger with Robinsons Bank Corp. (RBC), with BPI as the surviving entity.