Metro Manila (CNN Philippines, April 29) — The call to stay at home coupled with the fear of viral transmission through cash are now driving the world towards digital banking.
In response to the coronavirus crisis forcing a change in behaviors, the Philippine National Bank is now converting its users of passbook accounts into mobile banking holders.
PNB president and CEO Wick Veloso told CNN Philippines on Wednesday that they have been working to ensure more clients have alternatives to physical centers and are able to benefit from contactless transactions.
Veloso, however, acknowledged it would take a while for people to embrace the shift.
“Right now, most of our kababayans are still reliant on cash,” he noted. “It is not going to be immediate that people are going digital.”
Banks are among essential establishments expected to stay open during the enhanced community quarantine, which has led to the temporary closure of several businesses. According to Veloso, the health crisis has placed PNB on a defense readiness condition.
He said among the measures they have undertaken is designating “back up team members” to ensure continued operation in their banks, should infections be reported in their branches.
The bank president added that continuity plans to deal with and recover from threats are crucial in such a time, especially since the end to the pandemic is still nowhere in sight.
“A bounce back is something that will depend on the vaccine,” Veloso said. “One thing is certain: it [the pandemic] will end. But the question is how long will this be, because that is how we’re going to be able to know the actual situation.”
