MANILA – A ranking official of the Ayala-led Bank of the Philippine Island (BPI) is hoping to increase by 8 million its new account holders and clients following its tie-up with international electronic commerce (e-commerce) platform Lazada.
In an interview at the sidelines of the partnership launch on Tuesday, BPI Senior Vice President for Retail Banking Jose Raul Jereza said they do not have specific target on how many clients the bank can have by the end of this year through the partnership.
“Actually, to be honest, I’m happy if I get 10 percent of the 80 (million customers that Lazada currently have),” he said, adding that as Lazada is a digital app, the “potential is limitless.”
Jereza said the tie-up will definitely increase the banks’ capacity to reach out to more people.
“It’s like a (BPI) branch in a city with 80 million people. So, if I get 10 percent of that in one year, that’s huge,” he said, noting the projected increase in transaction will cover all products, such as credit cards and loans.
He said more tie-ups with non-bank entities will be announced within the quarter as BPI hopes to further increase the number of its account holders.
This is aimed at “making banking convenient and not a chore”, he added.
During the event, BPI chief executive officer (CEO) and president Jose Teodoro Limcauco said they aim to increase the number of their account holders by teaming up with existing business clients that will serve as agent between BPI and potential clients.
He said the partnership with Lazada serves as a big springboard for this goal since although shipping fee is an issue among Lazada customers, especially those in far-flung areas, this is not true for BPI transactions through the app since “ours has no shipping so the penetration is there.”
“I think the success of our products is that it’s so much easier for us to go to Lazada than to go to a branch… where you need to use some transport. Even if you pay PHP1 for a transaction, it’s still cheaper than a pamasahe (transport fare),” he added.
Lazada customers can avail of the bank’s products and services at a fee of PHP1.
Any approved applications, such as for loans, will be coursed through short messaging system (SMS) or e-mail, the bank said.
Limcauco said tapping other business entities is “part and parcel of our strategy to grow our business across.”
He said: “I think when we report our numbers next Monday, people will be very surprised, will be happy with our numbers.”
“This year, 2023, we should improve on this numbers. And our growth will come from new customers, better products, (and) better customer service,” he added. (PNA)