Overseas Filipino Bank uses AI in virtual account opening platform

CALOOCAN CITY, July 18 (PIA) — An official of the Overseas Filipino Bank (OFBank) on Friday said the bank’s digital only facility incorporates “artificial intelligence” or AI to facilitate real-time account opening.

During the Laging Handa public briefing powered by the Presidential Communications and affiliate media, OFBank president and CEO Leila Martin said the new “virtual bank account opening” platform allows overseas Filipinos, overseas Filipino workers and their beneficiaries to securely and conveniently submit all requirements online.

“Ang programa po ng Overseas Filipino Bank ngayon ay ang tinatawag natin na virtual bank account opening na surportado po ng artificial intelligence,” Martin said.

“Lahat po ng Filipino, saan mang sulok ng mundo sila nakabase ngayon, at ang lahat po ng kanilang benepisyaryo na nasa Pilipinas ay pwede na pong mag-open ng accounts sa pamamagitan ho ng pag-access ng OFBank mobile app application sa inyong mga cellphone,” she added.

Martin said currently, there are three types of accounts available in OFBank’s Digital Onboarding System with Artificial Intelligence or DOBSAI which are: the OFBank Visa Debit Card for overseas Filipinos and and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old.

In a statement sent to the PIA-NCR by the Land Bank of the Philippines (LandBank) earlier, it said these three types of accounts being offered by OFBank are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance, as well as dormancy fee. To earn interest, however, the accounts need to have a daily balance of P500.00, it said.

Martin said on average, around 300 accounts are opened daily in the OFBank that came from several countries using their online platform.

She added that account holders can easily send money to their beneficiaries in the Philippines and pay bills online using the bank’s mobile app.

To recall, the OFBank is a campaign promise of President Rodrigo Roa Duterte in 2016 as a means to not only recognize the contribution of overseas Filipinos to the Philippines’ economic growth, but to also respond to their financial and remittance services needs.

In September 2017, Duterte signed an executive order approving the LandBank’s acquisition of the Philippine Postal Savings Bank and its conversion into the OFBank.

The OFBank, meanwhile, launched as a digital-only bank in late June this year. (PIA NCR)