BANK of the Philippine Islands (BPI) is looking to open 70 additional “phygital” or physical-digital branches this year as it continues to modernize its branch network.
This would bring BPI’s total number of phygital branches to 140 by end-2025, the listed bank said in a statement on Monday.
BPI currently has 59 phygital, nine prime phygital, and three flagship branches nationwide.
“We’ve been on this phygital transformation journey for the past three years and our customers have experienced the power of that transformation through enhanced convenience, simplified banking, and differentiated advisory service. BPI’s strategy has truly transformed the way our clients engage with the bank,” BPI Head of Consumer Banking and Executive Vice-President Maria Cristina “Ginbee” L. Go said.
Ms. Go previously said the bank will likely have 780 branches by end-2025.
BPI said the opening of more phygital branches is part of its plan to modernize its entire branch network over the next five years.
“Phygital banks harness the combined strengths of BPI’s physical network and digital capabilities to offer customers convenient, effortless, and seamless banking experiences,” it added.
The bank’s digitally acquired clients, or those who conduct more than 50% of their transactions online, and branch-acquired clients, or those who transact over the counter, have the same level of branch transactions, Ms. Go said.
However, the engagement and frequency of transactions of digital clients are higher than those for traditional clients, she noted.
“This is because digital clients still turn to the branch for expert advice from our branch personnel to learn how they can manage their finances better and how can they achieve their dreams. They value the ability to ask questions, explore options and seek expert opinion. Physical presence also builds trust and long-term relationships,” Ms. Go said.
“Being able to talk to someone and visit a branch is an assurance of the legitimacy and commitment of a bank especially on matters as important as one’s hard-earned money.”
Ms. Go added that they expect more clients to do their servicing transactions digitally as the bank boosts its app’s capabilities to include QR payments and mobile check deposits, among others.
BPI’s attributable net income rose by 20.04% to a record P62.05 billion last year.
Its shares climbed by P1.10 or 0.85% to close at P131.10 each on Monday. — A.M.C. Sy
