Philippine customers would rather open bank account via smartphone

26 percent of Filipinos prefer to open a bank account on their phone compared to 18 percent in the US and 25 percent in the UK. The study showed that 26 percent of Filipinos prefer to open a bank account on their phone, compared to 18 percent in the US and 25 percent in the UK. Of those that would open a financial account online, 40 percent would consider doing so for an everyday transaction account, 38 percent for a credit card and 33 percent for a personal loan. 46 percent of those over 55 years of age said they would open a bank account online40 to 45 percent of 25-34, 35-44 and45-54 year-olds said they would do the sameWhile just 28 percent of 18-24-year-olds would open a bank account online“The truth in the numbers here is far more nuanced,” explained Bose. “Younger Filipinos are adept at using smartphones and computers, however, many do not have the required identification forms to open bank accounts at a young age, don’t have regular income or are presented with bank account options that are not appealing.