Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
18th September 2012
First-ever mobile-only bank soon to have 1m customers
FI BPI Globe BanKO Inc styles itself the world's first mobile phone based bank. It is in based in the Philippines and is a provider of microfinance.
The bank launched in January of this year now has 200,000 customers. It believes this exponential growth will continue and it will cross the 1m customer threshold during next year. The customer opens an account by going to an agent, often a retail store, registers his mobile number and makes an initial deposit to the new account. The customer later receives an ATM card.
BanKO customers can pay bills and remittances, and apply for micro-loans and insurance. Cash withdrawals and deposits can be made either by ATM or at an agent location.
"The business model adopted by BanKO is the way to reach out to people from the farthest areas of the country. Through BanKO's affordable banking services, Filipinos gain financial empowerment and an opportunity to build their savings," Teresita B. Tan, president of BanKO, said.