NextGen Day

The Bank of the Philippine Island (BPI), which is led by Ayala, hopes to add 8 million new account holders and clients as a result of its partnership with the global electronic commerce (e-commerce) platform Lazada.

BPI Senior Vice President for Retail Banking Jose Raul Jereza stated in an interview conducted on the sidelines of the partnership launch on Tuesday that there is no set goal for the number of customers the bank hopes to acquire through the relationship by the end of the year.

Since Lazada is a digital app, he added, “the potential is endless.” “Actually, to be honest, I’m thrilled if I gain 10% of the 80 (million consumers that Lazada now has),” he remarked.

According to Jereza, the partnership will unquestionably expand the banks’ ability to connect with more customers.

“It’s like an 80 million-person metropolis had a (BPI) branch. So, if I can acquire 10% of that in a year, that will be a great accomplishment,” he added, adding that the anticipated increase in transactions will include all products, including credit cards and loans.

He said that other alliances with non-bank organizations would be disclosed during the quarter in an effort by BPI to further grow the number of its account holders.

He stated that the goal is to “make banking convenient and not a pain.”

Jose Teodoro Limcauco, the CEO and president of BPI, stated during the event that they intend to collaborate with current business clients who would act as an intermediary between BPI and potential customers in order to grow the number of their account holders.

He claimed that the partnership with Lazada is a major step toward achieving this objective because, while shipping costs are a concern for Lazada customers, particularly those in remote locations, this is not the case for BPI transactions made through the app because “ours has no shipping so the penetration is there,” he said.

“I believe the reason our items are so successful is that visiting Lazada is much simpler for us than visiting a bank, where you must take a vehicle. It’s still less expensive than a pamasahe (transport charge) even if you pay PHP 1 for each transaction, he continued.

Customers of Lazada pay PHP1 to use the bank’s goods and services.

According to the bank, any approved applications, such as those for loans, will be sent by SMS or email.

Limcauco stated that collaborating with other companies is “integral to our plan to build our business across.”

He stated: “I think people will be quite surprised and pleased with our figures when we disclose our numbers next Monday.”

“We should increase these numbers for this year, 2023. New customers, better products, and better customer service will all contribute to our success, he continued.

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