Cebuana Lhuillier Bank Spearheads Digital Banking Revolution, Empowering Rural Communities
Cebuana Lhuillier Bank (CLB), which was one of the first banks to use digital technology, is still changing the banking business by adding it to its services. This project aims to make banking easier, cheaper, and more accessible, especially for areas that are far away or don't get enough service.
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| Cebuana Lhuillier Bank Spearheads Digital Banking Revolution, Empowering Rural Communities |
The bank's move to digital has made its Micro Savings deposit account, called "Iponaryos," much better. It is now a strong, full-service savings account built to meet the specific financial needs of rural communities.
Together with BancNet, CLB has made it easier for Iponaryos to get to their money than ever before. Account users can get cash from any of BancNet's 26,000 ATMs or any of Cebuana Lhuillier's nearly 3,500 branches across the country, thanks to the partnership.
As an added bonus, Iponaryos can now make purchases without using cash, thanks to a relationship with UnionPay.
People who are Iponaryos can fully access their accounts online through the eCebuana Mobile App, a cutting-edge digital creation. The app makes it easy to send money through Instapay, pay bills, and pay for services. It will also soon have features for shopping for jewelry and renewing tickets through pawning. A built-in QR Code feature makes deals safe and easy.
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Like people with bank accounts, these digital upgrades give Iponaryos full access to all of CLB's goods. It makes banking more accessible and ensures they can get to their money quickly.
Along with these digital innovations, the bank has started the "Iponaryo" ad in all of its branches across the country and on social media.
Dennis Valdes, President of Cebuana Lhuillier Bank, knows that getting people in rural places to use digital banking can be challenging. "However," he says, "through our out-of-branch activities and Iponaryo financial literacy programs, we've been successful in educating them about its benefits."
Expanding the bank's real footprint (BRICK) and integrating technology (TECH) is what the BrickTech strategy is all about. This strategy is already having a significant effect on rural development.
Vice-Chairman of Cebuana Lhuillier Bank Jean Henri Lhuillier says again that the bank is committed: "Our mission is clear." We will keep working until every Filipino can get money.
