EastWest Bank has introduced their new mobile banking app, EastWest EasyWay, as part of their digital service expansion. The bank plans to switch around 170,000 more clients to the new app before deactivating the old version in November 2024.
The EasyWay app features a modern user interface and enhanced security with options such as one-time PINs, face recognition, and fingerprint biometrics. Users can manage their account balances, check transaction history, pay bills to more than 100 billers, and open time deposits lasting as little as 30 days. The app also allows users to apply for credit cards that can be managed for security within the app.
Future updates include mobile check deposits, QR code fund transfers and payments, and advanced wealth management tools, including eForex capabilities for transfers between US dollars and Philippine pesos within a customer's account.
EastWest Bank CEO Jerry Ngo expressed the goal that approximately 40% of the bank's 2.6 million clients will become digital users. According to him, this target may be exceeded due to the current momentum. The EasyWay app has been downloaded more than 560,000 times.
Regarding the rise of digital banks, Ngo is positive, seeing it as an opportunity for easier access to banking and potentially attracting clients who may need more complex financial services in the future. He believes that as digital banks' clients progress in their financial journeys, EastWest Bank can offer them larger loans and more complex products.
Ngo also emphasizes the importance of integrating digital services with personal interaction, recognizing that even as technology advances, the human element remains important. EastWest Bank continues to operate 498 branches and evaluate their rural bank network to improve service quality.
