BPI's Digital Savings Initiatives Transforming Banking for Filipinos

“Through these initiatives, BPI is empowering Filipinos with the ease and convenience of managing their finances anytime, anywhere through the various channels that cater to their unique banking needs. All it takes is 5 minutes and 1 ID.” ~Asi Ruiz, BPI Deposits Product Head

BPI's commitment to development, convenience, and client centricity is assisting more Filipinos with accomplishing their monetary objectives through different advanced channels. Beginning in 2021, BPI's #SaveUp permits clients to open an investment account through the BPI Application without the need to visit a branch.

Expanding on that achievement, in 2022, BPI sent off BPI #MySaveUp, which empowers clients to open a bank account through the well known web-based wallet, GCash. This year, BPI has taken things to a higher level with a shiny new channel and organization with Lazada, one of the greatest online business stages in Southeast Asia. With the new BPI Leader store, clients can undoubtedly "add to cart" and open a bank account, #SaveUp, alongside other BPI items.

Building on that success, in 2022, BPI launched BPI #MySaveUp, which enables customers to open a savings account through the popular online wallet, GCash. This year, BPI has taken things to the next level with a brand new channel and partnership with Lazada, one of the biggest e-commerce platforms in Southeast Asia. With the new BPI Flagship store, users can easily "add to cart" and open a savings account, #SaveUp, along with other BPI products. 

From left to right: Anne Christine Ruiz Head of Deposits, BPI; Anne Guiritan (Avida Condominium Winner, Anne Jara, Brand Marketing Head, Avida

Despite the digital savings landscape nowadays heavily focusing on unprecedented high interest rates to attract depositors, BPI pioneered a different approach; one that is more sustainable yet still rewarding and affordable. 

In 2022, the Bank launched a rewards program exclusively available for its digital savings products.  The promotion concluded earlier this year, and two newly acquired BPI digital accountholders, Anne Imperial and Anne Guiritan, not only benefited from a convenient and easy-to-manage digital savings account but also won life-changing grand raffle prizes. Imperial drove home a brand-new Kia Stonic Style Edition, while Guiritan won an Avida Vireo Studio condo unit.

“BPI made saving more exciting for me as I was also looking forward to participating in the program and winning prizes. My #SaveUp account inspires me to enjoy life while working hard and saving harder.” ~Ann Collin Imperial, Kia Winner

This year, in celebration of the bank’s 172nd anniversary, BPI also waived the maintaining balance fee for the BPI #SaveUp and #MySaveUp accounts, making saving more affordable and convenient for its digital clients. 

Our vision is to make banking more inclusive, and encourage more and more Filipinos to start the habit of saving. And with all these efforts to provide accessible, relevant, and rewarding banking services to more Filipinos, BPI has already opened more than 1 million digital savings accounts, demonstrating our agility in meeting the ever-evolving needs of customers, and the number continues to grow,’’ said Ruiz.

BPI awards clients who won the #MySaveUpPromo

BPI to level up Savings with #Coins Program

“People who immediately benefit from the high rates are usually those who are able tomaintain high balances and can afford to open another deposit account outside of theircurrent   banks. Beyond   the   introductory   rate,   unusually   high   interest   rates   are   notpermanent, nor sustainable. What makes this BPI product unique is instead of participating in accounts with highinterest rates that usually benefit the more affluent depositors, it provides an easier,more fun way of  saving through a gamified rewards program that can benefit morepeople from all walks of life.” ~Carmina Marquez, BPI Deposits Head

In the last two years, neobanks—or digital banks that don’t have physical branches—have been disrupting the market  by offering unprecedented high interest rates  for  abasic savings account.

This is  the reason the Bank of the Philippine Islands (BPI) is introducing honest-to-goodness   savings   products   that   are   not   only   easy-to-open   but   also   uniquely   and  sustainably   rewarding—the   #SaveUp   digital  deposit   accounts. #SaveUp   is   nonavailable   not   only   through   the   BPI   mobile   app   but   also   via   GCASH   app’s   GSAVE feature called BPI #MySaveUp.

These BPI products offer a convenient and trusted option for digital natives and banking  newbies, with low initial deposit, affordable maintaining balance, and more attractive  savings   rate   than   what   one   gets   from   typical   savings   accounts   opened   via   bank ranches.

Called   #Coins,   this   program   rewards   depositors   with   virtual   game   coins   as  they save. The #Coins can be used to win prizes such as cash vouchers and wallet credits, an automatic KIA Stonic Style Edition car, or an Avida Vireo Studio condominium unit.

“BPI  introduces another  first  with  our  #Coins rewards  program  for  #SaveUp depositors. We want to make saving more affordable, more convenient, more fun any more   rewarding. This is  our   way of making   saving   more  inclusive   and encouraging  those who have not yet tried banking to do so easily. This is also our way of giving our depositors a chance to own a brand-new SUV or a prime condominium unit as they  grow   their   savings—things   that   remain   aspirational   for   so   many   Filipinos.   Through #SaveUp made rewarding with #Coins, we hope to invite more Filipinos to banking and begin their journey towards achieving their dreams. Especially   during   this   time   of   high   inflation,   it   is   important   to   sustain   the   growthmomentum of the deposit and savings segments. BPI will continue to do its part andlaunch new innovative products and programs with convenient digital options, as well aseasy access, and a more rewarding experience. A more financially inclusive economy ishow we, in BPI, can help build a better Philippines.” ~Ginbee Go, BPI Consumer Banking Head

The #Coins Program rewards clients with one coin per month if their BPI #SaveUp or #MySaveUp account has at least P3,000 worth of transactions each month that include branch and digital deposits, remittance, funds transfers, and similar services. Depositors may also earn extra coin for every P10,000 saved in their BPI #SaveUp or #MySaveUp account by end of the month.
Game perks Through the #COINS Program, BPI rewards its depositors with virtual game coins everytime they save, which they can use to win prizes such as electronic gift certificates. Every month, there are 5,000 eGCs worth P100 available for clients, 500 winners ofP500 eGC, and 100 winners of P1,000 eGC; add to that two major prizes: an automatic KIA Stonic Style Edition car and an Avida Vireo Studio condominium unit in Arca South.

Depositors will   be   able   to   enjoy   these   game   perks   in   the   #Coins   microsite, which features a Winners Gallery that display the users who already won a prize. It also show show many total #Coins are at play, and how many available eGC prizes there are tohelp users strategize and control their game luck.

The Bangko Sentral ng Pilipinas (BSP) recently reported that “savings deposits had the  biggest share of total deposits at 48.7 percent.” This is as the Philippine banking system(PBS) sustained its solid footing amid the pandemic, according to the “Recent Trends inthe Philippine Financial System” report released by BSP in January 2022.

To   earn   #Coins   while   saving,  interested   depositors   may   open   a  #SaveUp   by  downloading the  BPI   mobile   app,   or  open   a   #MySaveUp   account from   the   GSAVE menu of the GCASH app.

ABOUT BPI
The 171-year-old  Bank of  the   Philippine Islands  is the  first   bank in   the  Philippines and  Southeast Asia.  We arelicensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services:deposit   taking   and   cash   management,   payments,   lending   and   leasing,   asset   management,   bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial  strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by stringent compliance and riskmanagement regimes. E-mail: Media: mjsilvestre@bpi.com.ph Investors:  Investor relations@bpi.com.ph. Bank of the Philippine Island l Ayala North Exchange Tower 1, Ayala Avenue corner Salcedo St., Legaspi Village, Makati City 1229 PH l +632 8246 6364 l www.bpi.com.ph.

Partnership between GCash and BPI offers BPI #MySaveUp

"The goal of GSave Marketplace is to provide savings account options that would best fit their needs. The collaboration with BPI allows GCash users to enjoy the bank's wide reach and services nationwide. BPI #MySaveUp gives the underbanked and unbanked Filipinos access to formal banking through the GCash app.” ~Winsley Bangit, Chief Customer officer at GCash

GCash, BPI seek to reach unbanked with BPI #MySaveUp easily open a BPI savings account via GCash. Did you know that 53 million Filipinos have no bank accounts? That is a staggering 69% percent of the country’s population from BSP’s Q3 2021 study.

The problem? Access. Many of them lack the documents required to open bank accounts. They opt to just keep their cash at home for easy access in case of emergency.

To encourage more Filipinos to go into formal banking, GCash, the country's leading e-wallet, recently partnered with the Bank of the Philippine Islands (BPI) to reach unbanked Filipinos, particularly working millennials.

This is part of the top mobile wallet’s continuing innovation to empower Filipinos and find  solutions to digitalize their financial transactions, including paying for their purchases and bills, sending money to their loved ones, and building up their savings so they can have greater financial security and freedom in life. 

The partnership between GCash and BPI offers BPI #MySaveUp, an in-app feature in the GSave marketplace. 

Helping further scale up financial inclusion, BPI #MySaveUp paves the way for unbanked Filipinos to easily apply for and own a formal and all-digital account sans the long application process, allowing them to start their saving journey and achieve their financial goals while earning higher interest rates. 

Through this partnership, doing financial transactions and managing an account become plain sailing thru their GCash account or BPI mobile app. This new feature also offers free fund transfer from a user’s BPI #MySaveUp account to his GCash wallet and vice versa.

Users also have an option to get a BPI Debit Mastercard in any BPI branch for only P150 so they can access their account and withdraw from thousands of BancNet and Mastercard ATMs worldwide. 

"We, at BPI, are committed to realizing our vision of building a better Philippines. We are committed to continuously pursue financial inclusion programs in support of the BSP's goal for 70% of adult Filipinos to have formal financial accounts by 2023. This partnership with GCash brings us closer to this target as we provide more Filipinos a path towards financial wellness." ~Maria Cristina L. Go, Executive Vice President and Head of Consumer Banking at BPI

BPI #MySaveUp users can also win monthly prizes. Every Php 10,000 saved by the end of the month or have at least Php 3,000 worth of valid transactions within the month earns them 1 #Coin which they can use to buy a game card to win electronic GCs or eGCs from BPI. 

Applicants can open their BPI #MySaveUp account on their GCash app. They simply need to click the GSave icon then choose BPI #MySaveUp. Once in, they can open a savings account and proceed with using their GCash profile. After receiving the email confirmation from BPI, they can then finally start accessing BPI #MySaveUp. 

For non-GCash users, they just need to download the app, upload one valid ID and wait to be verified. Once done, they can enjoy all the products and services of GCash.