China Bank won the Mobile Banking & Payment Initiative of the Year - Philippines award for the China Bank Mobile App. The Bank and the other awardees from 30 countries were recognized recently at the virtually held ABF Retail Banking Awards 2020 of the Asian Banking & Finance Magazine, a leading publication for banking and finance executives in Asia.
In its citation, ABF noted: “For their exceptional, one-of-a-kind mobile fund transfer service that takes advantage of both the Philippine strong mobile phone user demographic whilst empowering the unbanked segment, China Bank is deservedly taking home the award for Mobile Banking & Payment Initiative – Philippines.”
ABF distinguished China Bank Mobile App’s Pay to Mobile or JUMP (Just Use your Mobile Phone) feature, which enables clients to pay or transfer funds to anyone with a mobile phone number. The recipient, who may not have a China Bank account, can withdraw the money through any of the Bank’s ATMs by performing a cardless withdrawal, or transfer the fund to his own bank account through JUMP’s ‘Deposit to An Account’ feature.
"This award is a testament to China Bank's digital maturity and innovation capability to provide a distinct customer experience," said China Bank VP and Alternative Channels Head Marie Carolina Chua.
Launched in February 2018, China Bank Mobile App introduced groundbreaking features aside from JUMP for more convenient banking on the go. These include a first and only Branch/ATM locator that uses augmented reality and indicates whether an ATM is available or unavailable real-time; real-time Autosweep RFID Reloading—China Bank Mobile App was first to provide it; NOW (no card on withdrawal) or emergency cash which allows clients to withdraw from a China Bank ATM using only their mobile app; and e-Gift for transferring money to others, along with a mobile e-card and note, for special occasions.
Using touch ID, without having to log-in, customers can use the Peek-balance feature to check the balance of their nominated account, Pay/Transfer now or schedule on a specific date, and load pre-paid cards.
Through the app, customers can also conveniently and securely request for ATM PIN, internet banking password reset, and card suspension.
“We have made it our business to consciously extend self-service even further to China Bank clients using the mobile app. Dubbed internally as the ‘Superpowers’ series, service request traditionally requiring branch visits are now available on the mobile app,” said Chua.
China Bank has consistently played an active role in support of the initiatives of the National Retail Payment System. It was a pilot participant in Instapay, launched in April 2018, and one of the first five institution adapters of the QRPH, the National QR Code launched in November 2019. China Bank Mobile App has a unique "Shake to Scan" feature for transferring funds using the QRPH.
Pay-to-Cash, introduced in February 2020, is a remittance service function which allows the sender or remitter to send money to anyone. Beneficiaries can claim their money from any authorized remittance partner or any China Bank or China Bank Savings Branch, or it may be delivered to their doorstep via courier.
Recognizing the important role digital channels play especially during these challenging times, transfer via Pesonet was added in China Bank Mobile App in July 2020, enabling customers to transfer amounts higher than the usual P50,000 per transaction. The Bank will continue to work to be the best partner for its customers, rising to exceed their expectations by tapping the best technology to provide innovative financial services.
The ABF Retail Banking Awards is now on its 15th year of recognizing the most outstanding practices and innovative strategies in Asia.