PH Behavior (Financial Inclusion)

Here are the things that struck me the most in this presentation

  • Only 32% have an online account from a financial institution
  • Only 9.9% pay their bills online
  • Only 1.9% have credit cards
  • Only 4.5% have online accounts

I find it surprising that not a majority have an online account because coming from a bank like UnionBank, I assumed that most people opt to pay for their bills online. Shopee and Lazada has a cash on delivery and through this data, it is safe to say that people prefer that method.

Through this data you can also see that not everyone is eligible for credit cards thus you can interpret it as not a lot of people have stable jobs and poverty is evident. No, I am not saying that just because you do not have a credit card you are poor… It just shows that not a lot of people have stable jobs. Credit card companies and banks require for applicants to submit their income statement and the like.

This data was taken before ECQ therefore I am sure that the numbers have changed drastically. I’m quite interested to see how this changed over ECQ period. As for UnionBank, more and more people are opening accounts with us. In fact, people can deposit checks anywhere.

I also have a big feeling that the most searched words in YouTube have changed. Why? Because people like to listen to webinars and the like.

Internet has played a huge role in our lives. As we experience the “new normal”, it’s really survival of the fittest for these mobile applications and businesses.

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