EastWest Bank launches new mobile banking app

EastWest Bank is moving to migrate around 170,000 more clients to the newly launched app before the old one is deactivated in November 2024

MANILA, Philippines – EastWest Bank launched its revamped mobile banking app EastWest EasyWay as part of what it calls its growing digital ecosystem.

The EasyWay app features a revamped modern user interface and improved security features, such as one-time PINs and face and fingerprint biometrics. Within the app, customers can monitor the balances of all their accounts and view their transaction history. The app also allows for bill payments to over 100 billers and an option to open a time deposit for as short as 30 days.

Customers can also apply for a credit card within the app by filling in information and accomplishing the self-authentication requirements. Those with credit cards can also lock and unlock their credit cards for security. (READ: [Finterest] Credit card 101: How does it work, and which one is for you?)

Upcoming features include mobile check deposits, QR fund transfers and payments, and more wealth management tools such as eForex capabilities for US dollar and Philippine peso transfers within a customer’s own account.

EastWest Bank chief executive officer Jerry Ngo said that the target now is for around 40% of the bank’s 2.6 million clients to become digital.

“I think the momentum is strong enough that we can even do much higher than that,” Ngo told reporters on Wednesday, August 28 after the app launch.

Another target is to migrate around 170,000 more clients to the newly launched app before the old one is deactivated in November 2024. So far, the EastWest EasyWay app has been downloaded more than 560,000 times.

How EastWest views the rise of digital banks

Asked whether the retail client-oriented EastWest Bank viewed the entrance of more digital banks as a threat, Ngo said that he actually considered it as a positive development.

“I’m actually happy that they are entering the market. Because the entry of the new players will create more access to different new-to-bank, new-to-credit [clients], the unbanked,” the EastWest Bank CEO said.

“Our banking penetration in the country is still very, very low. It’s good for us as a bank kasi (because) what we have is basically to look at how we can partner with them, to work with them, particularly as their clients graduate.”

Ngo said that as the clients of these digital banks move further along in their financial journey, they may find the need to access loans of higher amounts or more complex financial products — and this is where EastWest could pull them in.

“Once those behaviors are already documented and we know who those people are and so on, we can then go in and say, gusto mo ba ng mas malaking amount? Gusto mo mas mahabang tenor? Gusto mo ng mas mababang rate? (do you want a bigger amount? Do you want a longer tenure? Do you want a lower rate?)” Ngo said.

The “phygital” approach being adopted by EastWest Bank and other legacy banks also caters to clients who prefer a human touch, such as having a physical branch to transact in or being able to talk to a relationship manager regarding their accounts and investments.

“The human connection is very important, and I think it will not go away,” Ngo said. “If you want to seek for investments, you want to seek for certain things, even a mortgage, kailangan pa rin ng tao (you still need people). That’s why the whole physical-digital confluence is what we really need.”

EastWest Bank currently maintains 498 branches, including its rural bank network, which Ngo said the bank is still reviewing to “consolidate to provide a better service.” – Rappler.com