MANILA -  EastWest Bank is beefing up its suite of digital services with the launch of its new EasyWay mobile app.  The bank hopes to attract more Filipinos, especially the unbanked, to open an account with them.

At the launch event of the app in Taguig, EastWest CEO Jerry Ngo said that the new app is more secure, very user-friendly, and convenient. A user can manage his or her accounts including loans and credit cards, and also pay bills. Soon it will have wealth management tools, deposit checks via the app, QR fund transfers, and more.

To entice Filipinos to open an account, the bank got popular actor Donny Pangilinan as its new ambassador. Pangilinan said one of his advocacies is to push for financial literacy among Filipinos.

“We should spread financial literacy, not just financial literacy but also access, access because a lot of people aren’t used to easy access and convenience, especially for the youth,” said Pangilinan.

Ngo meanwhile said he welcomes the coming of more digital banks and fintech apps in the banking sector which is also one of the reasons why they are innovating. But he maintains that traditional banks remain to have an edge.

“Wala na pinagkaiba ang digital bank at digital apps ng traditional banks… The reality is that you need a physical and digital presence,” said Ngo.

(There is no difference between a digital bank and digital apps of traditional banks… The reality is that you need a physical and digital presence.)

Ngo plans to partner with digital banks whose clients mostly have smaller deposits. He said when their deposits grew, they can shift to a traditional bank or add an EastWest account.

Despite beefing up its digital services, Ngo clarified that their physical branches will remain open, however, they may reduce the number of branches depending on the area.

“The human connection is very important. I think it will not go away…. I don’t think the branches wll go away, it will probably be fewer or actually more densely compacted in terms of target areas,” Ngo said.

EastWest has nearly 500 branches including rural banks, and Ngo said they may transform some branches into so-called “phygital” or physical and digital branches to cater to the changing banking habits of Filipinos.