Digital banking, financing and sustainable city initiatives are key developments in preparing for a digital future.
EastWest continues to pursue innovation by heavily investing in digital initiatives to serve a growing number of customer needs.
During the recently held 47th Philippine Business Conference & Expo (PBC&E) organized by the Philippine Chamber of Commerce and Industry (PCCI), Isabelle Gotianun Yap, Executive Director and Special Projects Officer at East West Banking Corporation, highlighted Komo – the brand’s exclusively digital banking service offered through EastWest’s fully-owned subsidiary, EastWest Rural Bank.
Komo (Kontrol Mo ang Pera Mo) was launched in August 2020 to give Filipinos more control and flexibility in terms of managing money. Through the Komo mobile app, customers can create a digital savings account capable of earning up to 4% interest, enjoy customizable insurance and other features such as seamless transfers, QR payments, and real-time transaction history for easy money management. To date, over 80% of Komo customers served belong to the 21-35 age range, with 64% residing outside Metro Manila.
“Our mission at Komo was always to innovate how traditional banking is done today with a particular focus on giving access and control to the younger generations who are just beginning their financial journey,” said Yap, when asked how EastWest’s digital products have been helpful to customers.
“For 2022, we aim to grow further towards this mission by strengthening what we have now and expanding with other products such as loans, analytics, and other innovations to further deliver on our thrust of Kontrol Mo ang Pera Mo,” Yap added.
When asked how corporations should prepare to meet the demands of a technology driven future, Yap emphasized the importance of treating the digital transition as a holistic undertaking. As EastWest is the banking subsidiary under the Filinvest Development Corporation (FDC), the continued development of Komo is part of the conglomerate’s many ongoing investments in digital businesses. Other business programs and projects of the Filinvest Group highlighted during the forum include f(Dev), FDC’s digital venture building and investment arm, Investree – the country’s first SEC-licensed crowdfunding platform focused on providing financing to MSMEs, Qwote – a leading B2B marketplace for suppliers to grow their businesses, and the Smart City Initiative to create connected, sustainable, and safe cities with efficient mobility. Together, these ventures are prime examples of how the Filinvest Group is gearing towards a digital future.
