#automated banking

The history of banking in the Philippines is a rich one and started during the Spanish colonial period. The first banks were established to help the growing commerce and trade in the islands, but over the decades and with the help of technology, the banking industry has evolved into something that is capable of servicing every Filipino, not just in the Philippines but anywhere in the globe. The banking industry in the Philippines started with the establishment of the "El Banco Español Filipino de Isabel II" on August 1, 1851. Despite the hardships the country faced, the banking industry flourished over the decades and branches were opened across the country where businesses are booming. Some banks evolved into full diversified universal banks that offer investment and consumer banking services in addition to traditional commercial banking activities. That changed though in 1983 when the Bank of the Philippine Islands (BPI) implemented the first through the wall 24/7 Automated Teller Machine (ATM) in the country. They can also do their transactions anytime, removing the limits of standard banking hours. This started the trend towards automated banking. Read more in our articles including "The Road to Automated Banking" and "BDO advises online customers to transact during off-peak hours".