Banco Popular’s digital platform reaches 1M users ahead of schedule
Banco Popular, Puerto Rico’s largest bank, confirmed that its “Mi Banco” digital platform has reached one million monthly active users, about six months ahead of schedule, officials said.
The bank, which invests about $6 million a year to improve its digital offering, said more than 70% of all Banco Popular customers have enrolled in “Mi Banco,” and 77% use the platform on a monthly basis.
During the COVID-19 pandemic, the bank has seen a 41% increase in new enrollments in “Mi Banco,” which customers have been using to make deposits without having to visit a bank branch. Three out of four checks deposited at the bank are done through its mobile application or through an ATM machine, executives said.
The Depósito Fácil Móvil check deposit service has grown 160% during the pandemic, bank executives said.
“Reaching one million active users of ‘Mi Banco’ is a great honor, as it reflects the trust that customers have in our digital solutions,” said Camille Burckhart, chief officer of Innovation, Technology & Operations at Popular Inc., confirming that achieving that number of active users was a goal set for the end of this year, or early 2021.
However, she said the ability to complete transactions without having to wait to speak to a bank representative or wait in line at a branch, is appealing not only to younger people who are more inclined to use technology, but to anyone with a cell phone or Internet access.
“About 30% of newly enrolled users last month were customers over 65 years old. The speed and ease of use of this platform makes it accessible to everyone and gives customers of all ages more autonomy and control of their accounts,” said Burckhart.
Meanwhile, she said the digital platform received 50 million logins during the month of May, a 35% increase from the same month a year ago.
Paying bills, depositing checks, and withdrawing money at ATMs are some of the services that have become more relevant with the impact of COVID-19, as they provide a safe alternative, reducing physical contact.
More than 94% of all payments and transferred processed at the bank are done through digital channels. Meanwhile, nearly 30% of all checking accounts are opened through digital channels.
Looking ahead, Burckhart said the bank will continue working on contactless services, including continue rolling out its credit and debit cards integrating RFID technology.
However, the widespread use of that technology will depend on retailers who must update their points of sale to accept the secure method of payment, she said.