BPI says 'hard part' over, continues digital transformation to boost revenues

Bruce Rodriguez, ABS-CBN News

Posted at Apr 25 2019 06:51 PM | Updated as of Apr 25 2019 09:15 PM

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MANILA - Bank of the Philippine Islands (BPI) on Thursday said "the hard part" was over following a "major" systems upgrade that had caused service interruptions for consumers.

BPI, the country's fourth largest bank in terms of assets, had set
a systems upgrade from April 5 to 7. But "teething problems" caused glitches beyond the target completion date.

"The upgrade exercise basically allowed us to establish all the nodes and connections that will create this whole digital platform, so the "hard part" of this exercise has been completed," BPI president Cezar Consing said during the company's annual stock holders meeting.

"But this is a continuous process, but I can assure you that the hard part of the upgrade is behind us," he added.

The "most difficult step" of the backroom upgrade was completed, said BPI chairman Jaime Augusto Zobel de Ayala.

BPI said it would now embark on the second phase of its digital transformation, seen to boost revenues by 20 percent.

"On the positive side, we have made a framework that will give you a whole new level of digital engagements," Zobel said.

The bank has set a P6-billion capital expenditure this year to fund its technology-related investments and physical expansions.

BPI said its net income for the first quarter of 2019 reached P6.25 billion, up by 7.6 percent compared to the same period last year.