Hey! I posted a blog that compared 2 neo-banks in the Philippines and now I will be listing again the new joiners. Neobanks or digital banks are becoming a new thing now as they provide easy access to creating bank accounts and transactions.
In this blog post, I will be posting another comparison and list of digital banks in the Philippines this 2023.
In addition to CIMB, this 2023, more and more digital banks are coming in and offering higher interest rates and other features compared to regular banks. Note that ING exited the scene last year (2022) as they shifted to wholesale banking.
As you notice, most of them offer higher interest compared to regular banks since this is their way of introducing themselves to customers. But having higher interest rates that reach up to 6% will make a difference? I would prefer a bank with 24/7 customer service and is reachable anytime since these banks are virtual and you cannot visit their branch if you have concerns.
Most of the banks are using the same template in their services and products but I am looking forward to the bank that offers something that stands out. Some of them offer loans which as of now is an edge over their competitors but eventually, others will follow and this feature will become saturated and not appealing.
Overall, I’m glad that the Philippines are moving to digital banking and the Filipinos are using it unlike those times 10 years ago.