NU6, by JIL, Bank All

Bank-All

By R080230

Banking during the weekends is not a new concept. BDO pioneered this offering as it seeks to capitalize its presence inside SM Malls where you can "bank where you shop". I am a fan of weekend banking since I am able to use my free time to do all the transactions that I need, hence I have my main account at BDO. However, no other banks offer the convenience of weekend banking presumably because most of the businesses are close during weekends and there's supposedly less transactions done. I would like to take my weekend banking experience and bring it to the next level.

The "Bank-All" concept calls for withdraw-deposit only transactions that will tie up with different major banks which will then allow access to their systems. This will allow us to accept deposits and withdrawals for the clients of our partner banks.

How can we earn money through this set up?

Bank-All will charge a certain amount per transaction (P30?) which will be levied against the consumers in exchange for convenience. Later on, as the service picks up, Bank-All can explore the possibility of charging partner banks instead for a fix cost which will mean free transactions for clients.

What is unique with this business?

First, Bank-All is not a bank and will not operate as such. Hence, we will circumvent the capital requirements set by the BSP on banks. Instead, the company will act as conduits for the banks where we can tap into their systems to close certain transactions.

Second, Bank-All will offer the convenience of weekend banking that is not being offered by all banks save for BDO. This will give other banks the opportunity to offer this service to their clients via minimal cost only.

Third, Bank-All can offer quick bank to bank transactions without the hassle of physically going to different banks – customers will just have to go to one bank and fall in line once. This saves the clients valuable time and makes bank to bank transactions easier.

What is the benefit to bank partners?

Bank-All will minimize the cost of other banks since they will have smaller number of brick-and-mortar branches and instead, pass on to Bank-All transactional requirements of their clients. Instead of opening several branches in one area, they can ask their clients to do transactions with Bank-All and their branches can focus on other products and services that the partner banks offer.

Bank-All also gives partner banks the opportunity to expand their reach into areas where they are not present.

Finally, Bank-All gives partner banks the capacity to "stay open" even during weekends – a convenience that they can provide their clients.

Admittedly, there are still a lot of operational questions that needs to be answered in proceeding with this service. However, the convenience that this will provide bank clients and partner banks seems too great not to be explored. 4

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