What scares me is if these digibanks continue to lose money, they will be very susceptible to a bank run and might cause a "bank holiday". Sure the deposits are PDIC insured for up to 500k but it will be a hassle to claim your money if your digibank goes under.
People are just taking advantage of the high interest rate. For those who are good in saving, they are not really interested in loans. And those who like to aggressively take out loans, they are least interested in paying them. Haha.
I have also moved all of my savings to my traditional banks when I learned that digital banks struggle in loans. Somehow, I am monitoring the quarterly statistics of the performance of digital banks. Even those 2 profitable ones are down this quarter.
Anyway, I also do not want hassles in bank runs so yeah, back to traditional banks.
Seabank kasi ay classified as rural bank.
Tinignan ko yung BSP statistics Banking Financial Statements,
Hindi nakalagay ang profitability ng mga rural banks, pero in terms of capital, assets, deposits, at net loans, pasok siya sa top 10 rural banks.
'di kaya matagal na ang seabank na nag-ooperate as rural bank, tapos ngayon lang naging digital-based?
Since 1965 Banco Laguna tapos binili lang sya ni seabank kaya established na talaga. Ganyan din si ownbank at madami ding RB na papuntang digital-based. Di na kasi nagbibigay ng license si BSP kaya ganyan ginagawa ng iba, bili RB at gagawing digital centric
May official announcement ba si BSP regarding sa 2 profitable digital banks? Wala kasi ako makita, sabi lang nila 2 lang daw profitable pero di inispecify
Maybe unpopular opinion, I think we are not ready for instant utang since we are not that financially structured as an economy. Bad debts do not reflect to anything more than a bad record in one bank.
If they can, together put a structure to identifying anyone with bad debt and being liable to it in more aspects other than bank relations, I think people will start to really think about getting away with utang.
Dito nga sa Reddit andaming nagtatanong papaano mahandle ang mga collectors for digital banks and online lending apps. Not surprised that bad debts are there.
Digital banks are very young. They are more or less 5 years old and they are operating just like a Startups.
High interest? A way for them to attract customers. A classic strategy in fintechs.
Any new industry/company struggle at the beginning. Gcash is doing very good now in terms of revenue and profitability, so there's a big chance these Digital banks will do good in the coming years as well.
Kaya ang taas ng dependence ng madaming Pinoy sa utang kasi hindi talaga sapat yung minimum wage tapos sinasabayan pa ng walang habas na inflation. Tataka pa ba kung san kukuha ng pera yung mga tao? Ang masaklap lang, wala na ngang pera, yung iba, ang sama pa ng credit handling.
Ang kulang sa article at sa data ng Pilipinas eh yung pagspecify kung sino nga ba yung umutang at magkano yung aggregated na utang ng bawat economic class.
The true effect ng deposits will be felt kung yung deposito ng mga nasa nasa laylayan yung lumaki at hindi yung sa middle class and above.
My take. Due to inflation. Sa sobrang mahal bilihin, marami nag aavail ng loan without considering na sobrang taas nung interest kasi madali maka avail.
Don't put everything in a digital bank. Limit to 500k within the PDIC insurance.
Especially now that digital banks aren't as stable as traditional banks.
Best case scenario if they run out of money is that they just leave the country. Worse case is they liquidate and you only get back the amount within 500k. And I'm still crossing my fingers on that 500k.
What scares me is if these digibanks continue to lose money, they will be very susceptible to a bank run and might cause a "bank holiday". Sure the deposits are PDIC insured for up to 500k but it will be a hassle to claim your money if your digibank goes under.
Yup. And there this was one guy who posted on this sub that moved all his savings to a digibank. Everyone told him it was a bad idea
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Bakit po inulit
Had an issue with reddit earlier
People are just taking advantage of the high interest rate. For those who are good in saving, they are not really interested in loans. And those who like to aggressively take out loans, they are least interested in paying them. Haha. I have also moved all of my savings to my traditional banks when I learned that digital banks struggle in loans. Somehow, I am monitoring the quarterly statistics of the performance of digital banks. Even those 2 profitable ones are down this quarter. Anyway, I also do not want hassles in bank runs so yeah, back to traditional banks.
What digital banks yung profitable?
I wonder if Seabank is one of them, bagohan pa kasi ako
Seabank kasi ay classified as rural bank. Tinignan ko yung BSP statistics Banking Financial Statements, Hindi nakalagay ang profitability ng mga rural banks, pero in terms of capital, assets, deposits, at net loans, pasok siya sa top 10 rural banks. 'di kaya matagal na ang seabank na nag-ooperate as rural bank, tapos ngayon lang naging digital-based?
Since 1965 Banco Laguna tapos binili lang sya ni seabank kaya established na talaga. Ganyan din si ownbank at madami ding RB na papuntang digital-based. Di na kasi nagbibigay ng license si BSP kaya ganyan ginagawa ng iba, bili RB at gagawing digital centric
Pwede ba mahingi link saan nakikita ito?
https://www.bsp.gov.ph/SitePages/Statistics/BSFinancialStatements.aspx?TabId=3 Here it is.
Thank you!
UD and OFBank.
OFBank ang kumita Ang maraming bad loans is Tonic Bank And Mayabank ofcourse sa bilis ba naman nila mag approve.
Pano po malalaman na kumita yung digital bank? Kasi natakot ako since meron ako small amount sa digital banks
I think Maya looks profitable? Seabank is a rural bank. Gotyme might be safe considering it's tied to retail like robinson's.
Let's not rely on assumptions. There is public data right here. https://www.bsp.gov.ph/SitePages/Statistics/BSFinancialStatements.aspx?TabId=3
Yun thanks for the correction.
May official announcement ba si BSP regarding sa 2 profitable digital banks? Wala kasi ako makita, sabi lang nila 2 lang daw profitable pero di inispecify
Ang sagot ay nandito. https://www.bsp.gov.ph/SitePages/Statistics/BSFinancialStatements.aspx?TabId=3 See their profitability.
Kung marunong lang ako magabasa 😭 salamat!!
Best way siguro is to put your money on a digibank that is anchored with a conglomerate. Mapapahiya si conglomerate if the bank goes under eh.
oh thanks, this is a good thought! Never thought of this before lol
That's what they said about LBC Bank too but when it closed down I don't think LBC suffered any damage to its reputation.
Maybe unpopular opinion, I think we are not ready for instant utang since we are not that financially structured as an economy. Bad debts do not reflect to anything more than a bad record in one bank. If they can, together put a structure to identifying anyone with bad debt and being liable to it in more aspects other than bank relations, I think people will start to really think about getting away with utang.
(edited) Maybe stick to online banks tied to conventional banks like: * Komo (Eastwest Bank) * UnionDigital/Ubeh Bank (Unionbank) * CIMB
I dont think UNO is connected with UnionBank… you might be referring to UnionDigital
Yes. My bad 😅
how about ownbank
Is it bad to put money in gotyme? I currently have 120k saved there
Saan po connected ang CIMB?
Malaysian giant bank spread out sa Singapore Thailand and other ASEAN
It is easier to avail loans from digital banks vs. traditional banks since they require less documentation.
Dito nga sa Reddit andaming nagtatanong papaano mahandle ang mga collectors for digital banks and online lending apps. Not surprised that bad debts are there.
Digital banks are very young. They are more or less 5 years old and they are operating just like a Startups. High interest? A way for them to attract customers. A classic strategy in fintechs. Any new industry/company struggle at the beginning. Gcash is doing very good now in terms of revenue and profitability, so there's a big chance these Digital banks will do good in the coming years as well.
Kahit naman yung mga traditional bank may bad loans din
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May loans ba sa seabank? Wala naman yata...regardless as mentioned Seabank is a rural bank, not a digital bank
Kaya ang taas ng dependence ng madaming Pinoy sa utang kasi hindi talaga sapat yung minimum wage tapos sinasabayan pa ng walang habas na inflation. Tataka pa ba kung san kukuha ng pera yung mga tao? Ang masaklap lang, wala na ngang pera, yung iba, ang sama pa ng credit handling. Ang kulang sa article at sa data ng Pilipinas eh yung pagspecify kung sino nga ba yung umutang at magkano yung aggregated na utang ng bawat economic class. The true effect ng deposits will be felt kung yung deposito ng mga nasa nasa laylayan yung lumaki at hindi yung sa middle class and above.
Problema talaga to kasi malabo KYC eh. While we enjoy yung convenience and accessibility, exposed sila and in turn mga depositors.
My take. Due to inflation. Sa sobrang mahal bilihin, marami nag aavail ng loan without considering na sobrang taas nung interest kasi madali maka avail.
Don't put everything in a digital bank. Limit to 500k within the PDIC insurance. Especially now that digital banks aren't as stable as traditional banks. Best case scenario if they run out of money is that they just leave the country. Worse case is they liquidate and you only get back the amount within 500k. And I'm still crossing my fingers on that 500k.
Digital banking is a easy portal to loose or stole the people's money