Electronic banking is sometimes defined as the provision of retail and small value banking products and services through electronic channels. It is also often used to describe processes in which customers can perform banking transactions without visiting a brick and mortar institution. Other innovations have taken place such as phone and internet banking which again provide customers the ability to access banking services from various locations and at a 24-hour by 7-days basis. At end-June 2004, 57 banks (41 domestic banks and 16 foreign banks) provided electronic banking services. Out of the 57 banks, 36 were universal and commercial banks (85.7 percent of the 42 operating universal and commercial banks) and 21 were thrift banks (23.6 percent of the 89 operating thrift banks). With these developments, customers are able to enjoy the many conveniences and lower costs that are offered by the said innovations. However, it can be seen that the poor and low-income segment is still underserved or do not fully enjoy the benefits of such innovations. Another example is internet banking services, which has significantly increased convenience for clients, as they are able to perform certain transactions without leaving their home or workplace. However, this service is available only to those who have internet connection or are, at the very least, computer literate. (Jimenez and Roman, 2007) East West Bank is a subsidiary of the Filinvest Development Corporation (FDC), the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun, Sr. in 1955. FDC is one of the country's premier conglomerates, with business interests in real estate development, financial and banking services and the sugar business. Through the years, East West Bank has successfully capitalized on the financial strength and synergy from the business organizations under the Filinvest Group. Since its official birth on July 6, 1994, East West Bank has emerged as one of the country's fastest growing banks. Shortly after it formally opened its doors to the public, East West Bank had envisioned itself to become the preferred consumer bank of professionals, entrepreneurs, overseas Filipino workers, and homeowners. To this end, the Bank embarked on an automation program, and began to upgrade its existing technology. As the Bank entered the new millennium, it laid the groundwork for implementation of measures that would simplify procedures and customer transactions and ultimately, result in better banking experience for clients. It expanded its ATM network and later introduced Internet Banking Facility, its online banking facility, to provide clients with more efficient delivery channels for products and services. The company has different products and services which offer. It includes personal banking, personal investment, corporate suites and credit cards. The bank has different card variants in the market nowadays namely Platinum Cards, Titanium Master Card, Dolce Vita, Privilege Cards, Laus Auto group Visa, Hyundai Master Card, Practical Cards. It caters different types of market from low to high class. Currently, the bank has more than 500,000 credit cardholders.
Background of the Study
The study will focus on the Electronic Statement of Account (E-SOA) Facility of East West Bank (EWB). An E-SOA is an Electronic Statement of Account. It has the same layout and details as the regular printed copy. It is saved in PDF format for easy readability. It has the same layout and details as the regular printed copy. It will be sent to the email address maintained in the system. The program was implemented in the first quarter of year 2012. E-SOA Facility is offered to all principal credit cardholders of EWB wherein hard copy of statement of account would no longer be delivered in mailing address. Delivery of statement of accounts would be sent...