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Komo: Redefining convenience in Filipino banking

IFM_Komo
Komo's user-friendly mobile app lets the customer easily set up an account and access his/her finances anytime and anywhere

Komo by EastWest Bank, a leading digital banking service in the Philippines, recently won the honour of ‘Most Innovative Smart Banking Services Provider for Digital Banking in the Philippines‘ at the International Finance Awards for 2023. Komo was one of the first fully digital banking services to be launched in the Southeast Asian country during the COVID-19 pandemic with the goal to provide easy, affordable, and convenient financial access to Filipinos.

To give Filipinos a cutting-edge, practical, and economical banking experience, Komo allows its customers to operate accounts in a completely online mode.

Customers get features including interest rates of up to 6%, connectivity with affordable transfers and a host of other new services promoting financial flexibility. Customers get full control over their account, apart from enjoying one of the highest interest rates from any Philippine bank today.

Be it fund transfers, free bill payments or getting a customised debit card, the Komo app is there to make its customers’ lives easier.
IFM-Komo Team

Promoting convenience and accessibility

“Komo’s drive for innovation grows day by day in today’s fast-paced world. Understanding how crucial convenience, accessibility and affordability are for users, Komo’s key features easily put them ahead of everyone else in digital banking,” the venture told International Finance.

Komo’s user-friendly mobile app lets the customer easily set up an account and access his/her finances anytime and anywhere. In addition, Komo will also provide credit options soon.

“Applying for loans is also more convenient with Komo as users can apply for loans using the app in less than 10 minutes. Traditional bankers that are making the switch to digital will find themselves transitioning easily with Komo offering free physical withdrawals using your Komo Visa Debit card at any EastWest Bank ATM and up to four times free withdrawals in any BancNet ATM,” the venture remarked further.

All the customer needs to do is to create his/her digital savings account on the Komo app, with just one valid ID, a smartphone, and a stable internet connection.

Talking about Komo’s key products, we have the venture’s savings account services, where the customer can grow his/her money faster with up to a yearly interest rate of 2.5%. Then there is insurance, where one can customise his/her protection plan through the venture’s partnership with Troo Flex Insurance. Apart from the fund transferring services, Komo also has its loan services which come with lucrative features like fast approval, flexible terms, and competitive interest rates coming very soon.

“Digital banking is more affordable with Komo with no minimum deposit and maintaining balance features, and offering one of the cheapest fund transfer fees at only Php 8 per transfer via InstaPay. Komo users can say goodbye to hidden sky-high fees and say hello to transparency and minimal fees that allow you to keep more of what you earn,” the venture remarked further.

Komo also empowers its customers to take control of their finances with features including financial calculators and educational resources to help people make informed financial decisions.

Komo has come up with a new product called ‘Analytics and Personal Finance’, which is the Philippines’ first-ever money management tool in a digital banking environment.

Through Komo’s Analytics, the customer can view his/her expenses and deposits to gain insights, track the funds, and manage their budget. The person can set his/her savings goals through the ‘Savings Calculator’ and learn to build better savings habits, apart from getting insights and controlling authority over his/her financial goals and budget.

Komo Finance has emerged as the ideal solution for Filipinos wanting a more convenient, economical, and secure method to manage their finances. As part of its continuous efforts to enhance the services, the venture has been engaged in a research study aimed at comprehending the experiences and requirements of the Komo platform users. The goal is to garner as much as valuable insights the venture can from its customers, to make the overall experience of banking with Komo a more refined one.

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