Security Bank is undergoing a major tech overhaul to provide a better, faster, and more rewarding banking experience for both its individual and business clients. According to COO Lucose Eralil, this initiative includes new digital platforms, mobile apps, and the integration of advanced AI, with key rollouts planned for the third quarter of this year.
Key Upgrades and Initiatives
The bank’s transformation covers its entire technology infrastructure, from its branches to its online and mobile platforms.
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Retail Banking: The bank has launched a new mobile app with real-time data and two-factor authentication, which already has over 900,000 active users. Other upgrades for individual clients include new digital onboarding processes, upgraded ATMs, and personal finance management tools.
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Business Banking: The focus here is on improving services for corporate clients and micro, small, and medium-sized enterprises (MSMEs). A new online platform is being rolled out, along with two new apps—one for large companies and another for MSMEs—in the third quarter. The bank is also launching a new wealth platform to streamline portfolio management.
AI and Strategic Partnerships
Security Bank is also exploring the use of conversational and agentic AI to improve decision-making and customer service, including AI-driven solutions for fraud management and personalized marketing.
Strategic partnerships have been a crucial part of the bank’s digital transformation. Collaborations with vendors like Amazon Web Services for cloud migration and Qualtrics for customer feedback have helped the bank process about three million transactions a month. Eralil noted that these partnerships allow the bank to bring global best practices to its operations and offer a wider range of services to its clients.
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