{
  "id": 3997070,
  "title": "More Filipinos turning to digital banking",
  "url": "https://urgent.news/2026/08/28/more-filipinos-turning-to-digital-banking",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-28T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/08/29/2552448/more-filipinos-turning-digital-banking"
  },
  "original_language": "en",
  "account": "A recent report indicates that more Filipinos are embracing digital banking, narrowing the gap between it and traditional banks in terms of perceived safety. Consumers are increasingly turning to digital financial platforms for credit and other financial needs, showing a willingness to borrow from digital banks, especially for emergencies and personal expenses. In the 2026 Credit Perception Index by TransUnion Philippines, perceived safety of traditional banks stood at 88%, compared to 84% for digital banks, based on a survey of 1,000 consumers. Nearly half of the respondents said they used a fintech product as their first financial product, more than twice the percentage of those who cited a traditional bank account. Fintech adoption remained widespread in 2026, with 93% of Filipinos using at least one fintech product, slightly higher than the 91% reported in 2025. E-wallets accounted for the largest share of fintech usage at 81%, followed by digital banks at 52% and digital payment apps at 49%. Filipinos are also shifting their borrowing preferences toward formal financial institutions, with intent to borrow from family and friends at its lowest since 2023 and rising for digital banks and traditional banks. E-wallets remain the most widely used fintech product, while digital banks have shown the strongest gains in consumer perceptions, with knowledge increasing by 15 percentage points to 80% and favorability gaining 14 percentage points to 79%. Despite challenges such as high interest rates and concerns over scams and fraud, Filipinos continue to explore new digital products and fintech services, seek educational materials, and plan to borrow or use credit for purchases. However, digital banking still has a long way to go in terms of assets, with the digital banking sector holding only P195 billion compared to the traditional banking sector's P30.96 trillion.",
  "summary": "A recent report revealed that more Filipinos are turning to digital banking, nearing traditional banks in perceived safety as consumers increasingly use digital financial platforms for credit and other financial needs.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}