by Cathy Santamaria · Published in BusinessMirror March 19, 2026
THE banking industry is undergoing transformation as digitalization disrupts traditional banking norms. The rise of fintech, evolving customer expectations, and increasing regulatory complexity are reshaping how financial institutions operate and compete.
According to the Bangko Sentral ng Pilipinas, digital payments accounted for 57.4 percent of retail transactions in 2024, up from 52.8 percent the year before; meaning nearly six out of every ten payments now happen electronically. This change in consumer behavior is reshaping the entire relationship between banks and their customers.
For many, the most frequent interaction with their bank no longer takes place inside a bank’s branch. It happens on a phone screen, wherever they are, in real time.
Today’s customers are increasingly expecting seamless, personalized and even multi- moment financial experiences. They want to open accounts instantly, make payments on the fly, receive relevant virtual financial advice and interact with their bank, any time of the day or night.
Marketing plays a critical role in understanding these evolving customer expectations and translating these into meaningful customer experiences. The need to better understand and leverage data and analytics, to help create the right message, at the right time, on the right channel with the right offer, seamlessly. A new level of expectation from our customers is on the horizon.
So why does marketing matter more today? Marketing’s purpose is deep target audience understanding and creation of more value to its customers—to attract, engage and retain them. There is a key need to be more data-driven, to understand customer pain points with unprecedented precision. To use artificial intelligence, predictive and prescriptive analytics to draw customer journeys that are now targeted to a customer of one. Where one needs to be creative and yet communicate clearly – being more relevant and transparent. Developing content that is easy to grasp across multi generations. The need to bridge complex banking jargon into simple messages that a customer can understand so that they can decide on what’s best for them.
Marketing will need to define more direct measurable business outcomes that impact long-term profitability; deliver strong customer insights with the ability to communicate value clearly and adapt to constant change. Marketing will need to work in-tandem with regulators and yet drive financial inclusivity: to help customers do more, to navigate financial decisions with confidence.
In today’s era when products can be replicated and technology can be matched; a strong competitive advantage will lie in how well a bank understands and connects with its customers. That is fundamentally, the role of marketing—and why it matters now more than ever.
Cathy Santamaria is the chief customer and marketing officer of the Bank of the Philippine Islands, where she leads the bank’s customer experience, marketing, and digital communication initiatives. She also currently serves as president of the Bank Marketing Association of the Philippines, helping advance collaboration and professional standards across the country’s banking marketing community. The views and opinions she expressed herein do not necessarily represent the BusinessMirror.