SSS targets increased digital transactions
STATE-RUN Social Security System (SSS) is targeting a threefold increase in online transactions by next year to streamline services and save on operating expenses.
SSS President and CEO Aurora C. Ignacio said the pension fund wants digital transactions to reach 32.3 million by 2020 from the current 10.54 million done via its six electronic channels.
“We’re looking to turn the tables and make more members transact through online facilities instead of over-the-counter transactions. By 2020, we are targeting to triple the current 10.54 million web transactions to 32.2 million,” Ms. Ignacio told reporters in a press conference on Thursday.
Ms. Ignacio said usage of the pension fund’s electronic facilities grew 8% year-on-year to 10.54 million in January to June.
With 37.16 million or 72% of total transactions done over-the-counter, the pension fund eyes to increase digital transactions by 25% by the end of the year and reduce face-to-face interactions.
The official added that SSS wants to increase the number of members registered online to 8 million next year from the current 5.49 million, out of the 14.95 million members they have as of June this year.
“Kasi nauna ‘yung implementation ng real-time processing ng contributions (The real-time processing of contributions was implemented first) and by October we’re going to implement also real-time processing of loans. This is mostly on the posting of loans repayments. So ‘yung 25%…for this year na increase…manggagaling dun sa (the 25% increase targeted for this year will come from the) real-time processing of salary loans,” said Mario R. Sibucao, vice-president of SSS branch operations sector.
The state-run pension fund currently has six electronic channels, namely its SSS website or My.SSS, a mobile app, its self-service express terminals, its interactive voice response system, its Text SSS service, and contribution payments through GCash, a digital payment platform.
INVESTMENTS
During the SSS’ 62nd anniversary celebration yesterday, Finance Assistant Secretary Antonio Joselito G. Lambino II urged the pension fund to improve its investment performance to increase its earnings.
“Again, only improved financial activity will convince our members that their contributions are indeed investments in the future. Because of the size of the fund SSS manages, there should be no reason why our earnings should not be better than market averages,” Mr. Lambino said in his keynote speech.
Speaking to SSS employees and officials, he said they should aim to reduce their overhead expenses, streamline frontline services and continue to shift to digital platforms for more efficient services.
“Investments in new digital technologies will not only make transactions with our clients more convenient, they will also save us money in the long run,” he added.
In July, Finance Secretary Carlos G. Dominguez III said he has advised the state pension fund to adopt digital tools since slow service is “costing the public money.” — Beatrice M. Laforga
Source : http://www.bworldonline.com/sss-targets-increased-digital-transactions/
Tags: Investment Financial
