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Privacy Policy

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PRIVACY POLICY (Mobile App)

PRIVACY STATEMENT AND NOTICE TO DATA SUBJECTS

LifeBank – A Rural Bank (hereinafter referred to as the “LBRB”) is committed to the proper handling and safeguarding of your data. As a data subject, we value and assure you that the Bank protects and respects your privacy, personal data, and your rights.

This privacy statement applies to past, present and prospective LBRB clients and anyone involved in any transaction or business relationship with the LBRB whether it’s in your capacity or as a representative of a legal entity (for example, a company executive officer, agent, legal representative, operational personnel, etc.) and non-Bank clients such as payees, contact persons of corporate clients and Bank partners, subject to data retention regulations and Bank policy.

This data privacy notice informs you how the Bank collects your data and how we process it in the course of your business with us in compliance with the requirements of the Data Privacy Act of 2012.

I. WHAT ARE THE TYPES OF DATA THAT WE COLLECT?

1. Data for Identification

Personal data that we collect through our official Website and the Mobile App is limited to what will allow us to properly respond to your queries about the LBRB’s product and service offerings, as well as complaints. For us to do this, we gather only the following personal data from you through our Website and via the Mobile App:

  • ● Name
  • ● Mobile Number
  • ● E-mail Address

As a matter of implementing the LBRB’s customer identification process, our banking offices collect the minimum information and other required information subject to applicable laws.

2. Data for availing of the LBRB’s Products and Services

It includes your identification data; transaction data such as account numbers and reference numbers related to your account and other data required to process your transaction that can be found on the transaction ledger maintained by the Bank; financial data such as invoices, credit notes, payslips, payment behavior, the value of your property or other assets, your credit history, credit capacity, financial products you have with the bank, whether you are registered with a credit register, payment arrears, and income information; socio-demographic data whether you are married and have children; and, data about your interests and needs that you share with us through the accomplishment of bank surveys to continuously improve the Bank products and services.

We will not record sensitive data relating to your health, ethnicity, religion, or political beliefs unless it is necessary. When we do, it is limited under specific circumstances that will be communicated to you, requiring your consent.

II. WHAT IS THE PURPOSE OF OUR DATA COLLECTION?

We use your personal data for legitimate purposes, as follows:

1. To facilitate the administration, servicing, and implementation of the maintenance of your accounts and transactions.

2. To implement our credit risk management framework, such as credit risk and behavioral analysis in assessing your ability to repay a loan based on your data and other required information.

3. To operationalize our products and services delivery.

4. To provide you with suitable products and services by gathering and analyzing the information collected for the improvement and development of the Bank’s products and services.

5. To manage customer relationships through your feedback, notes we have acquired during conversations with you by our employees in person / via mobile phone / via website regarding your business dealings and transactions with us, as well as personalized marketing.

6. To prevent and detect fraud and unusual activities that may compromise data security.

7. To comply with internal and external reporting requirements as part of statutory directives and legal obligations.

III. HOW DO WE PROTECT, SHARE AND RETAIN DATA?

1. Data Protection

In keeping your data safe, we implement an internal framework of policies and standards across all our banking offices and business dealings and transactions to include a combination of secure computer and centralized storage facilities and paper-based files and other records.

These policies and standards are periodically reviewed, updated and enhanced to be aligned with regulations and market developments. Appropriate measures and controls are operationalized to ensure the confidentiality, integrity and availability of your data and how it is processed.

2. Data Sharing

We will not share nor disclose your data to any third-party without your explicit consent; however, we are bound to do so under particular circumstances covering legal obligations or compliance with regulatory agencies, laws, or as required by police authorities. Moreover, Bank directors, officers and employees are subject to confidentiality and are not required to disclose your data unlawfully or unnecessarily.

To optimize our operational capacity and efficiency, consistent with state laws and in line with regulatory rules and procedures as a supervised entity, we may share your data with the following:

2.1. Government Authorities

  • ● To comply with the directives of our primary regulators
  • ● To comply with our regulatory obligations on preventing money laundering and terrorism<
  • ● To comply with regulations on central credit information
  • ● To comply with tax regulations
  • ● To comply with periodic examination and audit conducted by authorized parties
  • ● To comply with legal requests or court orders on judicial/investigative matters such as the police, public prosecutors, courts and arbitration /mediation bodies

2.2. Financial / Remittance Institutions

There are products and services provided by the Bank where other financial/remittance institutions are involved such as the transfer of funds and settlement of payments where your name, address, birthdate, place of birth and account/reference number as sender or beneficiary will be shared or collected.

2.3. Service Providers

We engage service providers as subject to a thorough due diligence process. We use personal data that are required for a particular service we engage. The Bank activities supported by our service providers include:

  • ● Placement of advertisements on apps, websites and social media
  • ● Preparation of reports, statistics and related models, printed materials and product design
  • ● Designing and maintaining inter-based tools and applications
  • ● Collection of funds
  • ●Performance of approved services and operations

3. Data Retention

We keep your data for as long as it is necessary under regulatory provisions on data retention. We will only keep records of your data beyond the retention period required by regulations if we are bound to do so under circumstances covering legal obligations or compliance with regulatory agencies, laws, or as required by police authorities.

IV. WHAT ARE YOUR RIGHTS AS A DATA SUBJECT?

As a data subject, you are entitled to the following rights:

1. Right to be informed on the nature, process and extent of processing we perform on your personal data.

2. Right to request a copy of the personal data we collect from you, apply corrections in case of errors and be given a copy of it either electronically or in any other recommended format that allows for you to have continued use of your data.

3. Right to object to the processing of your data. You also have the right to withdraw your consent and request for stoppage from further processing of your data and ultimately have your data deleted from our processing systems. Moreover, exercising these rights will be entertained by the Bank but may enable us not to process further any transaction you may have with the Bank.

4. Should you have objections or complaints to the way we process your data, or have substantial proof allowed under the Data Privacy Act of 2012 that your data was mishandled by the Bank, you have the right to file a complaint with the National Privacy Commission and be indemnified for any damages due to you.

V. WHAT ARE YOUR DUTIES AS A DATA SUBJECT?

To commence and execute our duties as a bank and fulfil our associated contractual duties, you will duly provide certain information based on the requirements of the Bank.

There is also information that we are legally obliged to collect. Without these data, we may not be able to open an account for you or perform certain banking activities

VI. SCOPE OF THIS PRIVACY STATEMENT

This privacy policy does not govern the collection and use of information by companies that we do not control, nor by individuals not employed or managed by us. If you visit a website that we mention or link to, review its privacy policy before providing the site with information.

We reserve the right to change this privacy policy as deemed necessary or appropriate because of legal compliance requirements or changes in our business practices. If you have provided us with an email address, we will endeavor to notify you by email at that address of any material change in how we will use your data.

VII. CONTACT INFORMATION

If you wish to exercise any of your rights or have further inquiries regarding how the Bank

manages and handles your data, you may reach out to our Data Protection Officer at dataprivacy@lifebankrb.com.ph.

For complaints and other concerns, contact our Consumer Support Unit at lifebankconsumerprotect@lifebankrb.com.ph.

The Bank is supervised by the Bangko Sentral ng Pilipinas (BSP). You may also call or email the BSP’s Financial Consumer Protection Department at (02) 708-7087 or email consumeraffairs@bsp.gov.ph.