The introduction of interest-only mortgages did not change that. However, interestonly mortgages may imply higher credit risk if households do not use these mortgages for other consolidation purposes. Further, studies by Danmarks Nationalbank documented that the introduction of interestonly mortgages could account for a significant share of the excessive house price development prior to the crisis.
All these have resulted in greater convenience to the public who can now choose to bank anytime, anywhere. In the same vein, banks have also benefited from these technological advances, as efficiencies improve and operational costs are reduced. Indeed, the Philippine banking industry continues to undergo rapid and extensive transformation, due largely to improvements and innovations in communications and information technology.