I opened a basic ATM/Savings account with United Coconut Planters Bank (UCPB) to try out their online banking facility. The online registration is very simple and user-friendly. You fillup the details online and it gets activated immediately. There is no need to physically go to an ATM to activate your account unlike with BPI and Chinabank. And there is certainly no need to physically print out a form to submit to your branch unlike BDO. There is no fancy SMS-based authentication unlike Standard Chartered.
The most basic ATM account just requires a minimum balance of PHP2,000. You can perform Funds Transfer to non-enrolled third party accounts. As a form of 2-factor authentication, it creates a one-time-use session password everytime you want to perform a funds transfer. This password can either be sent via SMS to your registered mobile number, or to your registered email address.
While the 2-factor authentication does provide an extra level of protection against improper use of the account, I wonder if they will cause as much hassle to legit users as both methods do not really offer any form of guaranteed delivery time. My previous experience with Standard Chartered's SMS-based authentication was not really positive. The delay of receiving the txt message was very significant that my session has already expired by the time it arrived.