COVID-19 and Beyond: 6 Reasons to Switch to Online Banking Today
Posted On May 28, 2020
COVID-19 has triggered the rise of the “new normal” all around the Philippines. Most people are now working from home if the nature of their job permits it. Meanwhile, schools are encouraged to conduct online classes. Even doctors are now giving consultations through messaging apps and video calls.
Another sector that has been affected by the COVID-19 is the banking sector, specifically the online side of the business. While the Philippines has been a little slow to adapt compared to Asian neighbors, the pandemic has pushed more people to shift to online banking. A survey by payment solutions company PayPal also revealed that 25% of Filipinos already use online platforms every day. This number is only expected to rise as the country deals with the pandemic and its aftermath.
If you haven’t made the switch to online banking yet or don’t use online banking platforms as often, here are a few things that might convince you:
This is the primary reason why people switch to online banking. With just a smartphone, laptop, or desktop, and a reliable internet connection, you can already conduct banking transactions. There’s no need to go to an actual bank or an ATM and fall in line just to check your balance, transfer funds, and pay bills. What’s more, you won’t be constrained by banking hours and holidays.
Online banking also allows you to schedule payments. Simply set the amount of the payment and choose a date for the recurring payment and you’re all set. All that’s left is to ensure that your account is sufficiently funded. You’ll even receive an e-receipt through email and/or text message to confirm your payment.
One of the biggest barriers to the wide adoption of online banking in the Philippines lies in trust. Specifically, Filipinos are hesitant about online banking because many people have yet to understand the basics of online security. However, the truth is that those “horror stories” about missing funds and hacked accounts can easily be prevented. For one, bank websites use SSL or secure sockets layers that protect the connection between your browser and the website. You also have the option to activate 2FA or two-factor authentication for an extra layer of security, among a host of other protection options.
Banking apps also use 2FA, along with fingerprint and/or face recognition. If your smartphone allows it, you can also add a security pin before you can access the app itself.
As earlier mentioned, the COVID-19 pandemic has pushed more people to consider and even appreciate online banking. Obviously, banks do their due diligence to keep their premises clean. Nonetheless, you never know what kinds of germs you can pick up while on your way to the bank. By using online banking apps and websites, you drastically reduce your exposure to other people who may have infectious diseases. You also minimize your use of ATMs, which hundreds of people touch and can thus collect any number of germs in a single day.
Another good reason to switch to online banking is to help promote an Earth-friendly lifestyle. With online banking, you drastically reduce your paper clutter and thus minimize your carbon footprint. In addition, did you know that viruses like SARS-CoV-2 (the cause of COVID-19) can survive on paper for more than 24 hours? That’s because paper is an absorbent material, which means they can harbor germs longer. In short, you don’t just protect the planet when you bank online. You also protect yourself by reducing the number of objects that can be contaminated by viruses and bacteria.
If you’re all about maximizing your hours, then online banking is the answer. As soon as you log in, for example, you can already see your balances across multiple accounts. A few taps more can show you your transaction history. Another few clicks and you can seamlessly transfer funds. As earlier mentioned, you can also automate your bill payments. Depending on your bank’s partner billers, it may take one to three days for the payment to get reflected. Some payments may even be recorded instantly. As long as your banking app is not undergoing maintenance or security updates, you can expect your transactions to be finished within minutes.
Online banking can help you manage your finances. They allow you to view your transactions for easy monitoring, letting you know when and where you spent your money. You can also download these transaction reports and financial statements for easy reference. There’s no need to go to your bank and ask for printed copies of these reports; the only reason to do this is if the reports you need are from way back.
The Philippines has a long way to go when it comes to online banking and financial technologies. There are still barriers to overcome, with general consumer trust and nationwide internet coverage still having a lot of room for improvement. Still, if you already have access to online banking, consider using it more often or even making a complete shift. It’s not just advantageous in the current COVID-19 situation but also beyond, as the world transitions to a new way of living.