What No One Tells You About Digital Banking

Philippine Banking Transactions

According to the Bangko Sentral ng Pilipinas’ Financial Inclusion Survey, 22.6% of Filipinos in 2017 have had transactions with a traditional bank.

This large number is a sign of robust Philippine economic growth. It’s because more and more people are transacting with a formal banking system.

However, approximately 58.2 million Filipino citizens remains unbanked. These citizens are those who don’t go to the bank and those who do think that they are fine without a bank.

This is why banks shift to digital platforms. They now get a chance to reach Filipinos who own mobile phones, but does not have a bank account.

Digitizing VS. Digitalization

According to Simon Paris – CEO of Finastra, digitizing is a way to convert manual paper transactions into digital formats. He added that digitalizing is a new way of thinking.

Digitizing and Digitalization are two different elements needed for a successful shift to digital means of transactions.

These words give rise to digital banking. It is the process of digitalizing banking services for better services to clients to reduce banking risks and improve efficiency in the industry.

Digital Banking Services and Benefits

With digital banking in full-swing, clients may now do the following things on the palm of their hands:

1. Withdraw Money

2. Apply For a Loan

3. Make Payments

4. Send Money

5. Buy Prepaid Load

6. Check Your Last Transactions

7. Invest Money

Some of these services might not be the same with all banks. Others might have more than the services given.

This is because some have a different target market to consider or some are still planning to update their list of digital banking services.

According to Moneymax, the state of Philippine digital banking is still in its infancy. But this does not mean you cannot experience the benefits of using it. The benefits include:

1. Digital Processing – No papers or forms to sign

2. Paperless Transactions – No invoices, receipts, or other paper products

3. 24/7 Customer Service – No banking hours observed

4. Easy Banking – No hidden fees to pay

5. Secure Banking – You are safe from ATM switchers and robbers

6. High-Interest Savings – You can save more money by going online

7. Mobile Deposit – You take a picture of your check

The Rise of Mobile Banking Applications

On the other hand, there’s a significant rise in mobile banking applications in the country.

This is good news for every Filipino. You can gain more choices when it comes to where to apply for your digital bank account.

The digital banking system is not new to the Philippines according to Moneymax. There are already two companies offering electronic money transfers since 2004. Meanwhile, the total number of digital banking providers grew by 40 issuers last 2017.

BSP also shared that other companies are waiting for their license to get approved this 2019.

Digital Bank Frontrunners

Notable banks are innovating their way to the digital banking industry. They started reaching out to other clients who don’t have a bank account but own a mobile phone.

Here are the frontrunners of the best mobile, online, or digital banking services available in the country today as reported by Grit.PH:

1. UnionBank Online

2. BPI Online and BPI Mobile

3. BDO Online Banking and BDO Personal Banking App

4. ING Philippines

5. OCTO by CIMB

6. LANDBANK Mobile Banking Application

7. Metrobank Mobile Banking

8. Security Bank Online

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