At this day and age, almost everything can be done with just several clicks. Believe it or not, you could pay your bills, do some shopping, transfer money, and make reservations among many others online.
Because of this, banks are slowly transitioning to digital or online banking. After all, it is more convenient to do transactions online. Instead of going physically to the bank, all you need is your phone and Internet connection to do what you have to do.
Apparently, not everyone are willing to join the bandwagon and go digital. Many are scared of potentially losing their money, a concern that is totally understandable. If you are an OFW, then digital banking will make your life easier.
In fact, here are the pros of digital banking:
You can bank anytime, anywhere.
This is, by far, the top reason why you should go digital when it comes to banking transactions.
Picture this: you are on your way to work when you received a message from your wife back home about an emergency. They need the money and you don’t have time to look for a bank or remittance center where you can send cash.
Through digital banking, you will be able to do banking transactions like transferring funds or paying bills. You can also easily check how much money you have left in your bank account.
Going back to the scenario, you could simply connect to the Internet and send money to your family back home.
Banking fees are reduced.
Every movement in the bank entails cost. In fact, one of the reasons why banks charge higher interest rate or require you to pay processing fees is because they need to cover administration expenses. Banks have to pay for their employees, maintenance and security personnel, banking equipment, and the list goes on.
Digital banking reduces these fees. When you transact online, manpower is eliminated. This is also the reason why they don’t require you to have an initial deposit and maintaining balance, which is good for you.
Paperless transaction is encouraged.
Admit it. You tend to keep receipts and documents given by the bank to make it easier for you to trace your transactions. When you do this, you invite clutter in your room.
This is the beauty of going paperless.
Did you know that by embracing digital banking, you could help rehabilitate million hectares of degraded forest? Who knew this could be eco-friendly, right?
On the other hand, digital banking could be an issue. Here are of the disadvantages of going online:
There are cash deposit issues.
Transferring money is not an issue. What if your bank account has limited funds and your family back home needs the money? Obviously, your phone cannot accept cash deposits, which is one of the biggest concerns for digital banking.
To address this issue, banks partnered with financial firms like DragonPay and Visa to make it easier for you to deposit money. You could also deposit money through Bayad Center, a task that you could do in case you’re in the Philippines.
7/11 is another option where you can deposit money through their digital kiosks.
You are prone to cyber-attacks.
This is the biggest issue surrounding digital banking. Despite the convenience, there will always be cyber-security issued that could potentially affect your current balance.
The good news is you could do something to protect yourself and your money against hackers.
Here are safety features you need to do and remember:
- Assign stronger passwords.
- Change your password regularly, preferably once a month.
- If two-factor authentication feature is offered, then make sure you enable it.
- When doing online banking transactions, make sure you connect to a secured network and avoid using public WiFi access.
- Password should be for your eyes only. Never share it with anyone.
- Download and use the bank’s official app or website.
Should you go for digital banking? There’s no problem with that. Just make sure you take note of the safety features to protect your account.