Filipinos are very aware of the advantages of mobile banking to customers. This is based on a recent Capstone-Intel survey, which unveiled that most Filipinos are discovering digital financing as a convenient tool in the local financial technology scene.
A whopping 90% of respondents have noticed a trend of online financing's high usage, with digital wallets and bank applications emerging as top choices.
Additionally, a Google consumer insights study highlights a rising interest among Filipinos in investing and saving, the risks and benefits associated with advanced mobile banking technology, and the dependence on researching online for financial services and information.
Though many Filipinos are willing to use digital means for their transactions, a small percentage remains skeptical due to safety issues. However, intuitive platform designs and educational programs are steadily addressing these concerns, boosting general trust in digital finance.
Top 7 advantages of mobile banking
Mobile banking means you can avail of banking services on the go, particularly on your mobile device. You don't have to visit physical banks for your usual transactions. Because many consumers carry their smartphones almost everywhere, a mobile banking app lets them complete financial tasks whenever and wherever they want. Here are more advantages of mobile banking:
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24/7 banking access
You don't have to wait for weekdays and banking hours to carry out your transactions. Banking solutions are literally at your fingertips, thanks to mobile banking. Via your smartphone or tablet, you can access your bank account at any time, even on holidays. Of course, you must account for scheduled maintenance updates, internet connection issues, and unplanned electrical outages. However, it's undeniable that you squeeze out more hours of banking activities from digital platforms than physical financial institutions. This is especially useful during emergencies when you need to transfer funds immediately.
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Remote banking
Nowadays, you can accomplish many things remotely. One of these is banking, which makes transactions fast and easy even while you're traveling. Accessing your bank account when you're in a different country is no longer a problem as long as your mobile device is connected to the internet. Easily view your e-statements or transaction history, make mobile check deposits, open a new account, pay bills, and more right where you are —in the office, at home, or on the road.
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Easy saving
Mobile banking apps have made it easier for you to boost savings through scheduled fund transfers. Using this feature, you can automatically set aside a portion of your monthly earnings for savings. At least 20% of your salary is a good amount to allocate for savings every month. Mobile banking can give you a clearer picture of your financial health if you have short-term goals, like saving for a vacation, and long-term ones, such as building a retirement fund. This is because you can view your account balances and review your transaction history anytime.
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Monitoring expenses
Tracking your expenses is crucial if you don't want to exceed your budget. Pay your bills through mobile banking not only for convenience but to also get an overview of your spending habits, which can help you pinpoint areas where you can adjust. Schedule your payments or turn on your app's automatic payment setting for recurring payments to ensure you don't incur penalty fees from late payments, which can eat into your budget.
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Flexible banking
The beauty of mobile banking is that it suits various needs and preferences. The possibilities are plentiful—paying by scanning a QR code, depositing a check, making investments, topping up your auto sweep RFID—slowly but surely, mobile banking is woven into our daily lives. Because of evolving technologies, banking apps can offer more services, letting them capture a wider market, even those initially worried about security in mobile banking. Increased banking flexibility translates to increased control over our bank account, resulting in better financial management.
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Unparalleled convenience
Time is the most precious commodity that mobile banking can give you. No need to get a number and endure long lines; with digital finance, you can finish your banking tasks in between work or the middle of the night. This frees up your time for other life priorities.
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Better customer service
Mobile banking apps don't charge extra for using their services—proof that this platform is swiftly becoming the norm for digital financing. Technology has also enabled banks to open their customer service channels 24/7 via email, text, chatbots, and other mediums. This results in the faster resolution of concerns and issues, providing a seamless banking experience for customers.
Is your money protected when using mobile banking?
The answer is a resounding "Yes!" Banks make it their business to safeguard your assets—in both their physical and digital platforms. Here are some of their robust security measures in mobile banking:
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Multi-factor authentication
Aside from requiring your username and password, most banks have added an extra layer of security before giving account access. Usually, this comes as an OTP (one-time password you receive through your mobile phone. By keying in this expirable numeric code, you can finally log in to your account. Some bank apps also use biometric authentication via face recognition and fingerprint scanning to protect your account.
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Data encryption
Banks employ encryption technology to shield your sensitive data like login information and transactions. Encryption converts data into another form, so only those who know the password can unlock it. Encryption prevents attackers from comprehending confidential data even if they hijack it during transactions by seizing the data and muddling its original information.
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24/7 customer hotline
To avert further data breaches, you can call the bank's customer hotline, which is open 24/7. Customer service specialists can assist you in the technical aspects of securing your account and momentarily block it to ensure its safety.
What you can do to protect your account
Still, you must also do your part to boost your account security. Follow these best practices for mobile banking safety:
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Opt for biometric authentication whenever you can.
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Enable regular updates for your app to access new security features and improve efficiency.
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Regularly monitor your account statements to spot suspicious activity.
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Only do your transactions on secure, private Wi-Fi networks. Cybercriminals often lurk in public Wi-Fi, seeking opportunities to intercept your data.
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Be vigilant against phishing through email, messages, or calls. Remember that banks usually don't ask for sensitive information if they initiate contact.
Take advantage of mobile banking now!
In the era of epic traffic and hyper connectivity, digital offers a level of convenience that has become not just something nice to have, but an absolute necessity. Chinabank offers the latest, vastly improved, and best iteration of My CBC app. Now, Chinabank customers can harness the power of financial services, from the country’s 4th largest private universal bank, without having to make frequent visits to their branches, or to rely heavily on third party apps. Receive money, save it, manage it, transfer it, pay bills, and even open accounts all with one bank, using one app.
Upgrade to the new MyCBC App and enjoy mobile banking that’s more seamless, convenient, and secure than ever before.
