Unless someone took the effort to print this page and hand it over to you, I am 99.9% sure that you are online right now.
Are you on Facebook also? Hmm… and let me guess, you’re using an iPad or an Android device to browse browse this website, right?
Have you tried online banking lately?
Well, these are some of the goodies that we get from technological advances, more specifically as a result of adopting the Internet Technologies in various industries and businesses. The Internet has brought unprecedented improvements in almost all aspects of our lives where the technology is used and applied.
Let’s talk about online banking a little more.
“But what on earth is online banking?”
If you are someone who raises such a question, I would guess that you are so left behind in the 1970’s when having a passbook was the collest thing in town. Or, you’re still so stuck with your ancient ATM Card. Don’t throw it out yet; it’s not completely obsolete as you will see.
Quite simply, online banking is the use of wireless technologies (e.g., Internet or Cellular Network) to perform various types of banking transactions like balance inquiry, fund transfer, bills payment and the like over a secure network anytime, anywhere. All you ever need to do online banking is a desktop, a laptop or any mobile computing device, plus a way to connect to the network and your login credentials and then…viola, you have your digital assets (or liabilities) right in front of you!
Awesome, of couse, but only if your bank has this facility. Otherwise, you could be missing a lot of things.
The Advantages of Online Banking
1. Convenience — There is no such thing as banking days or hours – they are virtually open 24/7. Unlike the brick-and-mortar banks, its online version never goes to sleep. No more falling in line. With just your mouse, you are a click away to your money. Well, these days when tablets and mobile computing devices are ubiquitous, you can even use your fingers and just forget about the mouse.
2. Security — Since you are not bounded by place and time when doing your banking transactions, you are free to do it in the most secure situations. Provided you take extra precautions in using your computer, your account online is not likely to be compromised.
3. Fast and Effective — Transactions done are almost always done instantaneously, in real-time. There is no need to sign anytime using your pen.
4. Trail and Transaction History — You can trace the whereabouts of your banking activities — online or offline — from inception (or the time you enrolled your account online) up to the current. Having this trail helps in resolving any discrepancies in your transactions.
5. A Range of Tools — From loan calculators and credit card products to the various investment opportunities and services that are available from your bank, you can have to all in one site.
The Disadvantages of Online Banking
And as with all things in life, online banking is not without its problems or drawbacks. Here are a few that you need to be aware of:
- Although enrolling your account for online banking is easy, you still have to do the legwork and actually visit the office to sign some documents, present identification documents and all that stuff. The banks have to make sure that their client is actually a warm body with flesh and blood.
- Learning the technology can be a bit of a challenge especially if the interface design is not user friendly.
- We still need that ATM to get hold of that cash, or to deposit the cash that’s already with us into the account.
Can you think of something else? There may still be some drawbacks, but I would bet that they are not strong enough to overshadow the positive points brought about by Online Banking technology.
Local Banks that Offer Online Banking
Is online banking already provided by your bank? Are you taking advantage of it?
Here is a shortlist of the most notable local banks in the Philippines that have online banking facilities their clients can enjoy.
- BPI — https://www.bpiexpressonline.com/
- BDO — https://www.bdo.com.ph/personal/ebanking
- Metrobank — https://personal.metrobankdirect.com/
- China Bank — http://www.chinabank.ph/personal/
- RCBC– http://www.rcbc.com/
- Union Bank — http://www.unionbankph.com/
- Security Bank — http://www.securitybank.com/
If you notice, these are the biggest commercial banks in the Philippines. I’m not aware yet of any rural bank in the country that offers Online Banking for their clients. Maybe they would in the future.
With the proliferation of mobile computing devices, the widespread reach of wireless technology, I believe that online banking is here to stay. And those who are not yet online will be forced to adopt to survive the competition. As they say in the Internet Industry, “if your business is not online, your business will soon be out of business.” Bank operators are smart enough to realize this truth.
On your part as a client, it would be to your advantage if you demand this feature from your bank. Or at least, get an account with a bank that already offers this banking convenience feature.