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Monday, July 29, 2019

Pros and Cons of Online Banking in the Philippines



Many of us get frustrated about the long queues at the bank and sometimes hours of waiting for a single transaction. But for those who hate these things, have you ever heard or tried online banking? Online banking also known as internet or web-banking allows you to conduct banking transaction anytime anywhere via the internet at your convenience.  Online banking services is as easy as one-two-three. Using your computer, laptop, tablet or smartphone, you can check your account balance, pay bills, send money, view your transaction history, access your credit card, get electronic statement among others. These services are available 24/7 which means no more long lines!  According to the recent Paypal survey, 25 percent of Filipino consumers are already using online payment methods in their everyday transactions. But like any other things, online banking comes with advantages and disadvantages.   The Benefits of Online Banking  Easy Transaction  Convenience is the main advantage of online banking. So if you are tired of long lines and outdated ATMs, your best option is online banking. All you need is a desktop, a laptop or a smartphone that is connected to the internet. With these, you can easily do basic transaction such as balance inquiries, fund transfer and bills payment without going to the nearest bank.  Online banking is also ideal for an emergency transaction and you don't need to worry about transacting on weekends.    Fast Transaction  We can say that a transaction is convenient if it is speedy. With online banking, you can make an instant transaction such as fund transfer. Within seconds, you can easily check your account balance and transaction history in just a few tap or clicks. No need to wait for tellers to process your simple banking concerns—something that you can now do in seconds right on your fingertips.  Paperless Banking  Since your computer and smartphone do all the banking, there’s no need for all those paper clutter. Just have your app generate digital copies of your bank statements, invoices, bills, receipts, and other documents.  Online banking also promotes the eco-friendly lifestyle by going paperless that also prevents the senseless cutting of trees just to make more paper products.   Secure Banking  Bank clients main concern about online banking is security. We may ask, is it safe? Well, major banks are making sure that online transactions are secure. For starters, banking websites are equipped with Secure Sockets Layer (SSL) technology that secures the connection between your browser and the banking website. On the mobile side, apps come with security features like One-Time Password (OTP) and fingerprint login.  Responsible Banking  You can access your bank account instantly with online banking. It means you can easily manage your money and track your expenses, earnings and all transaction in your single account. Aside from being quick, online banking is usually free of charge. There are banking apps that are also free to download for your device. And because transactions are online, there’s no need to pay unnecessary ATM fees.   The Disadvantages of Online Banking!  Just like any other things, Online Banking comes both with pros and cons!  Internet Access  The Philippines is still behind in terms of internet connection. So when the connection is poor in your area, online banking would be useless.   Security Threats  Despite the best effort to secure banking websites and apps, security threats continue to arise. Most of these threats involve social engineering where users get tricked into giving their credentials to hackers. Even if online banking websites are protected by SSL, a potential victim can get duped into sharing one’s password through fake emails and bank websites. While these security threats exist, it’s important to note that there are ways to avoid these online scams.

Many of us get frustrated about the long queues at the bank and sometimes hours of waiting for a single transaction. But for those who hate these things, have you ever heard or tried online banking? Online banking also known as internet or web-banking allows you to conduct banking transaction anytime anywhere via the internet at your convenience.

Online banking services is as easy as one-two-three. Using your computer, laptop, tablet or smartphone, you can check your account balance, pay bills, send money, view your transaction history, access your credit card, get electronic statement among others. These services are available 24/7 which means no more long lines!
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According to the recent Paypal survey, 25 percent of Filipino consumers are already using online payment methods in their everyday transactions. But like any other things, online banking comes with advantages and disadvantages. 

The Benefits of Online Banking

  • Easy Transaction

Convenience is the main advantage of online banking. So if you are tired of long lines and outdated ATMs, your best option is online banking. All you need is a desktop, a laptop or a smartphone that is connected to the internet. With these, you can easily do basic transaction such as balance inquiries, fund transfer and bills payment without going to the nearest bank. Online banking is also ideal for an emergency transaction and you don't need to worry about transacting on weekends. 


Read: Need Money? Here are 12 Banks that Offers Best Personal Loan Rates

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  • Fast Transaction

We can say that a transaction is convenient if it is speedy. With online banking, you can make an instant transaction such as fund transfer. Within seconds, you can easily check your account balance and transaction history in just a few tap or clicks. No need to wait for tellers to process your simple banking concerns—something that you can now do in seconds right on your fingertips.

Read: All You Need To Know About OFW and Personal Loan


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  • Paperless Banking

Since your computer and smartphone do all the banking, there’s no need for all those paper clutter. Just have your app generate digital copies of your bank statements, invoices, bills, receipts, and other documents.

Online banking also promotes the eco-friendly lifestyle by going paperless that also prevents the senseless cutting of trees just to make more paper products.

Read: Filipinos Can Soon Open A Bank Account With Less Than P100
  • Secure Banking

Bank clients main concern about online banking is security. We may ask, is it safe? Well, major banks are making sure that online transactions are secure. For starters, banking websites are equipped with Secure Sockets Layer (SSL) technology that secures the connection between your browser and the banking website. On the mobile side, apps come with security features like One-Time Password (OTP) and fingerprint login.

  • Responsible Banking

You can access your bank account instantly with online banking. It means you can easily manage your money and track your expenses, earnings and all transaction in your single account. Aside from being quick, online banking is usually free of charge. There are banking apps that are also free to download for your device. And because transactions are online, there’s no need to pay unnecessary ATM fees. 

Read: How to Avail Auto, Salary And Home Loan From Union Bank
The Disadvantages of Online Banking!
Just like any other things, Online Banking comes both with pros and cons!

  • Internet Access

The Philippines is still behind in terms of internet connection. So when the connection is poor in your area, online banking would be useless.

  • Security Threats
Despite the best effort to secure banking websites and apps, security threats continue to arise. Most of these threats involve social engineering where users get tricked into giving their credentials to hackers. Even if online banking websites are protected by SSL, a potential victim can get duped into sharing one’s password through fake emails and bank websites. While these security threats exist, it’s important to note that there are ways to avoid these online scams.

This article is filed under online banking, banking transaction, savings account, and bills payment. 
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