MANILA, Philippines - One of the popular headlines in the technology industry today cry out that a growing number of banking transactions now happen outside a branch.
And why not? With the boom of the smart phone industry, banking has become much easier and more convenient thanks to mobile applications. Now you can bank anywhere at any time, saving yourself from those long queues for small and easy transactions.
If you’ve ever had to do an urgent banking transaction but couldn’t rush to the bank, or maybe realized at 5 p.m. on a Friday afternoon that you forgot to pay an overdue bill – it’s high time you discovered mobile banking.
Mobile banking is one of the latest innovations in the financial services. It allows you to do your banking transactions from your mobile phone as long as you’re connected to your network or have an Internet connection. Depending on your bank’s services, mobile banking can provide a variety of uses from reminders on payment deadlines, to finding the nearest ATM, to updating you with the latest exchange rates, even the discounts available to you within the a radius of 100 meters.
If your mobile phone allows you and if your bank offers it, you can access your bank account through a browser or through downloading your bank’s mobile app. You can do various banking services that are usually available online, like pay bills and transfer funds. Not all mobile phone models may have screen displays optimized for this service so it would be good to check what your phone and your bank can do for you.
Here are more reasons to tempt you to try mobile banking:
1. Check your balance real time.
At that point in time when you are about to pay a bill, you may wonder if your balance can cover it. But how do you excuse yourself from the waiter or sales personnel without embarrassing yourself? With mobile banking, you can just send an SMS to your bank, or log on for a quick view. Pretend you are taking a call and ask for a minute and when you know your balance, you can confidently debit your account or present your credit card.
2. Transfer funds to family and friends, in their time of need.
What if your sister was stuck somewhere and need cash? But you are a long way from a bank, or maybe traveling and have no access to an ATM? Mobile banking can save the day with a few clicks – letting your sister declare you a hero, while you breathe a sigh of relief.
3. Pay for food, flower deliveries with one SMS.
If you are registered for mobile payments, you can order flowers for a friend from your computer or via phone, send to another address, and settle the bill with one SMS sent using your phone. Now that’s technology working triple time for you.
4. Lend a helping hand.
In times of disaster, you can reach out and support relief efforts without having to leave your home or office. You can transfer funds to your preferred charity, even send an SMS to indicate your contribution should your bank have ties with non-profits. If you have a favorite charity, you can also set up regular payments, and just confirm every time from your mobile phone.
5. Never miss a bill.
Do you miss due dates and end up paying penalties? With mobile banking, you can pay your bills even after the banks are closed, not to mention saving yourself the hassle of queues when personally settling bills.
But while mobile banking can be an easier means to do personal banking, the safety of your financial details should always be paramount.
To keep your mobile banking experience a safe and easy one for you, take note of these as well:
Use a secure network and secure website.
Install security software to protect your phone and avoid using public Wi-Fi, since it may be an unsecure network. Use a password protected, private home Wi-Fi or virtual private network instead. Log off completely after using a mobile banking site or application. Not sure if the site is secure? Look for an “s” after http (https://) or security symbol (often a lock), which indicates that the site is secure.
Lock your phone and secure it with a password.
Prevent access to your personal details and bank apps by considering to use your mobile’s automatic time-out screen lock.
Keep your username, password and PIN safe.
Don’t save these details on your mobile. Should it fall into the wrong hands, thieves may easily find your details and gain access to your account. When using mobile banking, watch out for people trying to look at your screen as well if you’re in a public place.
Grow Your Money is an editorial partnership between ABS-CBNnews.com and Citi Philippines to promote financial education and provide helpful information to Filipinos on how to better manage their personal finances.
Visit www.citibank.com.ph for more information.