Kash Avena
With over 100% mobile penetration, a projected 80% smartphone adoption in 2 years, and nearly a third of its populace still unbanked, the Philippines seems to be brewing the perfect storm in mobile banking.
I’ll go right out and say it: I hate going to banks. The last time I was in one was to cash a check. I woke up early, determined to beat the rest of the customers. I got to the bank at 9:00 a.m. on a Saturday, when I imagined the rest of the populace was still in bed. The bank was already full capacity. Defeated, I made my way to the back of the queue. My total waiting time? 2 hours. Even then, I considered myself lucky for not spending half the day in bank branch hell.
In spite of top banks in the country offering mobile banking services such as as BPI, PS Bank, and Citibank, however, mobile banking penetration remains low (9% according to a 2014 survey by McKinsey & Co.). It’s either we Filipinos love lining up and wasting time in crowded offices, or we simply don’t know the advantages of mobile banking.
On a wider scale, non-traditional banks that operate primarily or solely through mobile can potentially lower the barrier to entry for those who do not have bank accounts yet (around 31% of the country’s population according to studies). Among these are those who live in remote areas where there is simply no nearby physical bank. After all, we have over a 100% mobile phone ownership here in the country.
But what potential benefits can this have for those of us who already have existing bank accounts? Why should we learn the ropes of mobile banking? Beyond simple convenience, mobile banking can let you have better control of your finances. It allows you to have your income versus expenditure on top of your mind.
A study published in International Journal of Scientific and Research Publications outline multiple advantages one can have by engaging in mobile banking. Here, we pick the top 3 ways that mobile banking lets you have better control of your finances:
Save Time
Do your bank transactions at a time and place of your convenience. Check your balance, pay your bills, transfer money from one account to another, deposit checks, and do your other financial transactions lightning fast, without needing to even leave the house. Remember all those hours you spent queued up in a crowded bank? Imagine that time spent on other worthwhile activities.
Secure Your Money
In general, legitimate and good mobile banking apps have a security guarantee or send you an SMS verification code you need to input to authorize a payment for added security. Some really good ones even verify identity through your fingerprint, if your mobile phone has the feature. What’s more, you can view and watch over your account in real time. Mobile banking allows you to police your own bank account. For instance, you’ll be able to see a fraudulent charge and report it to your bank right away, as opposed to waiting for your monthly bank statement to check if all charges are correct.
Access Your Finances 24/7
Mobile banking allows you to track your account and access your financial information beyond the operating hours of physical banks. Need to wire money abroad? Do it even in the wee hours of the night. Have to print out your bank statement required for some transaction such as taking out a loan? You can do that even on a Sunday.
Mobile banking is clearly the way of the future. It is possible that this is the primary way most people will bank in the coming years. The way that I see it, the earlier you start practicing it, the more you’ll get to enjoy its perks.
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