Banking transitioning smoothly to mobile, online platforms
Staying-at-home has been the theme for the past couple of months as lockdowns have been imposed from all parts of the country as a preventive measure in stopping the spread of COVID-19. With the "new normal' of social distancing and contact-less engagement, the world has become digital overnight. Despite the unprecedented disruption brought by the pandemic, banking smoothly transitioned to mobile and online platforms, with the big help from modern technology. With the strong performance of e-commerce, banks in the country promise to continue weathering the challenges of transacting with people at home, while mobile banking applications are modified and upgraded to cater to the needs of their customers and depositors. In mid-May, Bangko Sentral ng Pilipinas released a report on the decline of ATM transactions in Luzon by 25%, while the value decreased by 30%. At the same time, there was a spike in the use of e-payment services and online banking portals.
For the meantime, Filipinos should embrace the much safer, hassle-free and convenient online banking to avoid exposing themselves to the coronavirus and the elements outside.