By Rommel Bong R. Fuertes Jr.
The COVID-19 pandemic has hit the country in a number of ways, including the way people do their banking.
With the restriction of physical activities on cities placed under strict community quarantine protocols, banks needed a way to serve their constituents at the comfort of their own homes, realizing that one must evolve in the face of changing times.
This realization paved the way for the emergence of digital banking, which is turning out to be a necessity in the modern era. While banks required individuals pre-pandemic to head over to their branches to make a deposit, they now encourage users to do their banking online.
Banks such as Banco De Oro, Metrobank, Security Bank and BPI have released phone applications for their members who aim to use remote banking.
There are also exclusively digital banks rising to the occasion in the pandemic.
Examples of these are CIMB (backed by GCash) and ING bank. Unlike the previous banks stated, they are not completely accessible to the public physically, but their digital arm is what makes them sought-after by new applicants.
Money transfer has also been very much of a need for Filipinos at these times, especially when they need to send money to their loved ones in the provinces or even out of the country.
Forunately, digital banks also offer money transferring services for their users with just a little transferring fee. Banks often charge P15 to 25, depending on how big the money being transferred is.
Furthermore, these banks offer services to several necessary services such as online shopping, paying bills and transportation woes.
Lastly, these digital banks make efforts to prevent fraudulent transactions. To apply for a digital bank, you’d need to submit a valid ID and they also use two-factor authentication, ensuring safety of the account.
With the changing times, our country’s banks are taking every proper step possible to innovate the term “banking” in a more progressive way for their users.