Nowadays, Banking in the Philippines already had a big transformation.
From traditional to digital, banking has made its way easier and accessible to its clients.
Back when I started with my banking career in 2006, I have started as a teller and was exposed to different transactions. Manual posting of transactions and verification of signatures of our customers are done manually. There are times when you have to go inside the Vault of the branch just in order for you to verify the signature of the client.
Right now, the bank that I have been with for almost 14 years already has been very aggressive with digitization. Meetings and reports are all done online. Everything should be agile. With this change that is happening, we, as their people should also be able to go with the flow. We should be able to transform in order for us to help the customers adopt to the technologies that we offer.
Changes and Transformations
Deposits right now could be done via machines wherein before you have to queue at the bank teller. Check deposits could also be done now via Online Banking. No need to visit the physical branch. Transfer of funds to other banks can be transacted via Online Banking and to be credited real time. Bills payment and other dues may be paid now with just a tap from your cellular phones. Purchase of cellphone loads could also be done without extra fees.
Pros and Cons
With the said transformation, it really has a good impact for the customers but somehow, there are also disadvantages on this. Many individuals are afraid of using online facilities as they fear that their accounts might be hacked. There are syndicates who are capable of doing unauthorized withdrawals to client’s accounts but this scenarios may be avoided when we, as customers, know how to safeguard our money.
Safety and Preventions
We as clients should be treating our atm cards or online banking access as CASH. With this channels, our funds could be easily used therefore safeguarding our informations are very vital.
- Never give your PIN for your atm card to anyone.
- Don’t use your card to establishments without you witnessing the transaction itself.
- Don’t provide card details to anyone such as card number, expiration and CVV (3 digit number at the back of your card).
- Be cautious of the websites that you access.
- Don’t believe in emails that you receive acting as your bank and asking for your personal transactional details.
- If you’re not comfortable with any transaction, go directly or call your bank.
Heraclitus, a Greek philosopher, has been quoted as saying “change is the only constant in life.
We will be enjoying the advantages of any changes as long as we keep ourselves educated in order to prevent mishaps.
Written by: Anna Lourdes Lugtu