Can digital banking get any more convenient?By Randell Tiongson on June 28th, 2019
Filipinos are now more accustomed to doing everything online. Banking, however, remains to be quite a challenge in the country since it still involves lining up at a branch, being conscious of banking hours, or getting charged for certain banking transactions. While some features are already available online, can banking still get any more convenient? Will it ever be possible to do all transactions online?
In other parts of the world, particularly in the US and Europe, the concept of digital banking is no longer new given the accessibility of banks capable of accommodating their account holders’ day-to-day transactions online, even without having a physical branch.
Here in the Philippines, digital banking is gradually being introduced, but not a lot of people may be able to distinguish an all-digital bank from a traditional bank’s online banking channel.
A fully-digital bank gives its clients total control as to when and where they prefer to do their transactions. Shifting towards mobile and digital banking aims to promote convenience and efficiency as it eliminates having to wait in line to get things done.
Most of the banks in the country currently offer online or mobile banking so that people can do basic transactions like interbank funds transfer or bills payment, without visiting a branch. But for more complex transactions, for instance, if you need to open an account or deposit a check, you still have to go through the process at a physical branch.
The Bangko Sentral ng Pilipinas (BSP) has always promoted savings among Filipinos, as this opens them up to a swathe of other financial services, while providing them with the benefits of savings.
Just last week, the BSP strengthened its push to encourage Filipinos to save by holding the Savings Consciousness Week, noting the vital role of savings in the overall economy. All financial institutions — both traditional and digital — were enjoined by the BSP to undertake necessary measures to incentivize savings.
Even before this weeklong-event, ING has given Filipinos more reasons to open and keep a savings account through their mobile devices. With its all-digital retail banking service, ING effectively raised the benchmark for banking.
As it tries to change the perception of consumers about saving, ING is redefining the meaning of a savings account for Filipinos by providing them with a service that gives an even higher value for their clients’ money. It gives a better interest rate, which is currently at 2.5% per annum and does not require a minimum deposit amount or lock-in period. This high interest rate encourages us to save more, as our money will grow bigger in due time.
So if I have an initial deposit of P10,000, given the bank’s current interest rate, in just five years, I will earn an interest of P1,250, or a total of P11,250. This means that I get to maximize my savings more as I continually increase the amount of money I deposit.
Aside from this better-than-industry rate and the ability to check banking records via mobile phones, one of the best features that I like about ING is the no maintaining balance policy. This gives us depositors the flexibility to maximize our money.
Another feature that I believe sets it apart from mobile banking and e-money providers is that it allows you to transfer funds to other banks without any fee digitally. It makes most of the cashless transactions available in the country more hassle-free.
ING also placed more attention on security by making sure that it does not only comply with the company’s global standards but also with the regulations set by the BSP. It is also a member of the Philippine Deposit Insurance Corp., which ensures that all savings accounts are covered and secured.
To complement the service’s availability anytime and anywhere, clients can also reach out to customer support whenever they need to since they can be contacted 24/7, without any specific banking hours.
Be among those who look forward to what other important features ING will bring to the platform and experience a redefined online banking experience by downloading the app on the Apple App Store or the Google Play Store.
ING’s all-digital banking service doesn’t only address the challenge to make financial services instant and readily available, but more importantly, it encourages Filipinos to save more and maximize money’s worth.