Nowadays, and particularly because of the COVID-19 pandemic, Filipinos have been touting the advantages of mobile banking. Those who made the switch cite convenience as their primary reason for doing so. With mobile banking, all you need is your mobile device and a stable internet connection to perform a multitude of banking transactions.
However, despite the benefits, there are still some skeptics who prefer to bank the traditional way. Sometimes, it’s an awareness issue. Sometimes, it’s about fear of security breaches, what with the different stories of hacking and scams that continue to circulate online.
Still, information is the best weapon. To help you make the best choice that suits your lifestyle, below is a list of pros and cons of mobile banking:
Pro: Perform Transactions Anytime, Anywhere
As earlier mentioned, one of the biggest reasons people switch to mobile banking is convenience. You can send money, pay bills, and manage your finances anytime, anywhere. You don’t have to visit a bank and you don’t have to wait for business hours to run your banking errands. As long as the system is online, you can log-in and access different banking features and services.
Con: There May Be a Steep Learning Curve
There are some people who aren’t as updated with the latest technological trends and internet safety practices. Thus, they may not be as familiar with using mobile banking apps or banking websites. Depending on the person’s previous experience with technology, they may have a steeper learning curve compared to others. This can discourage the person entirely from using mobile banking.
Pro: It Saves You Time and Money
Mobile banking eliminates the need to commute. This alone will save you time and money because you don’t have to deal with traffic and long lines, not to mention spend for fuel. With just a few taps or clicks, you’ll be done with your transaction without even leaving your home.
Mobile banking also minimizes or eliminates transaction fees. This is especially beneficial if, for example, you need to send money to a person whose bank is in a different location. Different banks also offer various methods of eliminating transaction fees, such as pre-enrolling third-party accounts or by scanning a QR code.
Con: No Internet, No Transactions
Mobile banking requires an internet connection in order to send the data to the bank’s servers. Therefore, if you’re in a location with minimal or no access to the internet, you won’t be able to perform the transaction successfully.
Some banking apps and websites, however, allow you to schedule payments and transfers. This way, even if you don’t log-in, the transaction will push through as long as you have sufficient balance in your account. (Although this certainly doesn’t apply to emergency situations.)
Pro: It’s Safe and Secure
With mobile banking, you don’t have to worry about theft. You also lessen the stress or anxiety of possessing a large number of bills because you won’t have to carry them in the first place. Everything is digital, so there’s no physical money that can be stolen by thieves.
With regards to the security of your financial information, there are various protective measures such as passwords and two-factor authentication. These are on top of your own mobile device’s security features, such as biometrics and passcodes.
Mobile banking is also much better for your health because you don’t get exposed to pollutants, as well as harmful bacteria and viruses.
Con: Security Issues
Despite the various security measures, some people still get victimized by phishing emails and scams. Even those who are used to the internet sometimes get fooled, especially since cybercriminals are now getting more and more creative.
That said, banks continuously provide tips and reminders on how to avoid these kinds of issues. They also update their security measures regularly to help prevent various kinds of threats. It’s all up to the users to remain extra vigilant.
Pro: It’s Better for the Environment
With mobile banking, there’s no need to fill out forms in duplicate or even in triplicate. All you need is to type the details in the app and you’re good to go. Your receipts will instead come in the form of emails and text messages. All of these simply mean that you’ll be reducing paper waste.
In addition, because you didn’t commute or drive to the bank, you’ll also reduce your personal carbon footprint. All in all, mobile banking is definitely better for the environment.
As you can see, mobile banking has considerably more advantages than disadvantages. However, it’s also true that there are still a lot of obstacles that need to be overcome. These include the lack of infrastructure and lack of trust.
Nevertheless, to those who already enjoy the benefits of mobile banking, it’s easy to see the considerable progress made over the years. If you aren’t using mobile banking yet or don’t use it as often, give it another try today. You might just be convinced to make the switch.
