Does everybody know exactly what digital banking is? Right, here’s a quick definition as compared to online banking. Online banking is simply the use of the internet to access one’s bank account, check the balances, previous statements, funds transfer, bills payment, and direct debits. Digital banking, on the other hand, is the access of banking functions via computers and mobile devices to do a cashless financial activity with physical stores or online merchants, e.g., ordering food, paying for event fees and tuition fees, paying by scanning the QR code at a grocery store, etc.
Before justifying the advantages of online and digital banking, it is necessary to set everyone’s mind at ease on the safety of its users and the controls people have over it. Despite its many uses, people still shun digital banking due to news about online fraud. It is indeed necessary to talk about online safety and security first. Just like any other website, banks have a dedicated team to handle account security.
Account Security Measures
One should know that banks require a lot of personal information and documents for identity verification. Because they already have all the personal information of account holders, any emails that ask for these details need to be ignored—scammers only need full names, addresses, and phone numbers.
Also, keep in mind that emails are just as important as phone numbers. Knowing the banks’ official email and social media account is already a step to keep an account secure. It’s a good thing that banks have one-time pins sent a phone number to make sure that the account holder allows access to any transactions. It might not be noticeable, but the smartphones already turned into wallets, so for precautionary purposes, passwords should not be saved even if websites prompt people to.
It should also be customary for a person to change passwords at least every three months
Online phishing
Fraudsters also try their best to reach people even through phone calls, ask anyone for personal information to gain full access to online accounts. This is called online phishing, remember that when one calls customer service, call verification requires that all personal information is provided by the caller or account holder. No customer service representative is allowed to give out any personal details of clients. In online marketplaces, it is not even allowed for them to give out any person’s credit card’s last four digits. SMS is not exempted as scammers send clickable links that allow hackers to control a person’s device from thousands of miles away.
It is healthy to be cautious about any apps that are available online. These details should serve as online safety tips and precautions. These should set everyone’s mind at ease, which serves as passes to discuss the advantages of digital banking.
Convenience
Cashless transactions allow people to not have to travel or walk and be in the queue to an ATM terminal to withdraw cash. Just scanning the merchants’ QR code for payments can save accumulated minutes and hours. Mobile phones and computers are equipped with screenshot functions.
Condo living is set for unit owners to have easy access towards commodities and at a walking distance to major banks in urban areas. At the same time, digital banking makes it even more convenient so that the simple tasks of transferring funds and checking balances no longer need to take up a person’s time.
On another point of view, a grocery store counter is now easier to manage when people know the quicker option of scanning QR codes. Accounting management is even better with a lesser need to void receipts due to incorrect charging.
Cost efficiency
Again, the time value of money. People save so much time that can be spent on more important tasks. Companies no longer need to process payroll over-the-counter, they get paid with just a few clicks and taps on buttons. Travel, fuel, and time costs are out.
Remember when statements can only be done by having the bank print them. Digital banking can help a person go through the accounts’ activities by downloading this depending on the time range that needs to be reviewed. Easy to search, and paperless!
Physical safety
Gory as it is, there has been news about people being robbed and even killed after withdrawing money from an ATM. Plus the outbreak of COVID-19 and its succeeding variants still cannot be out of the picture. Choosing the convenience of digital banking lessens the need to interact with the crowd by online shopping, selected medical consultations, travel bookings, and even claiming remittances.
A business no longer needs to have so much cash by the counter while people are more educated to capitalize on the use of digital banking. Burglars can’t get a hold of too much cash since the numbers are stored in a safe bank account.
Remote investment
Vista Residences Inc.’s condo designs allow renters the perfect address to build one’s investment portfolio and rental business. Preselling condominiums are payable online through websites and mobile applications by using auto-debit, auto credit, or funds transfer. Filipinos from abroad benefit a lot from digital banking because their families can receive money online for safekeeping. Rental income can be received by just giving out a bank account where one could send money instantly. Records of payment could then be stored by keeping screenshots.
Real estate investing is even more streamlined by digital banking. With financial technology being this advanced, people can now do business transactions without having to meet in person. The world is operating on a trust economy. Unit owners can even have the condo managed by the leasing team and just pay professional charges in exchange.
The list of advantages would go on. With knowledge of the online safety protocols and enough vigilance towards possible scams, everyone can truly enjoy the benefits of digital banking. Everyone needs to keep up with the thriving technology. Younger people can easily navigate through this, and they can be the perfect group to learn from. Not only did the younger generations master the use of technology—they are born with it. With these quick changes in technology, people of all ages are bonded by their need to learn. Digital technology is enjoyed now.
If you are thinking of moving in to a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
