With 47 banks in the Philippines offering a hybrid of mobile and Internet banking services, mobile banking has become a popular means of conducting banking. Here, we will try and take a look at some of the main features that make Mobile Banking so useful and consequently, popular:
Round the clock access – You can happily kiss queues, parking woes and traveling hassles goodbye. With mobile banking you can access a wide range of banking services 24 hours a day, 7 days a week.
Convenient – You can now bank like you normally do from wherever you are – whether at the office, at the mall or in the comfort of your home. All you need is a mobile or a smartphone with or without Internet access.
Cater to a whole range of devices – The technology governing mobile banking is one of the most democratic around. Those with smartphones can download specific “apps”, those with Internet-enabled phones can log on to the mobile-specific websites of their banks and those with low-end phones can bank through SMS.
Real-time view – Mobile banking provides you with an up-to-date, in fact up-to-the-minute view of all your accounts. You can get to know your latest financial standing at a single glance.
One-stop financial management – Mobile banking provides you with the facility to link, view and manage all your accounts – savings, current, term deposits etc – from a single access point. With all your banking accounts under one roof you can better manage your spending and saving. You can also conduct a wide range of banking transactions through your mobile device. Financial management becomes so much more easier.
Financial services for the unbanked – The Philippines has long been regarded as one of the world’s pioneers in developing mobile financial services for the unbanked. Its two big telecommunication companies were some of the first to start mobile money transactions in the world, with Smart Communications introducing Smart Money in 2001, and Globe Communications offering G-CASH in 2004.
The Bangko Sentral ng Pilipinas allowed banks and mobile services companies to offer mobile-banking accounts in 2009 and by 2014, there were 27 million of them, more than half the 45 million traditional bank deposit accounts in the country.