14 Nov 2023
With the advent of technology and digital means of performing tasks, mobile banking is also gaining popularity. Through mobile banking, you can send money to Philippines in convenient and straightforward ways. It also provides an easy way to manage your funds. People are facing more and more mobile banking because of its efficiency and surplus services.
Electronic banking has completely changed and revolutionised traditional banking methods. The services are now in the range of every smartphone user.
Mobile banking operates in the form of a bank on your mobile. It has an application, which when installed in your smartphone, acts as a pocket bank. You have full control over your account, but you don't have to wait in long queues.
Once you sign in to the app, you can deposit checks, pay bills, keep a check on your bank balance and get notified about cash flow, offers and the latest updates. Through a mobile banking app, you can have 24/7 access to your present balance, account history, payment and receiving cheques.
In the last five years, almost 80% of smartphone users have used their cell phones for online shopping. Almost 246 million Americans accessed mobile banking to check their bank balance in the year 2019. One of the most significant impacts of mobile banking on society is that it has gone completely cashless in times like an epidemic.
The advantages of mobile banking are evident to both the common man and financial institutions. Among the numerous benefits of mobile banking, some are given below.
When it comes to the banking business or the remittance market, maintaining good relations with customers is a key to success. By providing the best services, mobile banks maintain a good relationship with their customers. They also update and do innovations that ease the transfer processes, and more customers are attracted.
24/7 online availability is yet another very important factor in attracting customers. People tend to move towards digital banking for their feasibility and loose ends. They prefer online banking when they have an opportunity to send money online to Philippines while sitting at home. They don't need to visit the banks by taking time out from their busy schedules, unlike traditional banks.
Using a mobile banking app, you can do money transfers, pay bills, and rent fees online. You don't have to worry about loss of cash or waiting in long queues for these tasks. Most banks give you the option of setting payees. After filling up the required information like credit card number, amount and receiver details, you are ready to boss your transactions. You can then carry out your transfer in a single tap only.
It is a digital and modern era; people do not like workload. They like it better when their tasks are simplified. Mobile banking apps do it for you. Not only does it save you time by giving you the luxury of paying all your bills while sitting at home, but it also gives you the most innovative and new ways to manage your finances and budget your cash to the ultimate success.
Mobile banking reduces the workload as most of the human tasks are done through an app. It also increases efficiency and productivity and reduces the chance of errors. As things are done through a computer digitally, the chances of error are from minimum to zero. People only work on the things that can not be done digitally, and hence productivity is improved.
One of the most visible and attractive advantages of using a mobile app is that it allows you to track your transfers. You can keep a check when you send money to Philippines online. This gives mobile banking apps customers trust. Transparent transfers force customers to do their transfers through mobile banking apps.
The security of funds has always been a sensitive matter. Bank accounts are always in the eyes of hackers and fraudsters. They try hacking the medium when the funds are being transferred. Mobile banking apps have improved the level of security of funds by doing enormous innovations in transferring processes.
Mobile banking apps, unlike other social media apps, don't only require your ID and password. It is more sensitive to log in as the account has your funds and contains all the transaction details. Most digital banking apps require two-factor authentification, fingerprint or face lock to get access to the account. All the processes id repeated for the compilation of any kind of transaction, no matter what amount of money you want to send to the Philippines. It is done to maintain the overall standard and security of transactions and reduce the chances of hazards.
ACE Money Transfer is the most popular and most experienced digital banking company. It has always attracted customers through its unmatched services and highly affordable fees for sending money. For ACE, customer satisfaction and convenience is the priority, and therefore company works for the same cause. Given that it has initiated many campaigns and prizes for its customers to complete the transfers without any fees. Recently ACE Money Transfer announced a grand promotion for its Filipino Customers.
Anyone who has to deal with frequent monet transfers can see the advantages of using mobile banking apps for remittance transactions to the Philippines. Shifting to online banking is a huge improvement in the day-to-day working of a person. From doing groceries, paying bills, money transfers to Philippines, rent, and online shopping, mobile banking apps have revolutionised everything.
The disadvantages that come with using a mobile banking app are security risks from hackers, technical issues, internet issues and extra charges for services.
Mobile banking gives the banks advantages by giving them the availability to store more data. Loyal customers are given that enjoy the convenience and numerous services.
The advantages of mobile banking include time efficiency, the service of managing funds, a platform for doing money transfers, and the ability to detect fraud quickly. Digital banks also give you 24/7 access to your funds.
For security measures, you should log out of the account from your previous phone. You have to install the relevant app on your new phone and sign in to the account. Your digital app will operate like before.
The top 10 mobile banking risks and vulnerabilities include manipulated texts and calls claiming to be from your bank, phishing links in emails and fake fraud alerts, physical phone theft and hacking. etc