For centuries, banking has been a staple service in every society globally because it helps people manage their finances. Eventually, banks embraced development as the world progressed toward modernity. Today, customers enjoy various banking innovations at the palm of their hands as they navigate through its features and conduct seamless transactions through e-banking.
While nearly every Filipino uses and benefits from these banking innovations, the Overseas Filipino Worker community is among those who recognize the advantages of such improvements. They often use banking services to remit funds to their loved ones in the Philippines.
Timeline on PH banking innovations
The first revolutionary e-banking solution came to the Philippines in the 1980s through automated teller machines (ATMs). These allowed customers nationwide to access banking services like making cash withdrawals and deposits daily, thus eliminating time and geographical constraints that are eminent from going to physical banks. It marked the first of many banking innovations that would soon become prevalent in the Philippines.
In 1999, the invention of smartphones and developments in the telecommunications industry introduced earlier versions of mobile banking. By the 2000s, the market learned about Internet banking, allowing them to accomplish basic transactions through their computers and the help of the Internet.
Eventually, banks saw the demand for a more inclusive experience within their markets, prompting them to move away from the traditional banking framework and embrace a more modern approach that skillfully combines online and physical services.
At present, Modern Filipinos are utilizing and enjoying financial technology (fintech) solutions that offer online payments, consumer lending, remittances, logistics and transportation, and investments, among other services. It’s also beginning a new movement where banks partner with other companies, not necessarily merchants, to create new opportunities for their markets.
Local and international banks now offer digital banking services for a more accessible consumer platform. It also has competitive rates and advantages, like enhanced security to prevent fraudulent transactions and other scams. In turn, banks require users to verify their identity and be wary of unusual activities and unwanted messages that could breach their banking privacy and acquire their accounts. Some security examples are requiring government-issued IDs and double-checking if an app requires a one-time pin (OTP), which should never be shared with others.
Since the Philippines isn’t one to fall back on technological improvements, OFWs and their families can utilize banking innovations that cater to their daily needs and increasing demand. Here are some licensed digital banks by the Banko Sentral ng Pilipinas (BSP) worth checking out:
UnionDigital by UnionBank of the Philippines
As one of the leading banks in the country, UnionBank made banking more accessible through UnionDigital, its digital banking arm. Some of its services include opening accounts, mobile banking, and cashless transactions, suitable for modern-day users who want to take advantage of these benefits without going the extra mile.
One of the many reasons customers prefer using UnionDigital is its user-friendly interface, allowing those without much experience with technology to navigate and utilize the app effortlessly. Users can access their accounts online or through the app to perform transactions like transferring funds, paying bills, and more. The bank also offers competitive rates and fees to keep its clients from worrying about extra costs from sending funds to their loved ones.
These developments promote inclusivity because it meets the demands of everyday Filipinos based inside and outside the country. In the meantime, UnionDigital also offers unique offers and promotions to its customers to make the most of their money. The bank also allows its users to apply for other products and services, like loans, credit cards, and insurance.
UnionBank also makes the sign-up experience easy for OFWs and other users. Aside from having an existing account in UnionBank, they can register through www.online.unionbankph.com/online-banking/register. From there, they can follow the simple steps on how to register. One relevant tip to note is to prepare valid IDs and other government-issued documents. Upon completion and confirmation, users can now utilize the online banking services of UnionBank.
Maya Bank by PayMaya
Being one of the pioneers of the digital banking industry in the Philippines, PayMaya launched Maya Bank to provide more advanced financial services to the Filipino market. It eliminates the need to go to a physical bank to open an account or use its services, yet another milestone for the banking sector as Maya Bank only requires a smartphone to function efficiently and bring exciting opportunities.
Customers can avail of Maya Bank’s virtual debit card for online shopping and other digital transactions or its mobile wallet to allow users to pay bills, transfer money, or purchase goods and services online or in-store. Yet Maya Bank’s digital remittance service excites OFWs and their families the most. Through it, customers can send money to their loved ones in the Philippines from abroad without a bank account. It also keeps them from going to remittance centers and falling in line to accomplish the task.
In the meantime, Maya Bank doesn’t require a maintaining balance for users to access its functions and features. It also collaborates with merchants and other companies to create a more exciting overall user experience.
Overseas Filipino Bank (OFBank)
From its name, the bank caters to OFWs and their families. Its key features include savings accounts, time deposits, loans, and remittance services, designed to meet the community’s demands.
Through the OFBank app, OFWs can access its services from anywhere to ensure they can send funds to their families seamlessly and immediately. It also has strict security measures to prevent harmful activities from affecting its consumers and protect its finances.
Besides its regular products and services, OFBank offers other benefits to OFWs. Among them is the opportunity for OFWs who opened a new account with the bank to avail of free life insurance coverage worth P100,000. Another advantage of using OFBank is its competitive exchange rates and lower transaction fees than other remittance channels, making it a practical and affordable option for its target market.
The banking industry has much to offer its consumers locally and internationally. Their determination to adapt to modern technology made them preferable as platforms for daily banking operations and transactions. It now all boils down to what’s accessible and user-friendly, depending on the user’s preferences. Other than that, the market is spoiled for choice.
With their continuous bid for development, Filipinos, especially OFWs, can enjoy services that offer an inclusive experience where everyone can feel the bank’s benefits and more.