Digitalized Banking for Everyone

 

What do you usually do with your mobile phones?

Sixty-nine percent of adults in the country own a smartphone. Three-fourths of mobile phone owners own a  Smartphone. Differences in smartphone ownership and internet access can be observed based on location, income level, and age. Only 12% of mobile phone owners use their phones for financial transactions, with the higher class, people living in Metro Manila and the Visayas, and younger people being the most likely to do so. The top 49 reasons given by the remaining people who do not use their mobile phones for financial transactions are still a lack of awareness, lack of trust, a poor or undetectable mobile signal, and a preference for branch or ATM operations.

 Minutes to Read: 16 minutes

Age Bracket: 18-50 years old

 

Mobile Banking or Online Banking?

Mobile banking refers to using a bank website or mobile app to access banking services and features. Essentially, it is a hybrid of internet and mobile banking.

 

This kind of banking makes it easier for banks to grow and add capabilities than traditional systems. From this point, you can sign into your account to pay bills, transfer funds to another bank account, or view your account balance. Thanks to digital banking, you may manage your funds from the convenience of your home. It depends on web-based services, sophisticated process automation, and APIs to provide its clients with high flexibility and security.

 

Any financial transaction carried out over the internet using a desktop computer or laptop, and a bank’s website is also referred to as online banking (also known as internet banking, electronic banking, or e-banking).

 

With Online Banking, users must sign up for an online account with their bank to use an online banking service. To utilize the e-banking feature, you must use an ATM/debit card or bank account number and create a username and password. Once registered, clients can do financial operations like money transfers and bill payments whenever and wherever they choose without having to visit a physical branch.

 

Digital Banking or Neobank?

Customers can conduct duplicate bank transactions with mobile banking through mobile banking.

 

The kinds of devices utilized to access the two services are different. While mobile banking is accessible via a bank’s mobile website or mobile app using a smartphone or tablet, online banking is only available on desktop computers.

 

A digital bank is a bank that does not have any physical branches or sub-branch locations and offers financial services and products that are being processed via an electronic channel and digital platform. It’s important to note that the BSP claims that some national banks use the name “digital bank” even though they don’t fit the description given above.

 

Neobanks, also known as digital banks, are direct banks with no conventional physical branches, in contrast to regular banks. Clients can only access digital banks through their phones or computers, not these physical branches. Their digital customers can benefit from lower costs and higher interest rates thanks to this business strategy. They can save expenses associated with having physical offices by putting everything online. Tonik, Maya, and Seabank are some of the most well-known neobanks in the Philippines right now.

Top 5 Digital Banks in the Philippines

1. EON by UnionBank

EON by Union Bank is one of the nation’s first fully digital banks. You may register on the official Union Bank EON website or by downloading and installing the official Union Bank Eon app, and you may apply, access, and manage your account. EON Visa cards are available at UnionBank locations across the country if you’d like a physical debit card.

 

 

 

2. CIMB Bank

CIMB Bank Philippines, also known first as “Commerce International Merchant Bankers,” is also part of the CIMB Group, one of ASEAN’s leading banks in over 16 global markets. The Bangko Sentral ng Pilipinas regulate it as a Commercial Bank. Southeast Asia is home to more than 1,000 branches of Malaysia’s CIMB Bank. The Bangko Sentral Ng Pilipinas (BSP) granted CIMB approval to establish and run its banking operations in the Philippines.

CIMB Bank Philippines Inc. launched its digital retail banking business in December 2018 after receiving these approvals, establishing CIMB’s footprint across all 10 ASEAN nations.

 

In January 2019, it began operating in the Philippines, positioning itself as an all-digital, mobile-first bank. The CIMB Bank PH app enables users to conduct banking operations on their smartphones. You may deposit your cash online, and withdrawals are available at more than 20,000 ATMs and 8,000 partner locations countrywide, including 7-Eleven stores. CIMB Bank was not initially listed among the six Philippine digital banks with BSP licenses because it is classified officially as a commercial bank.

 

CIMB Bank PH, which was founded in 1974 and has recently kept growing and expanding, is owned by the Malaysian-based CIMB Group. It exists in several Asian countries.

 

Since its founding in 2018, it has surpassed all other digital banks in the Philippines regarding awards. They have won eight honors total, including Best Digital Bank by Asian Banker, Best Digital Consumer Bank by Global Finance, and Fastest Growing Digital Bank by International Finance.

 

It’s only one app, but it has uses outside of banking. Create an account in a matter of taps. With real-time and seamless transfers offered by InstaPay, you can effortlessly and FREE manage your money. Utilize a single app to manage and access all of your credit, loans, and savings accounts.

 

 

THE TOP 3 QUALITIES OF CIMB

READILY AVAILABLE DIGITAL BANKING

– It is entirely digital and mobile. That implies that you can access your account, review previous transactions, open new accounts, make transfers, and even submit an application for a personal loan using your phone. Additionally, you may use the app to block a card, change the payment method, receive a replacement card, report a lost card, establish cash withdrawals, and restrict card usage.

 

GROWING INTEREST RATES THAN THE MAJORITY OF BANKS

– With no requirement to maintain a current balance, the interest rate for amounts deposited into the UpSave account is up to 2.5 percent annually.

On the other hand, it is 2.6 percent for GSave accounts.

The Fast and Fast Plus Accounts have yearly interest rates of 0.50 percent and 0.75 percent, respectively.

 

PROTECTED FROM ONLINE CROOKS

– The maximum deposit insurance for each depositor at CIMB, a member of the Philippine Deposit Insurance Corporation (PDIC), is P500,000, the same as the full deposit insurance at other Philippine member banks of the PDIC.  The Bangko Sentral ng Pilipinas also supervise CIMB Bank Philippines Inc.. Your phone’s CIMB App is password-protected, and you can turn on the fingerprint option to further increase security.

 

The FAST / FAST PLUS

They provide FAST/FAST PLUS, a standard bank account, and two other types of accounts. Since the Fast version is the most essential of the two, you can open this first. This one has a maximum deposit of 100,000 PHP spread over 12 months and a 0.25% interest rate. The application will encourage you to upgrade to Fast Plus, where there is no limit deposit, and you can use it forever if you have used the service for more than 12 months. A 0.75% interest rate applies to Fast Plus. The upgrade only requires a selfie and your signature (which you can take a picture of or type on your smartphone).

 

OPEN A CIMB BANK ACCOUNT HERE:

https://www.cimbbank.com.ph/en/home.html.

 

1. Download the CIMB Bank app from the Google Play Store or the App Store.
2. Start the app.
3. Select a Fast Account or Upsave Account for online savings.
4. Fill out the registration form.
5. Enter the SMS-based OTP.
6. Give the online account a password by creating one.
7. Give the necessary extra information.
8. Upload a picture of any acceptable ID.
9. Put together a digital signature.
10. Engage in a video conference with a representative to complete the Virtual Verification procedure.
11. Obtain account information using the app.
12. Check your email and click the link for email address verification.

 

 

HOW TO ENSURE THE SECURITY OF YOUR CIMB BANK PH ACCOUNT

 

KEEP YOUR KEYS AND USERNAME AND PASSWORD SECRET

The same as any other online bank account we would have, we should constantly keep our pin and password secure. Although not needed, it is urged that you change it.

 

Due to CIMB’s one-device policy, anyone who acquires your login information will find it challenging to access your account. However, you still need to safeguard your CIMB-linked email account’s password.

 

SPOT OUT FOR MODERN FINANCIAL SCAMS

The sophistication of fraudsters continues to increase over time. Watch your local news for reports on how hacker gangs were able to enter bank accounts and steal money from some unfortunate people through phishing emails. Hackers frequently pretend to be bank emails to steal victims’ personal information.

 

Never forget that your bank will never ask for your account security details.  Please don’t give it to anyone else. Such frauds must be avoided, which calls for awareness.  To stay informed, periodically check the news and quickly Google a topic relating to this action.

 

START PAYING ATTENTION TO YOUR TRANSACTIONS

By logging onto your CIMB app, you can occasionally check your transactions.  You will be informed right away if there is a transaction that you did not make. As soon as possible, contact CIMB Customer Service if you believe a transaction is fraudulent.

 

1. Tonik

Love BIG savings? Receive up to 6% annually.

 

Bring your relationship with your bank to a new level. Gain access to cutting-edge products with interest rates that will shake your world!  In the #NeoNormal, saving for your goals has never been so simple.

 

“Dream Big. Save Bigger”

It is a campaign during pandemics where Filipinos’ first concern is for the safety of their family and community. The Paluwagan approach, which involves a communal pot that can be utilized by friends or family as needed, is how the Philippines are recognized for saving among their community.

 

Inspired by this method, TONIK Bank is digitizing the process and providing savings, allowing Filipinos to simultaneously save and increase their money.

 

With a deposit interest rate of up to 6% and a savings account interest rate of up to 4.5 percent through the Stash account, the bank made a ground-breaking announcement. As typical banks in the Philippines offer savings rates below 1% on top, this is likely to be a significant disruptor in the banking industry.

 

TONIK offers customers deposits, payments, and card goods through a secure online banking system.  The Bangko Sentral ng Pilipinas’s bank license, which the neobank relies on to conduct business.  A group of seasoned professionals in retail finance who have developed and expanded numerous retail banks and fintech throughout the world’s emerging economies leads TONIK.

 

They support leading international venture capital firms like Sequoia India and Point72. Hub locations for TONIK include Singapore (HQ), Manila, Chennai, and Kyiv.

 

The large unbanked population (70%) of the nation is the focus of the Singapore-based neobank. Tonik is a 100 percent digital platform that guarantees quick, simple, and safe transactions for payments, deposits, loans, current accounts, and retail financial services. They were one of the digital banks to which the BSP granted a license, making their public debut in Q1 2021.

 

VARIETIES OF FINANCIAL SERVICES OF TONIK BANK

 

TONIK ACCOUNT

Tonik Account is the primary checking account. Once your registration is complete with an ID upload, you’ll obtain this primary account. You can also open up to 5 Stashes and 5 Time, Deposit accounts within the Tonik App.  Even if you didn’t submit an ID, you could create more than two Solo Stashes, and the account will be active for another 12 months.

 

• No ongoing charges
• No monthly account maintenance fees
• PDIC-insured deposits up to a maximum of P500,000 per depositor
• 1.0% per day’s end credit in interest

 

STASH ACCOUNTS

Accounts with Tonik Stash can be Solo or Group accounts.  The interest rate for a Solo Stash account is 4% annually. The Group stash alternative offers a 4.5% annual interest rate, and you can include family and friends to save money together. You can create a maximum of 5 accounts to use this feature.

 

Stashes serve as different savings accounts for various things.  Therefore, whether it’s a vacation, an emergency, or a medical expense, you can split according to the precise necessity you are saving for. The bank won’t charge you anything to transfer money from your stash to your Tonik account.  Your transaction history will also show the record of interest crediting.

 

• Five stashes at most
• Interest on Solo Stash accounts is 4%.
• Interest on the group stash account is 4.5 percent.
• No set minimum
• PDIC covers up to P500,000 in deposits.

 

TIME DEPOSIT

To receive interest, you can deposit money into a time deposit account, a type of savings or investment. With 6% annual interest, the Tonik  Time Deposit account offers a reasonable rate of return.  You can begin with P5,000 and save for six months in this account.  There is no minimum requirement from the bank.

 

You can withdraw funds from your time deposit accounts at any moment because they are not locked.  You will receive 1% interest if you cancel money within five days of starting the performance.  Also, you can choose a term for your account of 6, 9, 12, 18, or 24 months.

 

• PHP5,000 minimum down payment
• The most you can spend on each account is P100,000.
• Five potential terms
• Use the smartphone app to log into the account.

 

DEBIT CARDS

You can have an actual card and a virtual card with Tonik bank.  The virtual card is the best option for online purchases.  Once you register for a Tonik account, you receive it for free.  You can use this debit card to make online purchases, pay bills, and shop on e-commerce sites.

 

The physical card can also be requested through the app.  You can use this card to access your money at thousands of ATMs across the country.  Additionally, the card is secure; as a result, in the event of a security compromise, you can turn it off via the app.

 

• 2.5% for international transactions
• Card Locking Feature
• Cards, both digitized and physical

 

 

 

WHAT CONDITIONS MUST BE SATISFIED FOR OPENING A TONIK PESO SAVINGS ACCOUNT?

 

Gather the following paperwork:

 

• One government-issued ID such as a passport, driver’s license, or Unified Multipurpose ID.

 

• One (1) proof of address document, such as a recent utility bill, credit card statement, voter registration certification, driver’s license, or condominium dues bill

 

1. Maya Bank

Maya Bank, formerly PayMaya, is a feature-rich money app targeted at Filipino users. You may save, grow, and invest your money with this innovative digital banking solution that combines a safe wallet.

 

Maya Bank, Inc. (Maya Bank) also supports consumer and business digital banking experiences. It revolutionizes how money functions for Filipino consumers and MSMEs through cutting-edge and pertinent financial services like savings, deposits, and credit via Maya.

 

The digital banking division of Voyager Innovations, the top technology company in the Philippines, is called Maya Bank.  The only end-to-end digital financial services platform in the Philippines, Maya, is created by Voyager’s fintech Maya Philippines.

 

Maya is an innovative system for electronic payments that consists of networks and services for consumers, merchants, the public, and the government.  Through its consumer portals, this platform provides more than 41 million country inhabitants with access to funds.

 

As a result, Maya Philippines customers can use the company’s payment, money-adding, money-cashing, and money-transfer services nationwide.  All the information regarding your bank account may be easily entered and seen from any location.  You already know that using banking will allow you to accomplish all of your procedures quickly. Because of this, Maya data is being updated more frequently, and corporate experts are working to develop it.

 

 

HOW TO PROTECT YOURSELF WITH MAYA BANK

Every user may be protected with the aid of the services offered by this platform.  Because of its broad coverage, users favor this portal.

Any Filipino can get help from Maya, whether they need it for personal health benefits, mobile devices, or anything else.

 

Each client who uses the company’s services will get the most significant benefit for a minimal monthly fee.

 

 

BUYER PROTECT

You can shop online worry-free and without paying any extra money while getting insurance protection of up to 8,000.

There is no application needed for Buyer Protect.

 

If the customer uses this platform to make an online purchase worth at least PHP 100 and has an updated account, they are eligible.

 

 

PERSONAL PROTECT

The platform will handle such circumstances:

daily hospital confinement;

total and permanent disability;

blocking in the intensive care unit (ICU); cremation and burial;

COVID-19, dengue infection, and accidental traumas have all resulted in severe and lasting disability.

 

 

MOBILE PROTECT

For those who have problems with mobile devices, there is also an excellent protection option available.

You might decide to do a quick repair, for example.

Each client’s device can be repaired in a single day.

Additionally, you can use the free delivery option to pick up and ship the goods from any nationwide location. For those concerned about their safety, there is also a 3-month Warranty after servicing.

 

 

AIM TO BE A BTC MILLIONAIRE

 

As part of its launch campaign, Maya encourages users to participate in the Maya Early Access Challenge and help build the finest all-in-one money software. You can have the possibility to become the first Maya bitcoin millionaire in addition to being the first to experience Savings, Crypto, Credit, and more.

 

To participate, register after updating or downloading Maya.  Select Missions by tapping the More icon on the app’s home page. From there, you can take part in the Maya Early Access-Challenge.

 

Upgrade your account and deposit at least P100 to access Maya Savings, which offers a 6% interest rate.

 

If you open your savings account through Maya, you will receive points for the challenge.  By sharing your thoughts about the Maya app, inviting friends to download the app using your code, and utilizing more Maya capabilities, such as Pay Bills, Buy Load, and others, you can win more points during the Early Access-Challenge.

 

Depending on your score, you’ll be given one of three Maya levels: Maya Enthusiast for the top 5% of users with the highest score, Maya Explorer for the next 10% of users with the highest score, and Maya Master for the top 15% of users with the highest score.

 

 

1. SeaBank

The SeaBank PH mobile banking app can satisfy your daily financial demands. It is a division of Sea Limited, which also owns Shopee and Garena, that provides digital finance services. You can transfer your ShopeePay funds to SeaBank at any time without paying a fee, and you can earn enticing interest rates of up to 6% with SeaBank (as of June 1, 2022).

SeaBank is categorized as a rural bank and was not initially listed among the six Philippine digital banks with BSP licenses.

 

EASILY VIEW YOUR TRANSACTIONS

The SeaBank app makes accessing and managing your most recent transactions and monthly statements simple.

How can I view my transaction history under “Payments and Transfers”? You can view your previous payments and transactions on the Transaction History tab. Please follow the instructions below to access the Transaction History page on the SeaBank app:

Go to your SeaBank App’s homepage

Click on Transaction History

 

ACCESS TO YOUR ACCOUNT IS SAFE AND SECURE

A two-step verification mechanism is in place to secure access to your account. Is SeaBank secure? Yes! Your security is our primary concern at SeaBank. We take extra precautions to protect your account by ensuring that only authorized users can log in.

SeaBank requires two-factor authentication and offers end-to-end encryption to access and conduct transactions via the app. A One-time Password and/or Secure PIN are also required to authorize any transactions performed through the SeaBank app.

Be cautious! Fraudsters may attempt to access your account by posing as a SeaBank agent. Never will a SeaBank personnel ask for your login information.

Comparison of Philippine Digital Banks

These five digital banks are the top participants in the digital banking sector. But how precisely do they contrast one another? To assist you in selecting the best bank, below is a brief summary of the characteristics offered by each one.

There is little doubt that the Philippines will go cashless in the future; the question is when. And from what we can see, that future is within our reach. The current difficulty is persuading a skeptical public to accept banking digitization. Digital banks in the Philippines will gradually assist Filipinos in becoming accustomed to digital banking. In a few more years, everyone with access to a smartphone will have a digital bank account.

 

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