Philippine is the nation of the world’s heaviest Interest users, giving it the title of the Social Capital of the World. The average Filipino Internet user in the country spends close to 10 hours and two minutes on the internet.
The government is ready to leverage internet penetration for solving different problems in the country, such as increasing financial inclusion among Filipinos. Only 22.6% of the Filipinos have a formal bank account, making financial inclusion a challenge in the country.
However, the use of online banking services can address the challenge swiftly while requiring limited financial investments. More than 58% of the population has access to an Internet connection, making it an ideal solution for promoting banking services.
Why do People Switch to Online Services?
A growing number of Filipinos are using online services for different financial requirements. People turn to online services because of several reasons, such as speed, efficiency, and 24/7 access to services.
- High-speed services and efficiency. Online banking provides high-speed transactions to users. If you want to access your account, transfer funds, apply for a loan, or pay your bill, all you need to do is to log-in to your online banking account and do it. Also, online banking doesn’t require you to visit a bank physically, thereby saving time and resources in the process. You don’t have to wait at a bank to do your business transactions.
- Ability to pay bills online. You can pay your utility bills, cable charges, telephone bill, and any other bill through online banking. You don’t have to visit the office of your service provider, stand in line, fill a form, or write a check to pay the bill. You can simply use online banking for all the bill payments. Some of the banks allow you to add recurring bills to your profile for automatic bill payments.
- Have easy access to your financial records. As an individual or a business owner, you may need access to your financial transactions at any time. Online banking provides uninterrupted access to your financial records throughout the day. You simply need to click a couple of buttons. Most of the service providers, lenders, and businesses accept digital financial transaction records for official purposes. You can apply for a monthly transaction statement using online banking.
- Transfer money online. Online banking provides instant money transfer services. There is no need to visit a bank branch or use a broker for money transfers. You have to apply for online banking only once to access money transfer services. Most of the banks offer transfers within the same network and inter-bank transfers, although they might restrict the total number of online transfers or charge an additional fee for more transfers.
- Ability to transact on-the-go with mobile banking. Most of the banks providing online banking services are also offering mobile banking features. You can use your smartphone for banking transactions. You simply need to install the relevant application and do financial transactions on-the-go. It is beneficial for business owners who have to travel frequently for business purposes.
- 24/7 access to banking services. The most important reason for which Filipinos are choosing online banking is the 24/7 access to banking services. You no longer have to wait for regular banking hours or holidays to do a financial transaction. You can do it even after the regular banking hours, with the comfort of your home.
Online Banking Facilities for Filipinos
With new online banking services, Filipinos can perform all the financial transactions online without having to visit a physical branch or stand in a queue.
- Manage online bank account. Filipinos can log-in securely to their accounts with OTP and biometric features. You can view account details and access your electronic statements.
- Bill payments. You can make bill payments online, using online banking, debit card, and mobile banking.
- Fund transfer to own and other accounts. With online banking, you can transfer money to your different bank accounts or accounts of others within the same bank or outer banks.
- Load prepaid cell phone. You can do online prepaid recharge instead of visiting a service provider.
- Control card settings. You can lock or unlock debit cards, apply for a new card, or close an existing card online.
- Add funds to e-wallets. If you use e-wallets such as GCash, Easytrip, or PayMaya, you can load funds in these e-wallets using online banking.
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Best Philippine Banks with Online Banking Services
Bank of the Philippine Islands (BPI)
BPI (Bank of the Philippine Islands) is a major provider of banking services in the country. BPI offers both Online banking and Mobile banking to its customers. It is one of the most popular financial apps used by Filipinos.
Best features of BPI Online and Mobile banking:
- Bank account management, such as view bank account details online, including financial transactions, statements, and interest rates.
- Card control and management services.
- Online bill payments.
- Fund transfer to your BPI account, other network accounts, or third-party banks.
- Create a QR Code and transfer money via QR Code.
- Add cash to e-wallets, such as PayMaya, Easytrip, GCash, beep card.
Banco de Oro (BDO)
Banco de Oro is the largest Philippine bank in terms of net assets. The bank is based in Makati, and it is a part of Sm Group. BDO provides comprehensive banking solutions to its customers. Its online banking services and mobile app are a popular choice for banking transactions among Filipinos.
Best features of BDO Online banking
- Account management services, including a view of balance, transaction history, and OTP-enabled access.
- Fund transfer services to personal accounts, other BDO accounts, and accounts outside of the BDO network.
- Instant bill payment option.
- You can reload BDO cash cards.
- Manage card features, such as locking or unlocking your card.
- Load your prepaid cell phone.
Metrobank Mobile banking
Metrobank, or the Metropolitan Bank and Trust Company, is a leading banking service provider in the Philippines. Metrobank provides the complete banking services suite along with insurance products for its customers. It comes at number two in the list of the largest banks of the country. Metrobank is a subsidiary of GT Capital Holdings.
Metrobank provides online banking services through the Metrobankdirect platform and its mobile banking app.
Best features of Metrobank Online/Mobile banking
- You can check your account balance and relevant account details online.
- It comes with the fund transfer facility, both within the Metrobank network and external banks.
- Use your mobile number to send or receive money.
- You can see current forex rates or other stock-related information.
- You can apply for a car loan or home online.
- You can make bill payments and load your prepaid card.
Security Bank Online
Security Bank is one of the leading digital banks in the Philippines, the recipient of the Best Digital Bank award in 2017.
Security Bank differentiates itself with customer-centric initiatives, such as its “Human Switch Kit” service. As a customer, you can fill an online form for opening an account. The bank representative will provide online support throughout the process, and later pick the documents from your home for processing. You’ll receive the ATM card and passbook at your house after the account is active.
Security Bank offers an online-only savings account, eSecure Online Savings Account, that comes with competitive interest rates and low balance maintenance requirements.
Best features of Security Bank online banking
- Secure login with fingerprint authentication.
- Standard banking features, including account view, balance view, money transfers.
- You can send money using SMS with eGiveCash service.
- You can make online bill payments and load prepaid cards.
- Manage ATM card, debit card, and credit card online.
- Perform forex transactions online.
- You can opt for UITF subscriptions online and redeem them as well.
UnionBank is a leader in online banking services in the country.
UnionBank is credited for opening the first fully-digital bank brand in the country, which primary intent is to make banking operations efficient and smooth. Customers can process banking transactions through touchscreen TVs and tablets.
UnionBank also introduced selfie banking in the Philippines as part of its digital banking initiative, EON. The bank uses cutting edge technologies such as facial recognition and AI for account opening, account management, and loan applications.
Best features of UnionBank online banking
- Log in using your fingerprint.
- Perform regular banking transactions, such as checking account balance, bill payments, fund transfers using OTP authentication.
- You can transfer money to all local banks.
- Some additional features include prepaid loading, e-wallet support, card management, etc.
Online banking is revolutionizing banking services for Filipinos. Not only are these services efficient and easy to access, but they also save time that you would otherwise spend on visiting physical branches or waiting in line.
As a country, online banking is critical for providing financial services to the average Filipino. If you have an Internet connection and want to access banking services at your home, online banking is an excellent choice for you. For existing users of online banking, spread the word so that more people can benefit from this technological leap.
Written by Prakash Pandey | Modified date: February 25, 2020