Debunking Online Banking Myths

Nowadays, thanks to the continuous evolution of digital technology, online banking has been practically the norm even before the COVID-19 pandemic struck. However, there are still those who don’t use online banking. In fact, there are long-time customers who haven’t even visited their bank’s website.

There are many reasons behind this, including lack of access and/or lack of awareness. In addition, some myths about online banking continue to persist, which can discourage others who may be interested in trying the service.

To help separate fact from fiction, here are some of the most common myths about online banking—now debunked!

Myth: Your Money Isn’t Safe With Online Banking

One of the most pervasive myths surrounding mobile and online banking is that your money and personal details are prone to getting stolen by hackers. The truth that everybody has to accept is that ALL of the information you put online can be hacked. A big BUT here is that trusted names in banking will never willingly put their customers’ information at risk.

To provide security and peace of mind for their customers, banks go the extra mile. They have a variety of systems in place like data encryption and firewalls to protect sensitive data. Many online banking sites and apps will also log out the user automatically if the account remains inactive for a certain amount of time (usually 5 minutes).

Plus, there are also additional security options you can activate such as biometrics log-in on smartphones. There’s also 2FA or two-factor authentication, which means identity thieves and hackers will find it hard to bypass security if they don’t have your phone.

In short, there are many layers of security to bypass before cybercriminals can even touch your information. Banks are also working around the clock to protect you and your data. The key is that you should also do your part in protecting your account and practicing due vigilance.

Myth: I Can Lose Money in Online Banking

In relation to the previous point, there are some people who are afraid that they will lose money in online banking under certain circumstances. For example, they worry that their money will be lost when the website crashes.

The fear is, of course, unfounded. As long as the bank is insured with the Philippine Deposit Insurance Corporation or PDIC, then your money is completely safe. PDIC provides maximum insurance coverage of Php 500,000 per depositor, per bank. This means that even if the bank’s online banking facility gets compromised for any reason, you’ll receive protection from the PDIC.

Myth: Online Banking Is Only for “Techies”

There are some people who think mobile and online banking are only for the so-called “techies.” Nothing can be more untrue. If you know how to use social media sites, then you’ll know what to do with online banking sites. All you need to do is follow instructions and you’ll be all set.

If you will notice, many banks also now follow a simpler, more minimalistic approach when it comes to designing their websites. This is to provide their customers with easy navigation. With less clutter and a streamlined look, customers are assured of a hassle-free experience.

Myth: Online Banking Doesn’t Have Receipts

Some people prefer the traditional way of banking because they find comfort in seeing receipts. After all, they serve as proof that their money went to their correct destination such as another bank account or to a utility provider.

The thing with online banking is that everything is, well, online. These include receipts, which are usually sent via email, text message, or both. This is better in the long run because you don’t have to deal with a stack of old receipts if you want to review past transactions. You’ll also be helping Mother Earth since you don’t need additional paper for bank forms and receipts.

Myth: Online Banking Only Has Digital Customer Support

Along with online services, many banks nowadays also provide digital customer support. For example, instead of chat agents, they employ chatbots to handle basic inquiries and transactions. There are also FAQs listed on banking websites or social media sites, providing further information about products and services.

This doesn’t mean that if a bank has online services then they only have online or digital customer support. Instead, these are only just a few of the channels where you can get in touch with their bank’s customer service team. Banks all over the country still have the traditional lines of communications open, including both telephone and mobile hotlines. You can also email them, if you prefer to have documentation.

Obviously, it’s a big challenge to encourage everyone to switch to online banking despite its many conveniences. Again, there are several roadblocks that include things that are out of one’s scope or control such as the lack of infrastructure.

The most that people can do right now is to help dispel myths surrounding online banking. This way, once others are ready to try it out, they will be better equipped with knowledge for a safe and efficient experience.

Written by Gabriel

Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.


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