3 Practical Tips on Digital Banking To Help Improve Your Financial Habits

Updated: January 21, 2019

I was logging my week’s expenses on Excel the other day when I suddenly realized that I’ve been doing a lot of cashless spending.

I use my credit card to gas up my car, which has an RFID Electronic Toll Collection (ETC) tag for when I drive along SLEX. For my meals, I pay with my debit card; or in some establishments, through their cashless payment system, i.e. Starbucks Mobile App or Happyplus Rewards Card among others.

I am amazed at how technology has changed, and still continues to advance the way we live today. And I’m sure there’s a lot more that we’ll see, particularly on how we handle money and do personal finance.

Adapting to shifts in consumer behavior

These technological advances have made transactions faster, more convenient, and more secure for all of us. And I’m glad that many companies in the Philippines are making strides in moving towards digitalization.

Proof to this is the fact that Global Finance, a prestigious financial magazine based in New York, has recently awarded our very own Security Bank Corporation (SBC) as the Best Bank in the Philippines 2018.

SBC won the award for its advanced digital platform because of their practical and innovative digital banking solutions. And today, I’ve worked with them on this article to give you these practical tips, which I hope you’ll find helpful.

3 Tips To Improve Your Financial Habits Through Digital Banking

1. Go cashless with an EMV chip-enabled card.
EMV stands for Europay, Mastercard, and Visa. It is now the global standard for debit and credit cards to be EMV chip-enabled. Not only is it accepted across the globe, but it’s also more secure than your old, ordinary card.

On a practical note, having an EMV card can allow you to stick to your budget more strictly–no more spending loose change on snacks or other small impulse buys.

You can now also carry less cash, which minimizes financial loss against theft, especially when you’re abroad. If your wallet gets stolen, then you just call your bank to cancel your cards and secure your money.

Bonus tip: Get a Security Bank Debit Mastercard, which comes with free life insurance up to three times your account’s annual deposit balance. Aside from getting an EMV-enabled card, the SBC AllAccess Account can also be a checking account that comes with a passbook and checkbook.

2. Do mobile banking.
I can’t remember anymore the last time that I went to the bank to pay my bills. For several years now, I’d always pay through my bank’s mobile app.

Most major banks now have a mobile app that allows you to pay bills, transfer funds, check your balance, and track your transactions. Additionally, these mobile apps can now also load phone credits, allow you to invest, and apply for a personal loan, among others.

It really is a time-saver compared to lining up for hours at your bank. Plus, you can also set up reminders and do auto payments on your bills. Thus, you won’t have to miss your payment due dates anymore.

Bonus tip: Did you know that the Security Bank mobile app includes an Instapay feature? This allows you to do money transfers between your Security Bank account and all BSP-supervised banks and non-bank e-money issuers.

Moreover, there’s also the eGiveCash feature, which allows you to send money to anyone in real-time. This is a cardless ATM instant payout service, which means your receiver can just go to any Security Bank ATM to withdraw the cash that you sent.

3. Automate your investments.
When people ask me where to invest, my advice is to always start with your own bank. This is more practical for beginners because you don’t have to go anywhere else to invest.

All commercial banks offer investments. From low-risk fixed income funds and high-interest deposit accounts, to moderate-risk bonds and balanced funds, and up to high-risk stock market funds for the aggressive investor.

But more than this, some banks also offer facilities to automate your investment. Just set up the service, and the bank will take a fixed amount from your savings account every month, and put the money in your chosen investment.

This is another time-saver. But also, a great way to do passive investing through cost averaging, which is one of the most popular investment strategies that even I use for building my portfolio.

Bonus tip: Security Bank recently launched Secure Goals Plus, which is a layaway savings plan that offers higher fixed interest rates compared to other types of accounts. This is a fast and convenient way to build your emergency fund, or to save for a short or medium-term financial goal.

Final Thoughts

When it comes to your finances, your bank is your partner in growth. So make sure to partner with a bank that develops the infrastructure, which allows you to control your funds at your own pace and convenience.

Lastly, I’d like to thank Security Bank Corporation for helping me write this article. The Best Bank of the Philippines in 2018 is working hard to make 2019 another exciting year, as they enable seamless banking for us through their newest digital and online platforms.

How about you? Are you already doing cashless payment transactions? Do you have and use your bank’s mobile app? What’s your experience with digital banking?

Share them in the comments section and let’s have a conversation.

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  1. Security Bank app or their website still does not have an Instapay feature. I know Landbank (app & website) and BDO (website) had already implemented this so I’m not sure why Security Bank still does not have this.

  2. Issues in PH, that even largest PH banks apps might be offline for a days.. not too reliable IMHO… same in Indonesia..

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