Since starting law school, I’ve become a fan of online banking. For about 20 minutes every month, I connect to the internet and settle all my bills. It’s just easier to do it thru e-banking than going through the hassle of over-the-counter payments. I’m one of the many Filipinos whose banking habits have changed in the past few years. In an online poll conducted by BusinessWorld in 2003, 70% of all respondents use internet banking. When asked to choose the most convenient means to transact with their banks ( or to e-bank), 194 out of 428 respondents or 45.327% said they prefer to transact through the internet as compared to ATM, phone banking, or mobile banking. The same result is reported by an online survey conducted in 2002 by ACNielsen showing, among other things, that more and more Filipinos have been using the internet to transact with their banks.
However, Philippine online banking system is still archaic. For example, transactions available online is still limited to ATM holders. If you have the traditional passbook account, too bad but you can’t use online banking to pay your bills. Another is its availability as most online banking website do not function on a 24/7 basis. My bank’s online banking page stops functioning at 11 pm every night. I’m not joking; it will stop functioning halfway through processing a payment. There’s also the bank’s system capacity as there are days when processing takes forever. I’m typing this blog while waiting for the bank’s website to finish processing my request (five minutes and still not responding).
The point of internet banking is convenience and accessibility. Currently, what the Philippine banking industry is able to provide is a mediocre attempt at online transaction. They’re saying, “Hey, at least we’re online.” This blog is being written with the hope that Philippine banks would invest in better e-banking system.
Wait… I think the bank just went offline. Oh well, I’ll pay my bills tomorrow.
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