In today’s digital age, where technology is integrated into every aspect of our day-to-day lives, getting your own mobile banking account has become more important than ever. Nothing matches the convenience of being able to check your bank account, transfer funds, pay bills, and access other banking services via a mobile app. Missing out on these features essentially means that you’re handling your finances less efficiently, costing you more time and resources than necessary.
Fortunately, it’s quite easy to sign up for a digital Philippine bank account, given that most digital banks allow you to complete the application process entirely via their website or app. Opening a digital bank account with a provider like Maya Bank also requires less paperwork compared to traditional banks. In a matter of minutes, you’ll easily be able to gain access to the wealth of possibilities that mobile banking has to offer.
That being said, not everyone will be an expert at mobile banking right off the bat. Perhaps an aging parent who isn’t as tech-savvy is feeling at a loss when navigating their mobile banking app for the first time, or maybe a younger sibling who just opened their first mobile bank account isn’t knowledgeable yet about the features available to them. To help them discover the wonders of mobile banking, here are some tips you can give them as their guide:
1. Help Your Loved One Choose a Banking Solution That Fits Their Needs
If this is your family member’s first mobile bank account, then they’re probably unaware of what choices are available to them. Guide them towards choosing the right banking provider by compiling key information from different banks, such as their interest rates, features like free money transfers or the ability to pay bills online, or investment options.
This knowledge can help them settle on a mobile bank that suits their specific needs. For example, a parent may want to sign up for a mobile bank specifically to make paying bills much easier. In which case, try to present them with banking provider options that offer perks like bills payment cashback to give them additional savings.
If they choose to open an account with a digital bank in particular, emphasize the importance of only signing up with a bank that’s regulated by the Bangko Sentral ng Pilipinas (BSP). Maya Bank is one of the top recommendations for first-time digital bank account holders.
2. Help Your Loved Ones Keep Their Login Details Private
Always remind family members to never share login details and other sensitive information, such as one-time passwords (OTPs), to others. Explain that if other people got a hold of this information, their accounts could be accessed by unauthorized individuals who might end up draining their funds. Family members of all ages will be able to understand the concept of basic cyber hygiene, but you can help them learn how this translates into practice.
3. Direct Your Loved Ones Towards Enabling Security Features
In a similar vein, tell family members to turn on security features such as biometric logins and two-factor authentication (2FA) on their banking apps for added security to their accounts. If they’re not aware of where to find these options, you can show them where and also have them test out how such features work. Explain as well that by having these features turned on, it becomes even harder for scammers to log into their accounts even if their password gets compromised, thus ensuring that their funds will remain safe.
4. Warn Your Loved Ones about Phishing Scams
Non-techies are often the primary victims of phishing scams. Make sure your family members don’t fall for scams by teaching them never to click on links that come from suspicious messages. Also discuss how to spot a phishing attack such as by double-checking the sender’s email address, looking out for urgent warnings (such as “Your account will be locked!”), and being aware of vague wording (“Dear Customer” instead of their name) as well as poor grammar or misspellings. If they can confirm that they’ve been sent a phishing message, tell them that the best thing to do is block the sender and report the message to their mobile bank.
5. Remind Your Loved Ones to Avoid Public Wi-Fi for Banking
Despite the convenience of free mall or cafe Wi-Fi networks, these are typically less secure than private networks, and those who connect to them are often more vulnerable to being hacked. Thus, warn family members to never log in or conduct mobile banking transactions while connecting to public Wi-Fi networks, as they’ll be putting their accounts at risk. Tell them to wait until they get home and are connected to a password-protected Wi-Fi network to ensure that their mobile bank details are away from the prying eyes of hackers.
6. Remind Your Loved Ones to Log Out After Every Session
7. Teach Your Loved Ones How to Regularly Update Their App and Phone
Lastly, teach family members how to update their phones and banking apps to their latest versions. Emphasize that by doing so, they’ll be able to reinforce the security of their phone and mobile banking app since phone manufacturers and banks often release security patches as part of these updates. Tell them that keeping up with their phone or app updates will reduce their chances of being affected by security vulnerabilities that hackers can exploit.
Digital banking can greatly improve the financial flexibility and quality of life of anyone who uses it, no matter their age or natural familiarity with tech. Your guidance will help even your non-techie family members realize that, thus empowering them to reap the full benefits of their chosen banking solution.
