With more and more banks increasing reliance on digital technology, interests and awareness from financial consumers are slow to keep up, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP).
Based on the BSP’s 2017 Financial Inclusion Survey (FIS), existing bank clients and potential customers still harbor doubts on the security of online transactions and e-payments. This is despite that more than 70 percent of adults with bank accounts said e-payments have made remittance transaction convenient with cheaper rates and faster services.
About 46 percent of Filipinos with bank accounts that have access to the Internet and mobile banking however are “ambivalent” about banking digitization. There are still concerns on the “availability, trust, and distance” of ATMs and electronic platforms and more so on digital services. “Nearly half of account holders who have access to the Internet are ambivalent about e-payments due to issues such as hacking, personal security breaches, and unsafe access,” said the BSP.
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