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E-BIZ: eFinance: End of the Banks?
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eFinance: End of the Banks?
By Rose Salas

BT 201909 e biz 01When we talk about money, you will agree that privacy and security are people’s first concerns. All of us care about our finances. Whether spending it for a simple thing that we buy from the market, or that personal stuff you buy in the grocery or online shop, taking control over your budget, saving, and any other money-related activities are 200% IMPORTANT. Presently, eFinance is fast and efficient when making banking transactions online.


Banks, including its retail types that have evolved over the years, provided consumers with financial management and services that improved the lives of people. From their first career goals up to their family’s wealth management, banks became a solidified partner in establishing a comfortable and convenient living for many. Think about the time when you first received your salary from your very first job - whether you received it in cash, a pay check, or deposited money in your ATM account - the activities to get this money in your pocket all went through the cycle of financing or banking.


BT 201909 e biz 02The success of banking business paved the way to the inception of different financial institutions and several corporations. Because of this, people were given options to choose and decide where they would entrust their money. These numerous options gave the people an overview and later on helped them determine how they can go about their loans, saving money, investing, and payments of services. Every day, hundreds or thousands of transactions happen inside a bank. The growing population and lifestyle improvement are factors that made traditional banking tiring and time-consuming for many.


In early 1980, the idea of online banking has been introduced. Phone banking and internet banking became a supplemental effort to extend the service to consumers. However, due to inconvenience and undeveloped structures or process, people are still apprehensive about trying the services. As years passed by, Internet technology swiftly changed the lifestyle of people. For example, when BPO services were established in different countries, where graveyard schedules or work shifts became inevitable, consumers had difficulty accessing bank services after service hours. Another thing, banks were not only limited to depositing, encashment or account opening/closing activities; but became affiliates and partners for the payment of utility services of households.


BT 201909 e biz 05When the number of people going into the bank daily and making transactions became incontrollable and exhaustive, online banking services were encouraged to be availed. It was a huge success when consumers embraced and took advantage of the service because it decreased the long queue in bank counters and saved a lot of time for busy individuals, who cannot make time going to the banks. Consumers can now enrol their accounts via online service and make transactions, like payments and fund transfers, without physically going to the bank.


Presently, eFinance, which is the provision of financial services using electronic communication, is changing the game. It is now under the umbrella of E-business that allows consumers to manage their money through the use of applications over the internet. These services are strikingly and substantially affecting the attitude and behaviour of people when it comes to money management.


Why is eFinance set in the spotlight?
Let’s take a look at its advantages:


BT 201909 e biz 03Go cashless and pay everything through apps

Forget about withdrawing your money from the bank and going to the merchant to buy or pay products or services directly. The best advantage of E-finance is its payment schemes that allow you to settle payments directly from the payment options available. This is total flexibility, since you can consolidate all your bills in one payment, transfer funds, purchase and pay with your debit or credit cards, link your bank account, and go cashless in almost all transactions. This will allow you to save time, money and effort, unlike when you have to travel or go where you need to pay or shop.



BT 201909 e biz 06Simple, user-friendly and easy operation

Setting up an account and navigating through the application is easy and hassle-free. FAQ page typically answers all questions with all the pertinent information one may need. Tutorial videos are available, and step-by-step guidelines are fully provided so even the not-so-technical person can use the app.



BT 201909 e biz 0924/7 Operation

You can make transactions anytime, anywhere even on holidays! This is total convenience and can be done as long as you are connected to the internet.



BT 201909 e biz 08Practical and convenient way of monitoring expenses

Because online transactions have recorded history, one can review and take control of his/her expenses. You can skip long queues when making phone calls to your bank, or there’ll be no need to write down and track your spending as it is automatically recorded on your account.



Low Transaction Fees

Since eFinance aims to give value to customers, the transaction fees are way lower than the regular bank or transaction fees when paying in some terminals.

BT 201909 e biz 07低费率


With eFinance, the question, “Is it the end of the banks?” is now echoing. However, though there are many advantages present, there are still disadvantages that are being reviewed and examined. For example, the privacy and security of the account holder must be shielded so hackers will not have a chance to steal any information and be victims of frauds. There are also restrictions on the amount an account holder can release or use per day. Electronic payment systems do not work centrally and still need improvement to make it flexible for all merchant’s operations. Lastly, since it is internet dependent, an account holder must have a data connection on their mobile phones and Wi-Fi or wired connections at home.

BT 201909 e biz 06Looking at the pros and cons, the advantages still outweigh the disadvantages. eFinance is gaining a golden opportunity to change the traditional way of banking. At the moment, banks are still the most secured way of managing all kinds of transactions. Let’s see in the next coming years how e-Finance will eliminate banks’ services!


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