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Bank anytime, anywhere with online banking services

Mr Zahid Zameer was just minutes away from boarding a plane bound for Europe when he realised he had forgotten to activate the magnetic strip on his debit card for overseas use. His mobile phone was the only computing device he had access to at the time, but this and a mobile-banking app proved to be all he needed.

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Mr Zahid Zameer was just minutes away from boarding a plane bound for Europe when he realised he had forgotten to activate the magnetic strip on his debit card for overseas use. His mobile phone was the only computing device he had access to at the time, but this and a mobile-banking app proved to be all he needed.

“I was able to activate my debit card for overseas use on the spot using my mobile banking app just before I boarded the plane. It gave me added peace of mind while I was overseas. Even though I didn’t have to withdraw extra money, I knew that I would be able to if the need arose,” the 30-year-old said.

BANKING ON THE GO

Like many Singaporeans, Mr Zahid has a busy schedule as he has to balance work and personal commitments. To help customers like him, banks have introduced Internet- and mobile-banking services that make it easier for them to carry out common banking transactions, such as checking their accounts, transferring money and paying bills.

Customers do so to enjoy greater convenience since they don’t have to plan common banking transactions around a branch’s opening hours or find an ATM. Mr Zahid, for one, appreciates the greater flexibility.

“I don’t need to look for an ATM or AXS machine. I use Internet banking mainly when I’m at my desk and I need a bigger screen to check my transactions. I use mobile banking more often because my phone is always with me. That makes it a lot more accessible and convenient.”

GREATER CONVENIENCE

Initial versions of online and mobile banking apps required users to have a security token that would generate passwords. This was done to offer customers added security, but it limited their online and mobile banking options if they did not have their token.

Some mobile apps, such as POSB mBanking, allow customers to use SMS one-time passwords (OTP) for some transactions, and customers like Mr Zahid feel that this offers the best of both worlds.

“I can now log in to POSB mBanking using an SMS OTP, which is more convenient,” he said.

Mr Zahid rarely visits a branch, and only does so when he needs to withdraw money in specific denominations, such as during Hari Raya. Even then, he still uses some of the POSB mBanking app’s features.

“I use the app’s Q cam feature to help me estimate the length of the waiting time at the branch I intend to visit. It helps me better plan the use of my time.”

Secure transfers

Mr Zahid is a production manager and associate trainer. Although originally meant for his personal use, he sometimes uses his mobile banking app for help with work-related matters.

“Part of my work in media production involves preparing for film shoots. In case any member of my team needs extra money to buy props, I can transfer money to them first, through online banking services.

“This helps me concentrate on other aspects of production, like scheduling, since I know that other production aspects are being taken care of by my teammates.”

Mr Zahid was initially concerned with security issues related to online and mobile banking services but things have changed now that he’s a regular mBanking user.

To offer customers enhanced security and peace of mind, banks like POSB use measures such as multi-factor authentication and customised transaction alerts, which can send SMS notifications to warn users about the possibility of unauthorised transactions being made on their accounts.

In the unlikely event that an unauthorised transaction is made, the bank offers customers a Money Safe Guarantee, which gives an affected customer a refund.

Said Mr Zahid: “Initially I was quite sceptical because I was worried about falling prey to online scams like phishing. I also found it quite troublesome at first as I needed to have my security token with me at all times.

“With security measures like the SMS OTP, I’m now convinced it’s the way to go. It’s convenient, secure and environmentally friendly as I don’t need paper statements anymore.

“It helps me save time by placing most of the branch services I would need to use at my fingertips.”

NEW WAYS TO BANK

Such services and features have transformed the way we bank today. It wasn’t that long ago that a customer who wanted to fulfil their banking needs had to visit a branch or search for an ATM.

Customers now have a far wider range of secure, convenient services that help them make the best use of their time by performing common banking transactions when it best suits them.

This is the ninth story in a 15-part collaboration between TODAY and POSB. To read this story online, visit www.todayonline.com/posb.

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