Utilize Your Smartphone In Today’s Financial Ecology

Research on how Filipinos utilize technology and all aspects therein show that at least 94% of Filipinos use the internet whether to communicate with others or for entertainment purposes. The age demographic for this survey is centered on those between the ages of 18 to 29. Despite income, Filipinos will find a way to get in touch with some form of technology whether it’s the internet or just traditional use of a phone, the term “netizen” is even associated with this group. The Pew Researches Center and other similar research groups found these to be a common trend in the country.

So what to make of this information?

The internet was merely a tool used by the military and universities in the U.S in its early days. But now, it can be almost found wherever electricity can also be found. It’s even stated that some places have more access to the web than clean water. The internet and all other types of technology have become ingrained in culture and society. Whether it’s for entertainment or practical use, the internet has become an important utility. While no law says an individual has to be a part of the internet, being locked out of it can drastically put one at a disadvantage especially with the current pandemic situation. The demand for internet access has never been so crucial. President Duterte’s demand for internet service providers to improve the quality of their service is timely since work and schooling activities are done online. Large companies have started shifting many of their operations to work close to or within the internet.

So how can one keep up especially if equipped with a smartphone? Here are some useful things you can do with your phone.

Settle Bills or Buy Stuff While Sitting at Home

The traditional way of settling bills by any typical household is for someone to go to the office and fall in line. Pay the bill as one would at a grocery. But now, this is no longer needed as telecommunications companies like Globe and Smart have apps that allow for utility bills to be paid. In the case of Globe, they have G-Cash and Smart has SmartMoney. These apps offer more beyond paying bills, banking can also be done as digital cash can be passed around as if they were text messages. It can also be used to send and receive money from online services like Paypal or it can also be used for paying for purchases at the grocery store. If you still prefer to hold physical cash, you can even withdraw at the ATM.

Banking Online Done With Ease

Since the pandemic, there has been a growing demand for people to be able to buy things on the internet. Work and schooling activities are somewhat partially online too. This means that salaries and tuition fees can be through the internet. As stated previously, apps can be used to do all sorts of things like managing your finances. The smartphone, paired with such an app can be made into a literal digital wallet plus bank.

But what’s great with online banking is the ease of applying for an account. There is no longer a need to fall in line at the bank to fill in papers and attend interviews. You don’t even need a good credit score. You can start at zero. You just need to have a valid form of ID such as a passport, driver’s license, SSS, GSIS, basically anything that can be photographed and sent to whoever will verify the identity (Union Bank, ING, or CMB, etc.). Fill in the digital application forms and the application process should be done if everything goes according to plan. But not all services are this simple, depending on where an applicant is applying. There could be special requirements they need to fulfill.

Money Management is A Lot Faster and Easier

There are many services out there with apps that allow you to manage your finances digitally, and we’re not even talking about the cryptocurrencies out there. In the case of the Philippines, the aforementioned apps like G-cash allow for the creation of a bank account. It can be used for a variety of financial purposes such as applying for a short term quick loan from a variety of major banks.

Of course, managing your banking won’t be complete if you can’t download a full history of all your banking transactions. This makes it easier to keep track of your finances. When filling up tax forms, your records are much easier to verify should there be anything questionable. The best part is you can keep retrieving your financial records with no additional cost since it’s sent to your email. Well, apps operate differently and may not share the same methods but the bottom line is, it’s easier to manage your finances because of all the conveniences. 

Get Loans Even If You are At home

Loans used to be difficult to come by, primarily because of the requirements which are usually difficult to come by especially if you are just starting. You don’t have a credit score, thus you can’t prove you can pay back your loans. With the advent of the internet and smartphones, financial institutions are making adjustments to deliver their services through these media. Thus, we are now able to make financial transactions as fast optic cables can deliver. Soon, long lines at the bank can be a thing of the past, with may some few special exceptions. Regardless, typical banking transactions can be one on the phone.

With that being said, there are services like robocash.ph/articles/payday-loan, that works fully automated. Application for loans can be done online, the applicant just needs the right ID or documents to prove who you are and that you are employed. If you need an emergency loan, you can take out an emergency loan and you can pay it within 30 days or more, depending on the type of loan you took.