Busting digital banking myths
Digital banking lets you do more than just manage your finances and accounts; you can also do mundane tasks such as paying traffic bills or water and lights. As an added benefit, you can do all this and more from wherever you are, whenever you want and through the channel that suits you best.
Most banking functions can be performed digitally without the need to step into a branch. In fact, you don’t even need to step outside your home to get it done, but there are still certain myths surrounding self-service banking that prevent people from using it.
Let’s address some of those myths:
Myth 1: It’s risky to bank digitally
Doing your banking through Internet Banking or on our Banking App is safe. Both your money and your information are secure when you use these channels because it has added layers of security. Your data and transfers are encrypted, and only you can access your banking profile with your fingerprint, Face ID or app code. If you want to ensure that your digital profile is even stronger and more secure, you can register for DigiME.
Myth 2: It will expose me to fraud
If you’re worried about digital payments being prone to fraud, rest assured: our innovative payment solutions have robust security and verification features that use randomly generated codes to create a One-Time PIN (OTP) that can’t be used more than once, enabling you to pay comfortably in-store and online, anytime.
Remember, the same bank protections and securities that apply to physical banking also apply to digital banking. You also have more control over your accounts because you’ve got 24/7 access to them and can make changes, set limits, switch off or stop cards immediately, and report fraud as soon as it’s detected.
Myth 3: I’ll still need to visit the bank
Banking online or on our Banking App is a one-stop shop where almost everything you need is in one place and at your fingertips. There’s no standing in a queue to make payments or deposits. Using digital banking means going cashless, which will save you withdrawal fees and the responsibility of keeping your cash safe.
Myth 4: Digital banking is only for younger people
The ease and convenience of our Banking App, Internet Banking and Cellphone Banking are for everyone. It’s user-friendly, easy to understand and allows you to use it at your own pace and comfort level. You can also visit the Help Centre for step-by-step guides on how to use our Banking App.
Myth 5: It’s expensive
Downloading the Banking App is free (it only uses data for the initial download), doesn’t use data for transactions and has no subscription fee or usage limitations. You can easily access a variety of services for free and some banking fees are cheaper in-app than in-branch, and since you don’t need to travel anywhere, you’ll be saving time and money.
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