The Perks of All-Digital Banking with ING
Years ago, banking means having to go to a specific branch and lining up for hours until it’s your turn to do your transactions over the counter. It gets the job done but it takes a lot of your time and energy. The good news is, banking and other financial services has improved over the years and has finally reached the digital age.
Nowadays, almost all Filipinos own a mobile device. These things are no longer just tools for communication but have become a gateway for digital banking. And one example of an all-digital bank is ING.
What is an all-digital bank?
We can classify banks into three types: Traditional bank, Hybrid bank, and the online-only bank or all-digital bank.
A traditional bank is a brick-and-mortar branch where customers need to go to make transactions.
A hybrid bank offers online and mobile banking. Customers have the option to make transactions online or through brick-and-mortar branches.
An all-digital bank, on the other hand, doesn’t have brick-and-mortar branches. Customers can only do their transactions online. ING is one example and provides all the customer’s banking needs through an app. The ING app is the Philippines’ first all-digital bank.
What do you get with an ING account?
The ING app offers plenty of advantages:
- Fully digital process— No lines. No forms. No fees. You can open an account via the mobile app.
- 24/7 customer service — No banking hours. ING customer care agents are available all year round via Facebook chat or in-app chat.
- Mobile check deposit — No need to line up. Just take a photo of the check to deposit.
- Easy funding. Aside from mobile check deposit, you can also transfer from your other banks to ING via InstaPay or PESONet.
- Money transfer to other banks— No hidden fees. Powered by PESONet, it only takes a few clicks to transfer money to your other bank accounts.
- High-interest rate — Until October 31, ING offers 4% interest rate p.a. on your savings. No minimum amount to earn this high-interest rate!
- Made for everyone — No minimum amount to open, no maintaining balance.
Opening an ING account is simple as everything is done through the app:
1) Download the app which is available on Android and iOS.
2) Set up your mobile and passcode for security.
3) Provide your personal information and upload the necessary documents like a government ID and proof of billing address.
4) Validation using facial recognition, liveliness capture, and signature capture.
5) Assessment by ING which involves screening your name along with some risk profiling.
6) Acceptance of your application which allows you to open an account and start saving.
The best part is that all these can be done in 10 minutes. It also doesn’t cost anything as it doesn’t require an opening or maintaining balance, unlike other banks.
The purpose of having an all-digital bank is to make sure that you can bank anytime, anywhere, that’s why our most favorite features of the ING app are the mobile check deposit and free money transfer. Having the option to deposit a check by simply taking a photo of it is extremely convenient and helps save time. Plus, since banking involves transferring funds to other banks, it’s good to know that the ING app supports this feature and doesn’t charge any fees.
When it comes to security, don’t worry as the ING app is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is a Philippine Deposit Insurance Corporation (PDIC) member. This means the deposits are insured by PDIC up to PHP 500,000 per depositor. In addition, ING has been named as one of the top 50 most innovative companies by the Boston Consulting Group (BCG).
Lastly, if you’re looking for a bank that offers high-interest rates versus other retail banks, ING has an ongoing offer now until October 31, 2019. Your ING savings can earn 4% interest rate per annum within this period. Having a 4% interest rate is 16X higher than any other savings account. This applies to all savings accounts with a balance up to PHP 10 million. No minimum balance or lock-in period required and is open to new and existing accounts.
So, if want to enjoy the perks mentioned above, then open an account with ING today. Just click on the Apple App Store and Google Play Store links as provided. If you want to learn more, just visit the ING website at ing.com.ph.