Thanks to the rise of digital banking, managing your money should no longer feel like a chore. Gone are the days of having to visit the banks during business hours, waiting in long lines, and filling out endless paperwork just to complete simple tasks like transferring funds or checking your balance. Today, digital banks like the Philippines’ Maya put all the power of financial management right in the palm of your hand, with most day-to-day transactions achievable through a tablet or smartphone. 

As the world slowly warms up to the seamless digital banking experience, many people are discovering that switching fully to a digital bank and making their digital bank account their main account can simplify their finances. Perhaps it’s time for you to do the same and reevaluate how you approach your banking needs. Should a traditional bank account remain your main bank account, or should you let your digital account do more of the heavy lifting? 

Let’s explore the best reasons to treat your digital bank account as your main account, and why doing so could be the smartest decision for your financial health: 

1) 24/7 Banking Access Anywhere

One of the most significant advantages of digital banking is one’s ability to access their financial information and perform transactions anytime, anywhere. A digital bank like Maya empowers its users with 24/7 access to their accounts through mobile apps and websites. 

Managing your finances, cashing in, and transferring funds with Maya will all be as simple as pulling out your smartphone. This constant connectivity means that you can check your balance, transfer money, pay your bills, or review your transaction history at your convenience. You can also complete a variety of transactions with Maya over the counter, which gives you added flexibility over how and when you want to do your banking errands. 

2) Instant Transactions

Another major benefit of digital banking that you’ll enjoy if you use your digital account often is the speed at which transactions are processed. Digital banks utilize advanced technology and real-time processing systems, allowing users to transfer money or make purchases without the typical delays associated with traditional banking methods. What’s more, digital banks often support various payment methods, including peer-to-peer transfers, which makes sending and receiving money as simple as a few taps on your screen.

Apart from transferring money and making purchases, digital banking has also made paying bills and utilities a more hassle-free process compared to before. Many digital banks partner with various service providers to offer integrated bill payment options directly through their platforms. 

The bills payment feature on the Maya digital banking app, for instance, allows users to pay their bills in just a few simple steps. All they have to do is select “Bills” on the homepage of the app, choose the biller, input the required information, enter the amount to be paid, and confirm the payment. Afterward, Maya will send a confirmation of the user’s payment via SMS. This process is less stressful than over-the-counter payments, which usually entail long waiting times.

3) Better Interest Rates on Savings

Compared to traditional banks, digital banks typically offer better interest rates. This advantage stems from the lower overhead costs associated with operating without physical branches, which allows digital banks to pass those savings on to their customers. 

That said, placing a majority of your savings in a digital bank account can also be quite beneficial, especially when you’re saving for specific goals. If you spend often enough on your Maya account to unlock products like Easy Credit, Credit Card, and Personal Loan, for example, and if you take advantage of the wealth building products on Maya Savings and Invest, you’ll be able to earn a higher yield of up to 15% p.a. on your savings and make your money work harder for you. Sign up for a digital account and use it as your main account for everyday spending to further boost your savings. 

4) Faster Approvals

Digital banks also excel in providing faster approvals for various banking services, from opening an account to securing loans and credit products. This efficiency is largely due to their reliance on technology and their emphasis on streamlined processes, which can eliminate the bottlenecks often found in traditional banking institutions. 

When applying for a new account, for example, a digital bank typically requires minimal documentation and can verify your identity and financial information within minutes. This means you can start managing your money almost immediately after submitting your application.  

This speed of approvals will also be a boon when it comes to loan applications. Digital banks often use automated systems to quickly assess a large number of applications, which can significantly reduce the waiting time for approval. If you need a personal loan to cover an unexpected expense, you might receive an approval decision in a matter of minutes rather than days. This rapid response not only alleviates financial stress but also allows you to make more timely financial decisions, ensuring you have access to funds when you need them most.

5) Advanced Security Measures

Now that digital banking has become increasingly popular, concerns about security and privacy may naturally be at the forefront of many consumers’ minds. It will be good for you to know that digital banks like Maya have made significant investments in advanced security measures to protect your personal and financial information. 

One key security feature typically utilized by digital banks is two-factor authentication (2FA). This process requires users to provide two separate forms of identification, often combining something they know (like a password) with something they have (such as a verification code sent to their mobile device), before gaining access to their accounts. 

Encryption is another essential security measure used by digital banks. Upon converting your data into a coded format during transmission, encryption ensures that sensitive information remains confidential and protected from potential interception. 

In addition, a trustworthy digital bank should make good use of a real-time fraud monitoring system to track your account activity for any unusual or suspicious transactions. If a potentially fraudulent activity is detected, you should receive instant notifications to verify whether the transaction was authorized. This should alert you to potential security threats and also allow you to take immediate action to protect your account. For advanced safety and security reasons, it may be a good idea to designate your digital bank account as your main account. 

Now that much of the world moves within a digital economy, perhaps it only makes sense for your day-to-day financial management and financial future to make your digital account your go-to account. Choose one that you can rely on as your primary financial resource and as a vehicle for achieving your financial goals more effectively.