Managing Your Finances, The DBS Way

Plenty can be done through the Internet. With that in mind, DBS has an online feature that is able to perform a range of tasks safely, effectively and efficiently.

By Md Sufyan Saad

Youths today are more technologically savvy than their predecessors of yesteryear. This generation relies heavily on technology to perform a variety of tasks which, in turn, frees up their personal time to pursue other things.

But even with the advancement of technology, many still prefer the conventional method of carrying cash with them, rather than going “cashless”. However, the circulation of money in its physical form is not entirely efficient and possibly risky. Thus, DBS Bank has moved towards providing services in cashless transactions to advance its customers’ modes of banking.

Going cashless
Simply put, cashless transactions utilise technology to perform monetary tasks without physically circulating cold hard cash.

Using a debit card is a prime example of a cashless transaction. Essentially, it is both a NETS (Network for Electronic Transfers) card as well as a credit card, except unlike the latter, it works by debiting money from your personal bank account.

The DBS debit card can be used to perform a range of services, such as topping up your ez-link card and prepaid telco cards at Automated Teller Machines (ATMs). This alleviates the trouble of having to withdraw cash, only to insert it into the top-up machine or kiosks for another transaction.

The same card also allows you to pay bills or book movie tickets at AXS stations.

All about internet banking
Apart from cashless transactions, DBS has also introduced an online banking service known as DBS iBanking, which suits the lifestyles of young professionals on the move.

As a bank with the largest customer base locally, DBS iBanking offers users more than 75 services. Some notable examples include:

- Account summary
A key feature of DBS iBanking is that it allows users to view, at a glance, the essential information of their account. The information encompasses account summaries, credit/debit card and cashline transaction details, and transaction histories.

- Fund transfers
Users can make three different kinds of fund transfers through iBanking – directly to their own DBS/POSB accounts, to a third party’s DBS/POSB account, and to other bank accounts. One highlight of iBanking’s fund transfer service is that it allows users to set transfer dates up to 30 days in advance, or make immediate fund transfers (to recipients’ DBS/POSB accounts).

- Bill payments
With iBanking, users can also make payment for bills for practically anything. Through this service that is free and accessible around the clock, users are able to pay their bills from virtually anywhere, as long as they have Internet access. Like the other services mentioned, this also allows for immediate payment, thus ensuring that your bills can be paid on time.

- Safe and secure
Although DBS iBanking is a stable online banking portal with more than one million users, the bank continues to make security its utmost priority and ensures that all its online transactions remain safe and secure.

The main security feature within iBanking is the Second Factor Authentication – essentially an additional security measure for user verification. Besides providing their User ID and Personal Identification Number (PIN), users also need to provide a randomly generated security PIN to log in to their iBanking account. Furthermore, for some online transactions, users need to provide a One-Time Password (OTP) which is sent to their handphones via SMS. These layers of authentication ensure that online security will never be compromised.

However, the question of safety and security also lies in users’ hands. Users should have the latest antivirus software installed into their computers, be wary of phishing sites, clear their cache after each log-in, and never divulge their PINs to anyone else.

Wise financial management
With all these technological advancements, it is not difficult to manage your finances wisely, and DBS iBanking has all the capabilities to help you do so.

In a nutshell, iBanking allows you to manage your accounts with ease. Besides being able to view your account summary, transaction history and track your finances, you can also open a MySavings account, which enables you to save every month by deducting a fixed sum of money on a fixed monthly date, as predetermined by you.

Graduates are also encouraged to invest once they have sufficient savings. Within DBS, there are 64 unit trusts in which you can invest your money, either in one lump sum or on a monthly basis.

Another new feature that is exclusive to DBS is security trading, which allows users to buy and sell shares within iBanking.

Five financial needs
Even with technology to help us manage and grow our finances, DBS believes that everyone should abide by these five financial needs:

- Save
- Grow
- Protect
- Transact
- Borrow

Nowadays, graduates are able to earn their own keep, have more purchasing power, and are more financially savvy. However, saving is a virtue that every person should possess, and some believe in the sound benchmark of saving between 10% and 20% of one’s income every month.

Overall, iBanking and cashless transactions are practical and easy methods of meeting your day-to-day transactional needs.

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