Digital and Mobile Banking Services
To make informed decisions, you, as consumer, should be provided with timely and high-quality information on the characteristics and costs relating to financial products and services. This information should also be provided through appropriate mediums. Irrespective of whether you are purchasing a product or a service through the traditional means for example by visiting a branch or electronically for example via the Bank’s app, the same level of information should be provided to you.
Key tips to protect yourself when choosing online or mobile banking services.
To which information should I have access to when making use of digital or mobile banking?
Firstly, you should have access to information before purchasing a financial product or service. the contract and the remedy procedure.
The presentation and format of the information is also a key factor. For this information to be understood, it should be concise, achieves its objectives and organised in a clear and understandable format. You have every right to contact the bank if you are not understanding the content of the information being provided.
Pre-contractual information should be disclosed on a durable medium.
When providing you with information, banks must also consider the accessibility and effectiveness of it. You should be able to download the information provided so that you may store it for future reference.
You should be provided with pre-contractual information to determine whether that product or service is right for you i.e it meets your needs. This should be easily accessible, and its content and format should be easily understood..
Banks should have complaints handling procedures in place. Information on how to complain should be available even when you make use of banking services through digital means. This shall be on their home page or main menu. Moreover, firms should also inform you on the steps to be followed.
In the case that there is more than one provider involved in the provision of the banking service, the Bank must inform you to which provider(s) you can address the complaint to and with regards to which provision(s) in the contract.
When communicating via digital means, you should consider important post-sale information. Examples include statements of changes to terms, conditions, fees or charges. Omitting this information could be detrimental to you.
If a contract has been signed digitally, the terms of the contract should define the extent to which you can shift to a non-digital provision of the service and, if so, under what conditions.
Which communication tools can be used?
To guarantee that you are sufficiently assisted in their communication and commercial relationship with the company in the digital environment, communication tools should be consistent with the complexity of the product or service. This includes live chats, infographics and guides.
Moreover, advertising of retail banking products and services via digital means should:
- Expose the promotional nature of the communication
- Present information clearly and in a manner which does not misleading
- Not overestimate the benefits of financial products or services; and
- Give equal importance to a product’s risks and benefits, particularly in relation to font, size and colour.
Internet banking allows you to carry out a number of banking operations using a computer and internet connection.
How can I access internet banking?
You can access internet banking through the website of your bank. The procedure may vary from entity. Usually you can find an icon on the top corner of the page with the indication of “internet banking” or “personal banking” and access with your username and password. For extra security, entity could also ask you to insert an OTP (One Time Password), usually a code received via messages on your mobile phone.
For the first access, usually you will be required to register to the system. The procedure may vary from bank to bank and it is advisable that you ask your bank or check the information available on the bank’s website.
What can I do from the internet banking?
Internet banking allows the client to carry out a number of banking operations. For example, you can check your bank account information, give the instructions for a bank transfer, check your investments, pay the bills or top-up your mobile phone. The functionalities may vary depending on the bank.
Is it safe to use the internet banking to carry out banking operations?
Yes, banks usually implement security technologies which prevent unauthorised access to the personal internet banking. Furthermore, you might be required to include a code received via SMS in order to access the page.
Always remember to avoid clicking on links which brings to the bank’s website included in emails or SMS if you are not sure about the sender. Also, don’t use the same password that you use for other services, for example Facebook.
Mobile Banking allows you to execute banking transactions by using a mobile device such as smartphones and tablets.
Which benefits may I achieve through the use of mobile banking?
One of the main benefits of mobile banking is that it can be performed from any location and at any time, thus making banking more convenient. It reduces the need to go to a branch.
On the other hand, with mobile banking there is associated the risk of fraud. Also, complex transactions require face-to-face discussions with the bank’s staff and hence, cannot be performed via mobile banking.
Prior to engaging in mobile banking, you may need to check with their bank on where you can download the app in order to access to your mobile banking. You may also need to check with the bank on the steps to be followed, for example to create a username and a password. It is important that a secure password is created to reduce the risk of fraud. Remember also to not use the same password that you use for another service, for example Facebook.
Is it safe to use the mobile banking to carry out banking transaction?
In order to ensure more protection, the Payment Services Directive 2 (PSD2) requires payment service providers to use Strong Customer Authentication (SCA) whenever you initiate an electronic payment transaction. SCA is an authentication process through which the banking app verifies that the user submitting the transaction is actually the client in order to execute the payment. The SCA makes electronic payments safer as it reduces the risk of fraud associated with online payments and online banking and protects the confidentiality of the user’s financial data.
The authentication process is carried out through the request of a code (for example a PIN or a password which only you can know), your mobile phone, your fingerprint or face/voice recognition.
The SCA process is used every time that you give instruction for online transactions which exceeds €30, except in the cases when the transaction poses a low level of risks, for example when you only want to consult the balance of the account, with recurring payments of the same amount and to the same payee, for bank transfer to a banking account held by the same person.
Furthermore, SCA does not apply whenever there is a credit transfer between accounts held by the same person.