Essay Writing

Tuesday, 10 November 2020

7:53 pm
You have learned some of the basic laws in Philippine Banking. With
the new trend of using online software, applications, and platforms,
do you think there is a need to improve or update our banking laws? If
you think there should be improvements or that our laws should be
updated, what can you suggest in order to further strengthen our
banking system?
 
 Security
 Strengthen the verification of the identities of the depositors
 
Since our banking institutions have started to adapt the latest
technologies in conducting in their process and operations, there is
certainly a need to improve our banking laws which will support and
strengthen the security of the online banking here in the Philippines.
 
Online banking services and e-commerce transactions have been
prevalent nowadays in the Philippines, especially during this
pandemic. To ensure safe and secure banking experiences towards the
customers, lawmakers shall develop or improve a set of policies
regarding
 
Since the Philippine banking institutions nowadays have started to
adapt changes in the utilization of new and latest technologies in
conducting their services online, ensuring to increasingly provide
more quick and efficient online banking transactions to accommodate
its customer demands immediately and develop useful tools for money
management especially during the crisis, I could say that there is
certainly a need to improve or update our Philippine banking laws, in
a way that, the government shall provide more legal efforts in
creating policies that could facilitate the processes in online
banking transactions in order to (1) protect the customer's
confidentiality of their personal data in the operation of its online
services; (2) enhancing legal frameworks in supporting safe and sound
online banking practices; (3) strict implementation of verifying the
identification of the depositors/customers to avoid unsound,
fictitious and ______ accounts; (4) encourage to develop useful tools
that could help strengthen the banks' security system online; (5)
enact penalties and violations who have failed to abide the Act and
also, periodic monitoring must be done to avoid the cybercrime cases
to happen.