Abstract by Jezuel Jay G. Bayta and Naphtalie Paulle S. Betia (JD1 SY 2020-2021)
The global pandemic brought by COVID-19 evolves at unprecedented speed and scale which creates a new normal way of life. For consumers, the most immediate impact is fear, not just for personal safety but also for the economic impact. In particular, more Filipinos come to recognize and appreciate the benefits and necessity of digital finance. This thesis study concerning data privacy issue of mobile banking user and other e-wallet servicing apps in the City of Bacolod aims to achieve the following purposes: understand data privacy; safety of the customer’s data; usefulness of the application integrated in digital transaction and understanding the reason behind individuals who are still hesitant to integrate personal and business transaction digitally. In this study used to collected data from primary and secondary sources which are collected from online banking and e-wallet servicing app users and bank managers through online interview and online surveys, website and other sources. The pandemic has provided substantial growth to different forms of internet banking or online banking. The use of online banking, electronic fund transfers (PESONet and InstaPay), QR code and other e wallet servicing application for day-to-day payments such as bills payments, transportation and food deliveries have gained traction as a more convenient and safer alternative to cash transactions. As this cashless transactions continues to trend among Filipinos, this study also further discusses the Data Privacy Act 2012 or Republic Act 10173 which also regulates and creates a generally accepted principles and standards for personal data protection of the personal information being collected, stored, and processed. This study will show the advantages and disadvantages of integrating in to digital finance which includes convenience, concern for privacy, security and etc. This study will also highlight the importance of financial and digital literacy as well as adequate consumer protection in integrating of digital financial services.