Dear Sir, please see below. Thank you.
ABRUGENA, KRISTINE C.
April 8, 2012
Journal of what new opportunities the student saw at work or personal life, cases or readings. The focus is opportunities and innovation.
Spending is undeniably a part of life and there can be various issues that come with it. For so long a time, credit cards have become a necessity for some to improve their consumption capabilities. The existence of credit cards eases the spending of not only the needs but also the wants of people. Personally, I do not depend on credit spending. I do not have my own credit card as I chose to have it cancelled few years back. However, I was made a supplementary cardholder of my father's and I get to use it only for fuel consumptions at times.
I have been in the banking industry for five years now and I know of various cash management products that provide innovation to the way people spend. However, it is just recently that I decided to apply for a debit card. I have always preferred cash out rather than monitoring credit card dues. I just realized that it is more convenient to carry just one card instead of cash and there would be no added expenses anyway as there will be no interest charges and my annual fees are waived, being an employee of the bank. Nevertheless, despite the convenience it offers, my concern pertains to the tracking of the account balance. I think that consumers will be more appreciative of the debit cards if there is a device that is readily available for consumers to purchase and is handy in order to know immediately their balances. In consideration to the frequent usage of debit cards, monitoring of account balances may become tedious for most consumers. There are even instances when stores or groceries erroneously debit the account twice and it usually takes a month for the bank to credit back the funds. What I am thinking is, in cases when double debits occur, there should be a device as well for stores that reverts back the balance without delay after proper confirmation with the bank so as not to hassle the costumer too much. The store might have the responsibility to coordinate with the bank in such circumstances but as we are looking on innovation, it would be much better to make things easier for consumers.
All the same, spending entails discipline and knowing the right way to track one's expenditures. But innovation is at all times expected to make people's lives easier and more convenient. Hence, a device or a system connected to a consumer's mobile phone or computer can definitely help to allow organization in monitoring. This system can be subscribed in by customers just like prepaid e-loads or autoloads so they could have easy access to their accounts anywhere. As to the side of the stores and groceries, making available to consumers the electronic payment transactions, there should also be an alternative device or a "trouble shoot" system which is within reach for a more efficient practice of commerce.
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