Wednesday, June 14, 2017

Lessons Learned from BPI Glitch

On this post, we will discuss about the lessons we can learn out from the BPI glitch.

On June 7, clients woke up in horror to find that their BPI ATM accounts are not in their normal state. Most found their accounts containing a considerably lesser amount than what should be, while some found their account having much more than it should have. But it was worst for BPI clients who had nothing at all. It was a collective, worrying question of “Where’d my money go?!”

BPI glitch
Credits: ABS-CBN News

To be fair, BPI claims that not all accounts where affected, and it seemed as though all were affected because of the noise that social media created. In fact, many people did not actually realize that something was wrong in their accounts until they read it on Twitter and/or Facebook.

In an attempt to calm down the generally panic-stricken account holders, BPI Senior Vice President Catherine Santamaria addressed the public in a news conference “Please do not panic…We will make sure that your money is there.” She even silenced suspicions on the possibility of hacking. She explained, “Every day, the system does batch processing and somewhere in that process between midnight and this morning, there was an error.”

However, though many were concerned with their balance, many more were alarmed at the fact that they could not withdraw their money because they absolutely need it at the moment. How could BPI possibly attend to this problem? The only route of action they could take was to extend banking hours until 7:30 p.m. to accommodate all the customers who wanted to but cannot access the ATM.

This event, which has been dubbed as the “BPI glitch” is not the first nor the last of its kind. Banks will have some glitches now and again. As to how widespread and how harmful it can be, nobody wants to stay and find out. So how can you have the confidence to walk out and say “Nah, I’m good” in situations like these?

Two things: Hide your gold in different locations, one of which must be your pocket. In other words, do not keep your savings in one bank and always have cash in hand.

Let’s go with the first one. It always pays to have plan B…and C. You can extend it all the way to Z if you want. But remember this: Plan A will not always work. Sometimes, bad weather strikes and you just have to find some other way. Distribute your savings among banks, so if one bank suffers from a glitch then you can always run to the other/s.

The second one? Make sure to have cash in your pocket. So that even if all the banks happen to suffer from a glitch (God forbid), then you can continue to walk without holding your breath in too much because hey, you still got some cash in your hand!

The BPI glitch may have been alarming to many, but at least it served as a great reminder for these two very important lessons for surviving in the modern world.

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Lessons Learned from BPI Glitch
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