5 Advantages of online banking

Banking has always been a visible part of a human being’s life. Every person requires money for meeting their regular needs and living a comfortable life. Living without sufficient income causes financial problems and dependency on other people for money. Whatever profit the family earns, they store it in bank accounts to ensure safety and funds during emergencies.

Technology has transformed all the functions of service delivery and product availability. Banks have also adopted online banking services for better access and extensive reach for customers without time or location restrictions. They offer lots of speed along with user-friendly features so that senior citizens can also use it.

Following are the advantages of this feature:

Paying bills online: Banking websites offer many facilities to their customers, such as online billing. They have a section where users can enter the payee details. They have to enter the information once on the E-banking portal, and the details get saved. They can choose the payee directly without re-entering the same information all the time. Automatic bill payment features are also available where the website pays the bill automatically on the due date.

Viewing account transactions: With the help of internet banking, account holders can access their account history and banking transactions. They can track and report unauthorised ones and view other debits and credits on non-business days. All transactions conducted on non-business days reflect in the e-passbook the following day.

Transferring funds from one account to another: Nowadays, smartphones have changed the lifestyle of people. They can do much more than communication. Banks offer the feature of mobile banking, where users can track their transactions, transfer funds, pay bills, check the account balance, etc., using the bank’s authorised app.

Banking apps: Banks introduced personalized apps for Android and IOS platforms which help customers keep a check of the funds in their banks, transfer them, and ensure that the vendor has not overcharged them for a product or service. They can also scan the QR code of the vendor using the BHIM app and transfer the payment without disclosing bank details. The Bharat Interface for Money app is an initiative by the Government of India towards digital payments and developed by the National Payments Corporation of India (NPCI).

Syncing with budget applications: People can sync the BHIM UPI with banking and budget applications such as Mint, PocketGuard, and many others to track their expenses and recharge other payment apps. They can use these apps for paying restaurant bills, electricity bills and other services by ensuring enough account balance in them.

Comments are closed