What Factors Affect The Online Banking System?
The banking system has wholly revolutionised, thanks to the internet. It is possible to do most of the banking transactions online. There is no need to visit bank branches for jobs like passbook updating, balance checking, opening Fixed Deposits, etc.
Online Banking has become a convenient way to access banking services and reliable means of payment. The user experience, features, and speed depend on numerous factors working in conjunction. Here are some factors you should be mindful of:
Data speed
The Internet Banking speed and the bank services depend on the data available to the user. Net banking requires a stable internet connection, without which it is difficult to avail of the services and risky to go ahead with any fund transfer. A stable connection determines the efficacy of Net Banking.
Place of access
Net Banking and the user experience depends on the medium you use. The Banking app works entirely differently and offers similar services to Net Banking. However, for a range of online features, you need to log in to the banking portal through a desktop or a laptop. For example, it is easy to open a Fixed Deposit via the smartphone.
But for premature liquidation, you need to log into the portal. Similarly, you need to use the portal to check Credit or Debit Card reward or cashback points.
Safety measures
Online Banking is susceptible to misuse; hence, both Internet and Mobile Banking have inbuilt security measures. You need to set up a login ID and a password and keep changing them to keep hackers out. It is ideal to set a tough and unique password with numbers, alphabets, and special characters that cannot be easily cracked. Without solid security measures, Net Banking is prone to hacking, data theft, and loss of money.
Both have time-bound logins with an automatic log-out facility if the system is idle for a long time.
User interface
Each bank has a different user interface for Net or Smartphone Banking. A user-friendly interface helps the customer find the desired services easily. This also has two aspects: the portal and the mobile app. The app needs to be intuitive and receptive to the user’s needs. The website should be easy to scroll and understand. The bank needs to have enough help material to assist new users in the shift to Net Banking.
Usage
The online user experience also depends on what services the customer avails of. You need to input the required details to ensure you get the services you want. For example, if you wish to transfer funds, you need to select the fund transfer type, i.e., IMPS, NEFT, RTGS, and provide details about the beneficiary.
If you want to download a historical statement, you need to add the dates for which you want the statement. The Digital Banking system works depending on the services and the information you feed.