A rethink of online banking

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The twin events – demonetization and the COVID-19 pandemic together accelerated the adoption of digitization in India. The cashless economy, once seen as an emerging alternative, has suddenly become mainstream (thanks to the COVID-spurred adoption of cashless payment methods such as online banking, POS, wallets or the UPI).

As everyone moves towards e-everything, such as working from home, virtual meetings, online learning, online grocery shopping, digital payments, the Covid-19 pandemic has not only integrated reluctant or novice digital payment users, but also pushed the banking industry to embrace and embrace the new era of digital banking. Banks have pivoted their physical solutions to digital to serve customers in financial difficulty, although not all have been aggressive in this approach.

Banking as a service is becoming increasingly accessible to the masses in the digital age, and it is in consumers’ interests to learn how to transact and use services online or as mobile banking. Online banking, also known as e-banking, is a digital method of conducting transactions and other basic or relevant bank account services through the Internet.

Online banking is available to anyone who has registered for online banking with a bank, has an active bank account or with a financial institution.

After signing up for online banking, a customer does not need to visit the bank for basic banking services, including transferring money, ordering a new checkbook, or checking account. an account statement, etc. It is not only a convenient method, but also a very secure banking method.

With banking on your palms through online banking or mobile apps, consumers are becoming more comfortable with digital banking.

Online banking is easier, hassle-free and saves consumers time. Here’s how:

Convenience

There is no need to queue at the bank branch for regular banking services and online banking enables fast and secure transactions from anywhere, anytime. In addition to paying bills for loan installments and repayment dates, online banking makes it easy to apply for credit cards, apply for loans, apply for checkbooks, check account statements, open fixed and recurring deposits and making other investments. Online banking offers fast transfer speed along with ease and convenience while making payments online. In short, everything is at the customer’s fingertips.

Availablity

Unlike traditional banking hours, online banking is not limited by time. It is available 24/7 all year round. The majority of banking services are not time-limited. Users can quickly check their bank balance, account statements and transfer funds instantly without delay or difficulty.

Fast and secure

With online banking, one can transfer money from one account to another almost instantly, especially if both accounts are managed by the same bank. Depending on the user’s preferences, funds can be sent via NEFT, RTGS or IMPS. Bill payments, EMI payments, loan payments, and tax payments are all simple to make. In addition, transactions and the account are protected by a unique username and password.

Basic banking services

In addition to transferring money, online banking allows users to perform basic bank account services, including balance checks, account statements, and request checks to be issued, personal and other data.

Customers can learn more about their bank account details and the processes behind transactions through online banking, which helps in financial empowerment. Customers often fail to learn and understand crucial information that affects their banking operations when visiting a branch because they are guided by a bank associate. However, with online banking, each step of the process requires the customer to learn how to do it, which helps customers make an informed decision.

In a densely populated country like India, where precious hours are wasted in long traffic jams and long bank lines, online banking services are important to adopt. Let’s sum it up with how safe and stress-free one can feel with the advent of digital tools and new technologies in the financial industry.

The author, Supriya Suri is Vice President of Customer Experience at Home Credit India. Opinions expressed are personal

First post: STI

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