The Advantages of Net Banking or Online Banking
In the same vein as my recent post about online payment solutions and options in this post as well, I thought I would talk about online banking solutions. We have long become used to getting money at the ATM rather than going to the bank during working hours to withdraw money. This had revolutionized banking to a very great extent. Similarly online or internet banking or e-banking as it is also called, has further simplified and streamlined banking for us, in many different ways such as –
Online banking has many of the same advantages as online shopping – You can do it from the convenience of your home, saving time, effort and money in not having to physically go to the bank. You can do it at your own time, not having to curtail your banking to within banking hours which can be inconvenient and even impossible for working people.
You can do more with online banking – You can transact with several banks simultaneously without having to visit each physically. You can also ‘visit’ several different departments online for different requirements, which would be difficult and time consuming in reality. You can trade in the stock market, invest in or sell stocks, bonds and other instruments at will.
You can keep a close track of payments received into your account, debits created by payments you have made. You can keep a close eye on credit card expenditures, so that you are not in for a rude shock when the statement arrives. If there is any fraudulent activity, you can detect it with if you are regular with net banking.
There are many benefits for the bank as well – When you do your banking transactions online – transfer of amounts from one to another account, making bill and other payments, creating your own investments and so on, there is that much less work for the bank personnel or employees – less to pay in terms of employee salaries then. So since the banks are making savings, these can in turn be passed on to the customers, who may find that transacting online may be cheaper and may attract fewer service charges.
So as you can see the benefits of banking online are many. Are there also some disadvantages or things to beware of with online banking; we take a look at that in our next post.
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