Features of Internet Banking

Digital banking attracted rapid attention after Demonetisation in 2016. Online banking apps and websites have been launched by most banks. A majority of banking services are available through online banking, along with additional features. Many people prefer online banking for its convenience and security. Let’s learn further about internet banking and its features.

Internet Banking 

Net banking, online banking, and digital banking are other names for online banking. Banks began using online banking because it made their systems easier and safer. Through this system, users can conduct financial transactions on the internet from anywhere. Paying bills, transferring funds, registering for new accounts, etc., are all things you can do using Internet banking.

You can only access internet banking if you have an online banking account at the bank. After registering, users do not have to visit a bank for further steps. This is all handled digitally. Making a transaction via online banking only takes a few seconds. It’s user-friendly so it encourages internet banking. Many sites offer cashback and discounts to encourage internet banking as well. The unique IDs and passwords make online banking secure.

Features of Internet Banking:-

• Faster Transactions

The Internet banking service allows its customers to transfer funds instantly. Using this service, customers save time as funds are transferred from one account to another very quickly. It is an automated & online service.

Users no longer have to wait in line to transfer funds or pay their bills; they can easily do it on their devices. With the help of their device, customers can easily access their accounts, saving time.

• Lowers Transaction Cost

Financial transactions can be performed via Internet Banking at a lower cost. This is referred to as the cheapest method of transacting. Manpower requirements have been reduced due to the reduction in workload as now more and more transactions are conducted online. As all transactions are recorded digitally, it has also reduced paperwork in organizations. As Records no longer need to be entered and stored manually. 

• Provides 24×7 Service

It is the most significant aspect of internet banking. Online banking allows customers to access their accounts at any time. Customers can easily access their accounts from anywhere and anytime without any limitations. This feature provides loads of convenience to users.

• Reduces The Chances of Error

The chance of human error has been reduced with internet banking. As we know that the role of humans in the whole transaction process has been noticeably reduced.

 A fully automated internet banking system operates using digitally recorded and stored transactions. Each and every record in the books of accounts do not need to be manually maintained. So there is minimal chance of human error.

• Develops Loyalty In Customers

Banks benefit from internet banking by developing large numbers of loyal customers. With internet banking, banks are able to provide excellent customer service which means customers are receiving faster & better service. Being able to receive such a user-friendly interface on the banking website. customers are more likely to become loyal because they are satisfied with the service provided by their banks due to the fact that services can be accessed at any time, even from their own homes.

• Removes Geographical Barriers

Transactions can now be performed over the internet without regard to distance. Through this method, all distance barriers that customers faced in traditional methods of performing transactions have been eliminated. Instant transfer of funds is possible both domestically and internationally through internet banking. All systems are connected to each other online, which facilitates easy fund transfer.

• Provides Better Productivity

The role of internet has an effective role in increasing the productivity of businesses. An automated software system supports the entire financial transaction system. This system was made for fund transactions. In order to reduce the workload of business organizations, we have reduced the time it takes to conduct transactions. They don’t need to keep anything manually because everything is stored digitally which increases productivity.

• Reduce Frauds In Transactions

Another significant benefit of Internet banking is that it allows continuous account monitoring. Every transaction on your account can be monitored. Fraud In Financial Transactions Can Easily Be Tracked. It provides a complete digital footprint of anyone who attempts to alter your banking activities and commit fraud. Transparency improves your accounts, thereby reducing the likelihood of fraud

Some more features:-

• Bill payments and fund transfers are much easier and faster with online banking
• Using digital banking, you can check your digital statements anytime to keep track of loans and savings linked to your account and schedule payments as you like
• Carrying large amounts of cash is very dangerous
• Users can deposit and pay via the Internet
• Upon registration for an Online Banking account, the bank will provide a unique ID and password
• Check issue is one example of non-financial banking services offered by digital banking
• General insurance can be purchased anytime, anywhere
• Any automatic, recurring payment can be scheduled or cancelled at any time
• Keep a check on investments linked to the bank account

Conclusion

In the above article, we read about Internet banking features briefly. We learned that internet banking allows customers of a bank or financial institution to make financial or non-financial transactions. E-banking, or electronic banking, refers to all forms of banking transactions performed electronically.  To fully understand internet banking benefits one needs to practice them in real life. I encourage you all to use internet banking in real life.