Banking is an essential service for financial field in this era. now we cannot do our any financial transactions without the help of a bank. few decades ago, we had to spend a lot of time to get banking services. because the technology and IT had not developed well at that time.
now banking is very easy because of digital technology. In the last two decades, Internet technology has developed rapidly. as a result of that, a new awakening was seen in a number of large sectors including banking.
banking sector is one of the most profitable sectors here. now anyone who was passed 18 years old can open a bank account and deposit money there. not only that, customers can handle there transactions using the online banking system.
What Is Online Banking?
if explain very simply, Internet banking is a system that allows you to control your bank account through a computer system provide by the bank . this is also known as online banking. the bank provides a combination of User/password for you to access your account there.
you can access your bank account through the relevant online system using login details. transactions can be managed by the money balance in the account. as an example, here is the Online banking web app provided by Sampath Bank to their customers.
I believe you have got a rough understanding of what internet banking is. to know more details about it, meet an officer of the bank that conducts your account. Well, now let's consider the benefits you can obtain through such internet banking facility one by one.
24/07 Access To Your Account
In the past, when we want to make a transaction from our account. we had to visit to a nearest branch of the bank. but ,because of internet banking now you can access our bank account anytime you want and do banking.
through such online system, we can do many things From checking balance to issuing orders to bank. due to this, people who are engaging in businesses getting huge benefits. this article will further discuss the tasks that can be done through internet banking.
Fund Transfers
you don't need to physically transfer money to someone or make a payment. you can also send money from your account to the other's account through the bank's computer system. For that, the bank only needs your order.
this is what is known as a funds transfer, but through online banking, you can send money at any time from any place without visiting a branch . now almost all banks are connected through network technology.
therefore, money can be transferred from one bank to another bank account instantly. this saves you a lot of time.
Bill Payment
We have to pay bills for the facilities we use in our daily life. Examples of this include water bills, electricity bills, and telephone bills. In the past, these bills had to be paid at a bank branch.
now ,through these new online banking services, all these bills can pay from at comfort of your home. think about how annoying it is to have to go to different institutions to pay each bill. It is very easy through your online banking.
Placing Orders For Banks
You can also give orders to the bank to do various things from home. there you can connect with the bank's staff via email through your online banking system. In addition to the facilities provided by the app. it is possible to request other services also including inquire about transactions and contact the manager.
Low Fees
You have to pay a very small amount for internet banking. Often it's just an annual fee or some small charge related to transactions. but the time and money you can save from it is huge.
Easy Cash Management
One of the biggest advantages that one can get through this online banking system is to be able to manage your transactions. through this, you can check your account data at any time. the data you see can be presented as below.
- Cash deposit details
- Cash withdrawal details
- Bill payment details
- Details of Standing Orders
- Details about charges
- Bank overdrafts
- Earning interest on deposits and paying interest on loans
- Your credit card details
- Loan details
- Details of your fixed deposits with the bank
In addition to the details mentioned above, you can know many other information with dates and times through internet banking. this will be very helpful in managing.
High Safety And Security
Banks that provide internet banking facilities are 100% responsible for the security of their computer systems. so there is no risk to the security of data and your assets. It is your responsibility to use the User/Password provided to you very confidentially. In this system, there is often less physical money in circulation, so the risks of money theft and robbery are very low.