There is a touch of technology in every aspect of our lives. Right from when we start our day until we hit the bed; we are surrounded by technology. Our grocery shopping, utility bill payments, learning of a new hobby, search for an electrician, getting our food delivered, and so much more, depends on technology today.
The banking sector is not a stranger when it comes to technology. Internet banking has simplified the lives of many people across the globe. Netbanking is a blessing for the Indian banking sector since it has made it a lot easier for the customers as well as the banks.
About Netbanking
Online banking, also known as internet banking, netbanking or e-banking, are offered by banks as well as financial institutions. It allows customers to use their services using the internet. Online banking makes several services available to customers like account opening, bill payments, funds transfer, tracking online activity, and much more. Banks are also available to advertise their services or products through online banking which helps in reaching to maximum number of customers.
Scope of Internet Banking
Online banking makes numerous indispensable services available to customers without the need to visit the bank. Online money transfer, bill payments, loan applications, opening a savings account, are some for banking are a few banking services. The non-financial services include cheque book applications, receiving account statements, updating personal details or contact information, start, or stop payment and more.
Today, most payments are made online owing to the convenience it offers. Most of the banks have their apps which is easily downloadable on the phone and can be used at any time. Customers can avail facilities like IMPS, NEFT and RTGS through them.
Advantages of Internet Banking
- Easy to operate – Internet banking is simple and extremely easy to understand and can be easier than the conventional banking way in a lot of cases.
- Convenience – Transfer of money becomes quite convenient. It means that customers no longer need to wait in long queues or must save the receipts of the payments made.
- Accessibility – The most indisputable advantage of netbanking is its round-the-clock availability. Customers need not take time from their schedule to visit the bank and can carry out their transactions, regardless of a weekend or a bank holiday.
Time-saving and efficient – Internet banking is not only quick extremely useful in carrying out transactions within minutes.