With the help of technology, a lot of things have flourished including the banking sector. These days, the trend for internet banking is on a high and is advancing to merge a major population both from the urban and rural segments in India. This simplification includes several comforts which are part of the net banking system. At present, almost all banks active in the country have implemented this scheme and have launched their personal net banking portals to assist the customers.
Now there is no need to stand in long queues for hours with a purpose of accessing a banking procedure. With the help of online banking it is possible to manage simple banking tasks like keeping track of account balance, analyze savings account, receive e-statements, settlement of bills, transfer funds etc., within few clicks on your laptop or desktop.
What to infer from Net Banking?
Net banking, online banking or e-banking, is basically the service offered by banks as well as financial institutions that permits the customer to access banking services through the internet medium. With this facility, the customer can avail a variety of options such as online money transfer, bill payment, tracking account, account opening etc. Furthermore, online banking permit banks to publicize their services as well as products in such a way that it grabs the attention of a huge customer population. How to access internet banking? For actively using internet banking, a customer would require stable internet connection. You can even access internet banking via mobile phones that are equipped with 3G/4G data connection.
Prospects of Net Banking Services
Using internet banking, you can access several essential services that are easily made available for customers sitting at home or office. A variety of financial transactions can be performed under quick steps using your computer or laptop. Be it online fund transfer, bill payments, loan application or stimulating a savings account; there is no hassle while processing these services. Considering non-financial transactions, the customers can perform several activities that might require you to visit the bank in person, but can now be processed using net banking such as fresh cheque book request, receiving account statements, stop payment, update contact details etc.
Benefits of Net Banking
Internet banking has a huge advantage in today’s technology bound era where people desire swift performance. With the power of e-banking you have several advantages over conventional banking. Below mentioned are some striking benefits of net banking which can tend to make your banking experience fruitful.
- Online banking is simple and quick to understand. At times, you’ll find that is it simpler than conventional banking. Moreover, function of an online account is quite basic and can be managed under few steps.
- With net banking, you can manage transactional activities such as fund transfer, bill payments etc., directly using an internet platform. Each of the payments would be safely processed under high end encryption. Interestingly, the record for the payments as well as bills are preserved on your online account.
- One of the prime benefits of online banking is its 24×7 availability. There is no need for scheduling a time to process banking actions, regardless of a weekend or holiday.
- With e-banking you can manage banking activities within few minutes. Online fund transfer, account opening or payment of bills can be processed under a lesser time, helping you to save precious time.
- Using net banking you can track account activity anytime and anywhere. The customer can keep a focused look at his/her account transactions as well as balance without any inconvenience. Any type of unauthorized transaction or fraud can be instantly spotted and reported to the bank. This measure works to keep your transactions and balance safe.
Internet Banking Disadvantages
Net banking is accompanied with a good range of advantages; however, there are several disadvantages that should also be taken into consideration. Here are some prime disadvantages which can trouble customers with the use of internet banking:
- New customers who haven’t still used online banking might face a little challenge considering its usage. There are several banks which offer a demo, but there are certain banks which do not provide any such instructions. Focusing on the latter case, unaware customers may be left confused with this modern-day facility.
- For actively using online banking, there should be a stable internet connection. In the absence of internet access, online banking is completely dead. Further, if the bank’s server has crashed, you wouldn’t be able to access your online banking account for managing different transactions.
- There is a specific reason which has still kept a major share of banking customers away from the use of internet banking. Security factor always keeps the customers dicey about how to trust this facility. At present, almost all recognized banks manage a powerful security coding for ensuring transaction safety. But, there have been situations where customer information and other details have been leaked causing a negative impact.
- With net banking, login passwords are supremely important. Hence, it is quite necessary that the customer shouldn’t reveal the account password with anyone, be it friends, family or relatives. It is advisable to memorize each of your passwords and try to swap them on a frequent basis to eliminate the chances of password stealing.