With the advancement in technology and the increase in the usage of mobile phones, smartphones, tablets & other digital devices, the internet has revolutionized the way we live. Technology has not only impacted the lives of millions of people around the world but it has made it simpler. Right from shopping, ordering food, paying bills, booking tickets, everything can be done online with a few clicks.
Internet banking has been a savior when it comes to managing finances. Gone are the days when you had to personally visit the bank or call the bank to transfer money, check the account balance, start or stop payment etc. Today there are indispensable services provided by the banks that can be done online from the comfort of the home. Keeping in mind the small scale enterprises, low-income households, the unbanked individuals and disadvantaged groups to online banking, there has been a surge in the number of digital wallet providers setting up their own Payments bank. These entities are giving a further boost to ensure better financial inclusion and a cashless economy.
After demonetization, online transactions have seen a surge. People have realized the convenience of making payments digitally. Let’s look at the advantages that online banking has to offer as compared to traditional banking.
View Transactions – You can easily check your account history, transactions and track your activity online. If any unauthorized transaction takes place and you can report to the bank immediately. Keep an eye on all the transactions taking place at all times.
Transfer Money – If you have to transfer money there is no need to go to the bank and wait in the queues. With the option of online banking, you can quickly transfer money online. There are a lot of money banking services available such as Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT).
Easy To Operate – As compared to traditional banking online banking is easy to understand and operate.
Pay Bills – Pay your utility bills such as electricity, DTH, mobile bills, credit card bills etc. online within seconds. Most of the banks give the options to automate the payment. Every month a specific amount will be deducted from your account to pay your bills. This feature will save you a lot of time.
Time-Saving & Multitasking – Online banking is not only fast but also efficient and versatile. One can not only manage all of their bank accounts and money, but can also open and manage a demat account, make investments, buy insurance and securities, pay bills, transfer funds or carry out any financial transaction within seconds, saving you a whole lot of time.
Saves Time – One of the major advantages is round the clock availability, throughout the year. You can manage your transaction easily anywhere and anytime from the comfort of your home or office
All these factors contribute to online banking and it’s potential in taking us one step closer to Digital India.