Internet banking is to carry out your financial and non-financial transactions by using your bank accounts online facilities and services with the help of the internet.
In the era of digital technology, a great revolution comes in the field of banking also.
Especially after demonetisation internet banking got a great boost up.
In previous years people are queued up in banks for long hours to get done their simpler work.
But now almost every type of banking service are available on your mobile phone via internet banking or mobile banking.
Now customers can avail services of banking just by sitting at their home and eating popcorn. Nowadays from doing fund transfer to account opening is also possible with the help of internet banking.
But each facility has its pros and cons. So while using internet banking utmost care should be taken.
Internet banking can be availed by individuals with the registering in the bank. User id and password will be provided by the bank to log in and start online banking.
Facilities and Services Available Through Internet Banking
Customers can avail of many types of facilities and services by using internet banking. Sometimes you may face some hiccups as a new user but after that, you will enjoy seamless services of internet banking.
These are the following services customers can avail by using internet banking-
- To Check Account Balance
- View/Download Bank Statements
- NEFT, IMPS & RTGS Fund Transfer
- Opening and Closing of a Fixed Deposit
- Issuance of New Cheque Book
- Payment of Utility Bills like Electricity Bills, Water Bills
- Investments like in Mutual Funds
- Account Details Updation
- Recharge of Mobile/DTH
Features of Internet Banking
A bouquet is the collection of many flowers like that only internet banking is also collection many features, services and facilities.
Following are some important features of internet banking-
- Internet banking provides access to financial as well as non-financial banking services.
- Customers can check their main account bank balance any time from anywhere.
- Payments of bills become an easy task with the help of internet banking.
- Fund transfers to other accounts also become a very simple one by using internet banking.
- Internet banking also helps to keep a check on mortgages, loans, savings a/c linked to the bank account.
- Internet banking is a safe and secure mode of banking if used cautiously.
- Internet banking is protected with a unique ID and password.
- Customers can apply for the issuance of a new chequebook, request for bank statement can block/apply debit/credit cards by using internet banking.
- Internet banking also provides a platform to buy all types of insurance.
- With the help of internet banking, customers can set up or cancel automatic recurring payments.
- Internet banking also helps customers to keep a check on investments, linked to the bank account.
Advantages and Disadvantages of Internet Banking
Every technology has its own advantages and disadvantages. In internet banking also this one seems true.
In this paragraph, we will discuss the advantages and disadvantages of internet banking use.
Advantages of Internet Banking
If we say there are countless advantages of internet banking, that will not be hyperbole. Internet banking made our lives easy and comfortable.
Now we will discuss some main advantages of internet banking-
Induction of internet banking comes with avoiding of queues for our banking services. Now there is no need to go bank for our day to day banking works.
- Easy To Operate-
Once the customer is used to with internet banking, it is very easy to operate it and get your desired job done.
- Safe and Secure-
If a customer is using internet banking with safety protocols, it is very safe and secure.
- Easy To Track-
It is easy to track and monitor the progress of the transactions done with the help of internet banking.
- Easy To Query and Lodge complaints-
Queries and complaints can be raised very easily with the help of internet banking and can also monitor the progress of that.
- 24*7 facility-
Internet banking provides the facility to avail all the banking services round o’clock. No need to follow banking timings.
Disadvantages of Internet Banking
As we earlier discussed that every technology has its disadvantages also, the same is with internet banking too. But some of them are avoidable if we use it wisely.
Following are some disadvantages of internet banking-
- Requirement of the Internet-
It is the basic need to operate internet banking. Actually, this is not a disadvantage but it is a requirement.
- Difficult for newcomers-
Sometimes internet banking little bit difficult for new users. But that is also not a part of big disadvantage.
- Don’t Fulfil Requirement of Hard cash-
In case if you are in need of cash, then you have to visit either bank or ATM to fulfil your requirement.
- Danger of Cyber Attack-
Cybersecurity is the prime concern with internet banking. So it is always advisable to make a strong password and use your private internet while banking.
Precautions for Online Banking
While using internet banking utmost care should be taken. Nowadays so many fraudulent cases are coming and cybercrime is also at its peak.
So the following are the precautions that should be adhered to by customers while doing internet banking and availing online services-
- Always use a safe and secure network.
- Avoid using public places cyber cafes to do online banking.
- Must go through the authorized site.
- Don’t follow links.
- Always use your OTP linked sim in other mobile prefer the basic phone.
- Password should not be regular and traceable.
- Always put all security features ON in the website setting.
- Try to use online banking through a dedicated app provided by the bank.
- Sign out is must-do activity after carrying out banking.
In this article, we have discussed what is internet banking, features and services provided by it, advantages and disadvantages.
Customers should be aware of all the risks while using internet banking.
It is not necessary to know what to do but it is a must to know what not to do in internet banking to safeguard your financial savings.
If any further query regarding internet banking, just write down in comment box. At the end of this, wish you all
HAPPY BANKING, SAFE BANKING.