All industries in the current age are attempting to adopt technologies to be able to meet the quickly growing customer demands. The banking sector is not lagging in this endeavour as they are continuously taking efforts to generalize digital alternatives at the earliest. Internet banking has become one of the most popular ways to transfer funds across the world.
One need not even leave their house to access their bank accounts. Their bank account is in their hand within reach. In this way, registered customers can open accounts and avail of all the financial products offered by banks and make a quick payment with ease. Paying utility bills, recharging phones and even shopping has become convenient and easy with the help of internet banking.
Some of the main features of online banking are-
- Check the account balance online
- Open a fixed deposit account
- Make utility bill payments such as gas, water, electricity
- Make merchant payments
- Transfer funds
- Apply for a cheque book
- UPI payments
- Recharge mobile/DTH
- Buy general insurance
The main advantages of internet banking are as follows:
- Easy access to banking services- Just by registering with your contact, you can get access to banking services like mini statements, paying utility bills such as electricity bill payment, debit card statements, loan statements, online tickets, automatic payments. You can do a variety of tasks besides transactions.
- Easy availability- The banking services are available 24*7 to registered customers. There are no specific hours for mobile banking as no humans need to monitor it constantly.
- Access your transaction history- Get your account history, outstanding balances at the tap of your finger. You can access your account on your phone easily and quickly.
- Can be operated effortlessly- Net banking is simple, easy, and quick. The mobile apps are simple to understand and can be used by just anyone.
- Convenience- You don’t need to wait in long queues anymore. You can do your transactions from anywhere at your convenience.
- Less time consuming- Recharging your Fastag or making bill payments, applying for a cheque book, accessing mini statements, and much more can be done in a few seconds making the banking process extremely quick and seamless. Internet banking has thus contributed significantly to making the banking process to another.
What is the difference between an e-wallet and internet banking?
The major contrasting features between an e-wallet and internet banking are as follows:
E-wallet:
- Transaction limit – Rs. 1 Lakh
- Average fee- No fee for usage, bank withdrawal charges applicable
- Rewards & Offers- Special rewards are frequently offered by partnered merchants
- Usability- Offline/ Online
- Security- Low to Minimum
Internet banking:
- Transaction limit – Rs. 1 Lakh
- Average fee- No fee for usage
- Rewards & Offers- None
- Usability- Online
- Security- High
All-in-all, net banking is a big step forward towards a seamless banking experience for customers. The ease and convenience that online banking offers have made a big shift in the industry and have fueled the economy in multiple ways.
