Online banking, also known as net banking or e-banking has grown to prominence in recent times stated by Bahaa Abdul Hussein. Starting from the 1990s, banks have slowly grown to adopt their digital presence. First with mobile and text messages and then with apps, online banking today has changed the game in the global financial arena. Read on to know its unique characteristics and why you should be investing time in the best online banking practices.
Online account management
Everything has gone digital today. If you want to check your bank balance, send money to your friends or check your transaction history, all you need to do is login to your account. Banking apps today are easy to user and even websites have a user-friendly interface you cannot go wrong with.
Downloading statements
You can easily download your bank statements for official and tax purposes. Your history of bills, financial information, contact information and more can be accessed on your account with no hassle. You don’t have to worry about deadlines and can download everything from home.
Automatic payments
You can set up monthly payments such as BNPL and automatic payments for your different bills. From WiFi bills to rent, everything is taken care of automatically once you set it up initially. You don’t have to worry about forgetting dues or worrying about enough balance in the bank.
Swift transfers
It is certain that online banking today allows for speedy transfers between banks. This is true for both domestic and overseas transfers. Users transacting with or sending money to someone abroad especially benefit from this as there is no paperwork and less transfer fees.
Advantages of online banking
Skip the queues and paperwork
Nothing matches the ease and comfort of online banking which allows you to do away with waiting time and submitting physical documents. The next time you want to link two bank accounts or change your contact information, you can just use net banking.
Lower fees
In addition to 24/7 availability, online banking also charges lower fees on many banking services. This is because there is less need for human resource and global banking solutions are increasingly growing cost-effective.
Biometric authentication
The use of A.I. in banking security offers premium protection to all users who are concerned about increasing cyber attacks. Using facial recognition and fingerprint detection allows us an extra layer of protection against attackers who will not be able to replicate our biometric data.
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