By Author: Anujit Bhattachaarya
Gone are the days when banking used to happen through mail or in person. You no longer need to wait in long queues or spend hours traveling to and fro for a check deposit. Majority transactions are now processed online, and this number keeps growing every year. Internet banking is quick and user friendly. The best thing about it is that it can be done from anywhere and anytime in the world.
What is net banking?
Through internet banking, you can perform your banking transactions using a website interface. You can do everything through netbanking. You can open an account, transfer funds, pay bills, get a loan and deposit checks.
The benefits of online banking
With online banking, you can access your account round the clock. You do not have to visit a branch or wait for the bank working hours or wait in the queue, to get access to your account. This facilitates real time account maintenance and adds convenience to your life. You will be able to save time and take care of your banking activities. You can make instant fund transfers and make a loan application within minutes. You can also access the interest rates on deposits and make a decision to invest. There are multiple benefits of netbanking for every individual. It has become possible to have all your accounts at your fingertips. There are apps you can use for banking. All you need to do is tap on the phone screen and you will have your bank details right in front of you.
Drawbacks of online banking
There are certain drawbacks of internet banking which depend on whether the bank has a physical location or is online only. Due to netbanking, there is absence of face to face conversations for customer service issues. Earlier, customers were required to submit physical documents in case of a loan. With internet banking, customers need to fax or scan them and then email them to the bank. Many customers are also concerned about the security with regards to banking transactions. Identity theft and computer hacking have become a major issue faced by countries across the globe. Therefore, making customers’ a little more concerned about such transactions.
All said and done, online banking has several upsides. It not only saves time and reduces effort but also has made it possible to get quick loans and make investments without the need for extensive documentation. When you have your bank account right in front of you 24 X 7, you will be in a better position to manage your finances. You do not have to depend on an agent to help you open a bank account or to get a loan. Everything can be done online and will be processed within no time. The time to clear a check or approve a loan has significantly come down and this has only added convenience to life. Netbanking has now become quick and hassle free for every individual across the globe.