Online Banking: What Are The Major Benefits And Trends?

Remember waiting in long lines for tokens, dealing with grumpy employees, and wasting half of your day to complete your bank-related tasks? Such scenarios have become very rare today, all thanks to fast net banking that allows easy bill pay, balance check, account opening, and much more at the tap of your fingers.

The popularity of net banking has grown astronomically over the past few years. The internet is used by almost everyone due to the ease of accessibility and practically zero costs that it brings. The QR Code for online payments can be noticed everywhere, from the small stalls to huge showrooms. In the modern age, cashless transactions have become more and more popular as people have realized how easy, convenient, and time-saving they are.

Some of the main advantages and trends of the banking sectors are as follows:

• Digital Payments- To keep up with the trends and stay relevant, every bank has introduced its mobile banking apps. The new banking system has transformed the way businesses work. You can make direct payments from your account through mobile banking. All you need to do is register your account on any digital payment app. Both banks and businesses are shifting towards the digital alternative as much as possible.

• Manage your finance- There are several banking features available to enable easy access to your account. You can view your mini statement (last ten transactions or previous one-month transactions), historical statement, FD interest statements, TDS details, etc. with your banking apps. Banks are working on providing all the services and financial products on their apps directly so that the customers don’t have to visit the bank every now and then. Any suspicious activity can be immediately controlled as you receive regular alerts about your bank account transaction. It also helps in keeping track of your spending and managing your funds better.

• Online Money Transfer– You can transfer money effortlessly through NEFT (National Electronic Funds Transfer) & RTGS (Real Time Gross Settlement). The facility of transferring money to another person’s account is available 24*7.

• Making Online Investments- Banks allow you to make a Fixed Deposit account online, and some banks also allow you to withdraw premature funds from the account created online. Investment in Systematic Investment Plans in mutual funds is also possible through net banking portals. Payments can also be automated and pre-scheduled. Hence, you can regularly make investments online and enjoy the benefits of it.

• Shopping Digitally- Banks are availing easy online purchasing through internet banking. The facility allows users to shop from their favorite e-commerce websites such as Amazon, Flipkart, Ajio and enjoy exciting rewards and bonuses. Many banks are also planning on introducing super apps that will make banking apps a one-stop-shop to get everything from opening a savings account to booking a cab, shopping online, ordering food online.

Thus banks are trying to facilitate more facilities to enable seamless and user-friendly online banking for their customers.