Traditionally, the banking process involved customers physically visiting banks to perform all their banking related functions. However, internet banking has revolutionized the entire banking system in India with most banks shifting their operations online. Most banks in India have launched their individual websites, making it easier for customers to execute their financial transactions from the convenience of their homes or offices.
With internet banking, customers can access their bank accounts any time by using an online banking app introduced in the market. They can also avail of the following five benefits of internet banking:
Higher rates on deposits
As customers do not need to personally visit banks, their physical efforts are reduced. Also, with fewer visitors, banks do not need to acquire larger spaces for offices. They also do not need to employ more staff to deal with the rising number of customers. This enables banks to increase savings by cutting down on unnecessary expenditure. Banks can pass on these benefits to customers by offering them higher rates on deposits and lowering interest rates on loans. They can also offer no deposit accounts for online banking and lower penalties on early withdrawal of Fixed Deposits.
Avail wide range of services
Internet banking enables customers to avail a wide range of services including financial planning, functional budgeting and forecasting tools, loan calculators, investment analysis tools and equity trading platforms. Customers can avail of these services through simple applications on the bank’s websites. With internet banking, they can also file their tax forms online as per their convenience.
Unlimited mobility to customers
In the last few years, Internet banking has taken a step further by introducing mobile banking for customers. Mobile banking account opening boffers unlimited mobility to the customer who can handle financial transactions even while on the move.
Another important benefit of internet banking is that it is environment friendly as it cuts down the usage of paper, reduces pollution as people do not have to physically visit the bank. Internet banking also does not add carbon emissions as it limit the customers’ personal visits to the bank.
Increases customers’ time efficiency
Internet banking increases customers’ time efficiency by enabling them to complete any transaction in a matter of a few minutes. Customers can also transfer funds to any account within the country or open a fixed deposit account within no time on netbanking.
Easy tracking of accounts
With internet banking, customers can easily keep a track of their accounts by accessing them on their mobiles, PCs or laptops. Through this facility, they can order check books online, update accounts, enquire about interest rates of various financial products etc
Security of transactions
As internet banking is usually conducted through the safe confines of one’s homes or offices, it is a more secure way of conducting a transaction. You do not need to fear of trespassers intruding on your account details as they are secured with a password.
In short, these are benefits of internet banking for customers. We hope the information provided encouragess you to increase your use of internet banking.