Online banking is the new normal in today’s high-tech, fast-paced world. If you haven’t tried it yet, you may often wonder what is it about e-banking that so many people have switched to it and what is the difference between E-banking and traditional banking.
Well, the development of e-banking enables you to carry out important banking-related functions from the comfort of your home instead of being present in person at a bank. You can manage banking functions from your computer or mobile on the go! On the other hand, traditional banking is time-consuming. E-banking has made it more comfortable to handle basic bank activities. In other words, E-banking aims to provide much faster services to their customer without the bounds of place and time.
What Is E-Banking?
Electronic banking, abbreviated as e-banking allows the transfer of funds using computer devices or electronically. It is used for electronic transactions and customer-initiated dealings that include cards such as credit or debit cards.
It offers advantages on a larger scale:
- It helps in saving significant time, which is spent in traditional banking.
- It offers ways for international banking.
- It gives access to banking 24/7 from any place that acquires a stable internet condition.
- It provides security and top-notch privacy to its customers.
- It is a convenient option when compared to brick and mortar banking services.
Additionally, it acquires different methods, which are listed as follows:
- Internet banking
- Short message service banking
- Mobile banking
- Telephone banking
- Interactive-TV banking
Benefits of E-Banking?
Here are good reasons that state why individuals prefer e-banking over traditional banking.
Pay Your Bills From Home
You can easily pay your bills from the comfort of your home without having to wait in long lines. You are required to fill in the information once and select a mode option to pay your bill. Additionally, when you pay from a banking site, you don’t have to be worried about getting lost in your mailbox.
Besides, most banks come with an option of authorizing a recipient. Thus, it means utility bills or mortgage providers automatically deduct the cost you owe them. Moreover, banks also offer an opportunity to set up a periodic automatic pay for every month. Thus, it is beneficial when you acquire an insurance policy, in which the amount doesn’t change every month.
Helps You To View Transaction
E-banking offers an opportunity to view transactions from your mobile phone and computer. This helps in keeping track and is most definitely the quickest technique to clear a transaction. Additionally, it also helps you in keeping a check whether an unauthorized transaction is carried out or not. Furthermore, it helps you in viewing your pending transactions too.
Since each transaction is recorded, you can go months or years back to ensure if everything is accurate or not. Therefore, if your employer doesn’t remember to pay up, you can always go back to go digging and learn why he is holding up.
Although modern banking systems are efficient and work well most of the time, it is still crucial to stay on the top. Besides, it is easy to monitor the bank account online. If there is a problem, you can always dial up a representative.
Helps You In Direct Deposits
You are no longer required to wait to receive your paycheck. Instead, arrange your account, and set it up so that it directly deposits your money online. As a result, you get to access your funds almost immediately. It might not sound exciting to see numbers on your paycheck, but it is definitely worth it since it saves a considerable amount of time.
Lend A Hand In Transferring Money
In case of an emergency when you are required to send money immediately, e-banking offers several options that make it easy to send funds on the go, anytime, anywhere.
E-banking benefits in transferring money from one account to another. It is a convenient option since it doesn’t require you to go to the bank or use phone service. In both cases, you have to provide complete information on the recipient’s account. However, remember that if you transfer money using a different bank, it can take up to three days. The process is simple and usually free when using the same bank.
Easy Downloading Of Financial Statements
E-banking provides an opportunity to download financial statements easily. You can download them anytime to organize your financial records. This includes receipts of deposits and transfers, ATM withdrawals, and bills you paid using your bank account.
While keeping a check on financial records, you can document them too. Additionally, several banks also offer to spend analyzers, which graphically illustrate where your business money is spending.
Bank From Your Phone
Numerous banks offer a phone application, which means you can take advantage of it while lying on a sofa. Moreover, you can check your account while shopping, locate your funds so you don’t end up overdrawing, and ensure that no one has double-charged you.
If you know your way around a computer, e-banking can help you lead all the way in banking technology. Even the most die-hard paper trail has abandoned traditional banking and entered the digital age. It enables you to bank from the comfort of your home, to which you may not have access to otherwise. Easier and convenient options have contributed to its popularity.