The twin events - Demonetization and the COVID-19 pandemic together have accelerated the adoption of digitalisation in India. The cashless economy, earlier seen as an emerging alternative, suddenly became a mainstream phenomenon (thanks to COVID-boosted adoption of cashless payment modes such as net banking, PoS, wallets or UPI).
With everyone moving towards e-everything, such as work from home, virtual meetings, e-learning, online grocery shopping, digital payments, Covid-19 pandemic has not only on-boarded reluctant or first-time digital payment users but has also pushed the banking industry to adopt and embrace new-age digital banking. Banks have pivoted their physical solutions to digital to serve financially stressed customers, although not all have been aggressive in this approach.
Banking as a service is becoming more accessible to masses in the digital era, and it is in the best interest of consumers to learn how to transact & use services online or as mobile banking. Online banking, also known as net banking, is a digital method to conduct transactions and other basic or relevant bank account services via internet.
Online banking can be accessed by any individual who has registered for net banking with a bank, has an active bank account or with a financial institution.
After registering for online banking facilities, a customer need not visit the bank for any basic banking services including money transfer, ordering a new cheque book or checking account statement et al. It is not just a convenient method but also a very secured method of banking.
With banking on your palms through net banking or mobile app, consumers are becoming more comfortable with digital banking.
Online banking is easier, hassle-free and timesaving for consumers. Here’s how:
One does not have to stand in a queue at the bank branch for any regular banking services and online banking enables quick & secured transactions from anywhere, anytime. Apart from paying bills to finding out loan instalments and repayment dates, online banking facilitates credit cards applications, loan applications, requests for cheque book, checking account statements, opening fixed and recurring deposits, and making other investments. Online banking offers fast transfer speed along with ease and convenience while making online payments. In short, everything is on the customer’s fingertips.
Unlike traditional banking hours, online banking is not restricted by time. It is available 24×7 throughout the year. Majority of banking related services are not time bound. Users may quickly check their bank balance, account statements, and transfer funds instantly without any delay or challenges.
Quick and Secure
With online banking, one can transfer money from one account to another almost instantaneously, especially if the two accounts are maintained by the same bank. According to the user's preference, funds can be sent by NEFT, RTGS, or IMPS. Bill payments, EMI payments, loan payments, and tax payments are all simple to complete. Furthermore, both the transactions and the account are protected by a unique User-ID and password.
Basic Banking Services
Aside from money transfer, online banking allows users conduct basic bank account services including balance checks, account statement, and make requests for cheque book issuance, personal details changes and others.
Customers may learn about the nitty-gritty of their bank accounts and the processes behind the transactions through online banking, which helps in financial empowerment. Customers frequently skip learning and understanding crucial information that affects their banking operations when they visit a branch as they are guided by a bank associate. However, with online banking, each step of the process necessitates the customer to learn how it is done and that helps customers make an informed decision.
In a densely populated nation like India, where precious hours are lost in long traffic jams and long bank lines, online banking is important to embrace. Let’s sum it up with how one can feel safe and stress-free with the advent of digital tools & new technologies in the financial sector.
The author, Supriya Suri is Vice President-Customer Experience at Home Credit India. The views expressed are personal
First Published: IST