Thursday, July 19, 2018

Online Banking Business

With the advent of computer technology, the business worlds in different industries today are trying to compete with each other as to the advancement in the use of a computer system. Almost all companies and industries are trying to resort to online business such as online marketing, online banking, and other online transactions and online services to cater to the needs of customers or clients. One of these industries that are trying to offer better services to its market is the banking industry.

The widespread use of internet challenged many banks to enhance the development of their products and services through internet banking. Having this new product, banks made it easy for their customers to do banking transactions. It also lessens the hassles and time of the bank employees in entertaining plenty of customers in the bank. Instead of going to the bank to transact business, clients will just open their computer and do internet banking. This is also a 24 hour service, so, it is a worry-free thing to account holders availing of the said service. For as long as the clients’ transaction is offered in internet banking, then, the client would not have a problem. He can do his or her transaction anytime he or she wants.

Registration to internet banking is very simple. It can be done in either of two ways. First, you may enroll directly through online by just going to the bank’s website and fill in the information there. Or, you may go to the bank and enroll manually. You just approach a customer relations assistant or the one handling online services, and you will be given a form to fill up the information needed for online banking. Passwords and user identification is necessary for online banking, so, you have to prepare the combination you want to save time. Be sure not to tell anyone about your password and user ID. Keep it to yourself to avoid the risk of illegal access by persons with malicious acts.

Internet banking offers a wide variety of services. You can access the balance of your account/s anytime of the day. You can pay your bills such as credit cards, telephone bills, cellular phone bills, electric bills, insurance fees, water bills and other company bills registered in the online banking, anytime, any day. You can also make a schedule for recurring utility bill payments through online banking. Mostly, these services are free of charge. You can do fund transfer from your bank to another bank but with a reasonable service charge. You can also transfer from one account to another account in your bank, which is free of charge. You can view your transactions made several days ago, in short, your transaction history. You can also request for a bank statement through online. You can also purchase prepaid cards such as cellphone prepaid cards and telephone prepaid cards through online banking. You can request for additional checkbooks and even do stop payments through the use of your online banking.

However, online banking can also be risky at times, especially if one is not so much familiar with the use of internet. That is why before availing of internet banking, one has to familiarize himself or herself with the security measures. It is also important to log off and close the browser window when done with the online banking session for it might be accessed by anybody. Somebody might be able to get your security details and can memorize your password when you will not close your browser window. Another problem with internet banking is when your internet connection has a trouble and if your bank’s website is temporarily down. And you have a very important bill payment to be made because it is already the deadline. If you cannot pay it through the internet, then you will be charged a penalty fee. Although, these cases very seldom happen.

In general, though there are disadvantages of online banking, but as a whole, it is still an advantage. It saves ones time and effort of going to the bank, it is convenient for you can do your transaction anytime you want in any day. It is hassle-free and less costly for charges are mostly waived.

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