Online Banking

Online Banking – Bringing Convenience in your Life

 

Understanding the Online Banking:

 

Due to technological advancement, everyone is now giving preference to technology over conventional methods. Online banking is one of them. It is a type of banking that you can use with the advantage of computer technology in order to avoid lengthy, time-consuming and paper based documents of conventional banking. You can perform all banking activities through the internet such as bill payment, balance transfers and inquiries, transactions, loan, credit card and so on. Some online banks are having no territorial presence and are known as virtual banks while the other is typical traditional banks through their guaranteed and secured website.

 

History:

 

Online banking is envisioned in the late of 1980’s and early of 1990’s. Initially, the system of online banking was so simple. Customers can only check their accounts balances and can make money transfers of money from one account to another.  Later, the system was evaluated, and you can see the development of online banking with the use of today’s modern and more convenient online banks. Today’s online banking is allowing you to perform every kind of activities from online transactions to online bill payments. If you look at the history of online banking, you will find that initially only few banks were allowing online banking but later due to the popularity most of the banks turned to provide online services and therefore, there are millions of people who are the active users of online banking.

 

Funds transfer:

 

With the help of online banking, funds transfer becomes easier and quick with the ease and privacy of your home and office without visiting down banks. You can make funds transfer within your country, out of country and anywhere in the world. Through online banking, you cannot only transfer funds to the same branch of the bank anywhere in the world, with which you are having an account but also, can transfer money to some other banks. Online banking made funds transfer too quick that when you transfer your funds, it will take only a couple of minutes or in seconds regardless of location, but at the same time the amount transferred will convert in that country’s currency. There is no need to fill a check with payee’s name, and your signatures and other paper based work. Online funds transfer is a secured way without the fear of misplacing. It is found much safer and quicker than that of sending checks or cash through mails.

 

Payments to third parties:

 

Payments to third parties mean that if you want to make certain purchases through online transaction, a bank or other financial institution will work as trustee between both the parties that is merchants and customers. Through online banking, it has become very easy and much secure. When the customer confirms certain product, he will make payments to third party who will transfer the money to the seller after sending the product and after the confirmation of a buyer. Online banking is safe for these kinds of payments as they never disclosing your personal account information to the third party and merchants. It is very beneficial as it is time saving, providing a facility of multi currency solutions and offering more and convenient payment methods to your customers.

 

Online Banking – Investment:

 

Online banking provides you the opportunity of investing money without moving apart from the screen of your computer. Usually banks are offering investment to those having large deposits in their accounts. Most of the people are turning towards online banking because of the convenience, and fastness, therefore, online banks are also trying to meet every kind of needs and demands of their customers. There are also certain online banks available who are working from many years with good reputation, and customers trust. If you are having a big amount of money, and you want to take benefit from it, then you can easily make investments through online banking with a good rate of interest. You can also invest with some good reputed companies via e-banking. They offer you a quick and reliable rate of return. They are having different types of investment plans such as long term as well as short terms. Through online investment, you can invest in sales of goods and services with a good profit margin, in lending money on a good rate of interest, and you can even invest in buying shares of companies.

 

Online Banking – Loans:

 

Online banking also enables you to get access to online loans. For this purpose, you just have to search for available types of loans available, the different policies of loans and the interest rate. Online loans are actually a part of online banking and are arranged for the ease of customer. You can easily apply for online loan. They will give you a very simple application form with different important queries. Loans obtaining from online banks are very simple and easy to acquire as compare to other traditional banks. Through online banks you can get access to different kinds of loans including student loans, mortgage loans, home loans, marriage loans, commercial business loans, car loans; real estate loans, etc. online banks also enable you to get access to short-term loans. The repayment methods of these loans are very easy.

 

Online Banking – Security:

 

You must be confident about online banking as they are highly secure in every single aspect. Online banking reduces the use of cash in daily life in a very secure way. You can make a purchase, can transfer money from one country to another, can pay your bills, and even you can make any kind of financial dealings with full security. Online banks never disclose your personal information to others. For security purpose, many online banks are using encryption technology. These banks keep a certain encrypted key that is not readable and accessible to everyone and for access, it needs certain information that is only known by the customer. It is a very good option; however, if you want to make your online banking more secure then you need to check your account regularly. If you find anything wrong immediately report the relevant body.

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