BENEFITS OF ONLINE BANKING
Online banking is a way to perform all banking functions through internet by using computer. In this tech friendly age it is the most convenient and favorite facility to operate their accounts within minutes from anywhere. All banks are offering online banking services as it reduce the load on banks and give maximum benefits to its clients. Even the procedure of adopting online access of their account from bank is very easy. People just need to register themselves with bank for online banking and can use it from any secure website.
Online banking gives various benefits not only to its users but to bank staff as well. Mobile banking and telephone banking is also included in online banking.
Benefits to bank:
Cost reduction: Online banking reduces set up and operational costs as people make their transaction online so paper cost e.g. Cheques are not involved. No set up cost is involved because all the services are provided online not personally.
Less load on staff: As online banking facilitates customers to get information and make transaction themselves so it reduces the work load on staff. Bank staff now only needs to handle those customers which are not using online banking.
Easy handling of large number of customers: A large number of customers can not be handled personally by bank because there are limited branches of banks but online banking makes it possible to provide service to numerous people at same time just by using their online banking user id and password.
Benefits to customers:
Flexibility to access from anywhere: Online banking can be used from anywhere, only requirement is a computer and an internet connection. Al customers register wit their banks for online banking are provided services on secure website from any place.
Flexibility to access anytime: Online banking facilities are available for 24 hours everyday. Customers do not have to wait for making payments and other transactions and do not need to work according to bank hours.
Time saving: Online banking save time as customers don’t need to spend their time in long lines of bank. Transactions can be done in real time which allows customers to make payment even on last dates.
Online banking does not involve any charges: Online banking services are free for bank customers. Only some of them involve very low charges.
High interest rates: Online banking services are offers with high interest rates because it reduces other operational charges but this is applicable for only those accounts which are fully online.
Large number of services: Almost all banking services are provided online like online account information, Payment, transactions, application for loan etc.