The Twin Events – Demonetization and the COVID-19 pandemic have together accelerated digitization adoption in India. The cashless economy, previously seen as an emerging alternative, has suddenly become a mainstream phenomenon (thanks to the adoption, driven by COVID, of cashless payment methods such as online banking, point-of-sale, wallets or UPI).
As everyone moves towards everything like working from home, virtual meetings, e-learning, e-shopping, digital payments, the Covid-19 pandemic has not only incorporated users of reluctant or newbie digital payment, but also pushed the banking industry to embrace and embrace the new era digital banking services. Banks have pivoted their physical solutions to digital to serve customers in financial difficulty, although not all have been aggressive in this approach.
Banking as a service is becoming more and more accessible to the masses in the digital age, and it is in the best interests of consumers to learn how to transact and use services online or as a mobile banking. Online banking, also known as online banking, is a digital method of performing basic or relevant bank account transactions and other services over the internet.
Online banking is accessible to any natural person registered for net banking with a bank, having an active bank account or with a financial institution.
After signing up for online banking, a customer does not need to visit the bank to get basic banking services, including money transfer, ordering a new checkbook, or a bank statement. current account, etc. It is not only a convenient method, but also a very secure banking method.
With banking in your hands via online banking or the mobile app, consumers are increasingly comfortable with digital banking.
Online banking is simpler, hassle-free and saves consumers time. Here’s how:
Convenience
There is no need to queue at the bank branch for regular banking services and online banking allows for fast and secure transactions from anywhere, anytime. In addition to paying bills to find out about loan deadlines and repayment dates, online banking facilitates credit card applications, loan applications, checkbook requests, checking account statements, opening a bank account. fixed and recurring deposits and making other investments. Online banking offers fast transfer speed as well as ease and convenience when making online payments. In short, everything is within reach of the customer.
Availablity
Unlike traditional banking hours, online banking is not limited by time. It is available 24/7 all year round. The majority of banking services are not time bound. Users can quickly check their bank balances, account statements and transfer funds instantly without any delay or hassle.
Fast and secure
With online banking, one can transfer money from one account to another almost instantly, especially if both accounts are held by the same bank. Depending on user preferences, funds can be sent by NEFT, RTGS or IMPS. Bill payments, EMI payments, loan payments, and tax payments are all simple to make. In addition, transactions and the account are protected by a unique username and password.
Basic banking services
In addition to money transfer, online banking services allow users to perform basic banking services including balance checks, account statements, and requests for checkbook issuance, data modification personal and others.
Customers can learn more about their bank account details and the processes behind transactions through online banking, which contributes to financial empowerment. Customers often fail to learn and understand crucial information that affects their banking operations when visiting a branch because they are guided by a banking associate. However, with online banking, every step of the process requires the customer to learn how it is done and this helps customers make an informed decision.
In a densely populated country like India, where precious hours are wasted in long traffic jams and long bank lines, it is important to embrace online banking. Let’s sum it up by how safe and stress-free one can feel with the advent of digital tools and new technologies in the financial sector.
The author, Supriya Suri, is Vice President of Customer Experience at Home Credit India. Opinions expressed are personal
First publication: STI
