Online Banking in Time of Covid-19

Due to COVID-19, A massive lockdown all over the country is observed and people’s response continues to restrain face-to-face money-related administrations and many clients are exploring online banking for the first time in their life. Online banking was generated for basic convenience but now facing a global calamity, online banking ended up as a necessity for the whole world.

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Concurring to a recent study by J.D. Power, 35% are utilizing online banking because of lockdown, resulting in people managing their accounts online more than they did before lockdown due to the pandemic and this trend is not going to change very much even after things go back to normal. Only 46% of clients are looking forward to going back to traditional banking after a pandemic, stated by the J.D Power conducted study.

 What is online banking?

Online banking is the service that enables customers to manage their transfer money, bills and access transactions and past records of their checking account from a web browser or internet at their convenience or from the comfort of your sofa, at any time of the day or night, makes everything you do with your finances a bit easier.

Advantages of Online Banking

 The basic advantage of online banking is that you don’t need to gas up your car or ride some local transportation to go to your bank. These advantages are due to basically being online due to these banks don’t have to pay rents, hire many workers and paying them, electricity bills and other bills which makes them taking advantage of their cost structure.

The foremost noticeable benefits given by online keeping money include: 

1) 24/7 accessibility and on-hand benefits

2) Comfort

3) Online payments

4) Intensified Security

5) Cost-effective can mean low fees

6) Minimal cost can generate high interest.

7) Speed and efficiency

8) Easy Monitoring

9) Environment Friendly

1) 24/7 accessibility and on-hand benefits 

Online banks are open all day and night may it be holidays or any other occasion, they are available 24/7, as long as you have got a steady internet connection. Banks, such as, with amazing customer service, guarantee you a hundred percent satisfaction, even on a landline. So you don’t need to worry about anything even when your internet isn’t working.

This may be greatly accommodating in the event that you don’t have access to the web, or in case you feel more comfortable talking and getting help from a person rather than a computer robot.

2) Comfort

Online banking, you can make any transaction at any time of the day or night, meaning you don’t need to interrupt your prior priorities just to go to the bank to withdraw some cash or simple services like to check that a certain transaction is done or not. When you are a professional worker and you are on a tight schedule, waiting in a queue is not an option and you simply cannot go back and forth to a bank and get stuck in traffic in the middle of your day. 

3) Online Bill Payment

One of the most incredible feats of online banking is its ability to give the service to customers of paying bills online. Instead of having to fill out forms to pay bills or writing checks in shopping sprees.

In online banking you just need to set up your accounts then you just need to tap the button to do all of the above-mentioned tasks or even less, as you’ll be able to automate your bill installments? Online bill payments can help you simply keep the history of your purchases, track payments you make from your account whether they come or go out of your account and oversee your accounts from any source

4) Intensified Security

Banks are regarded as the safest place to deposit your hard earned money because they strive for the extra protective layer and adopt multiple protective layers like latest virus detection software, heavily encrypted transmission and numerous firewalls, making them un-penetrable. Your finances will have the best security which you cannot ever provide.

In online banking, your money is not in paper, so it cannot be robbed in a traditional way but it can be robbed by hackers. So online banks offer the best security features and technological solutions that means your money and data will have the best protection from theft and fraud even from hackers.

5) Low Overhead Can Mean Low Fees

Usually, online banks charge fewer fees than traditional banks because they don’t have to pay for things like electricity bills or any bills, janitorial services, landscaping, or rent, resulting in great capital and they can pass those savings along to customers.

There are a number of online banks like with free checking and the least charges; If you are stressed and want to apply for an account but have awful credits. In that event, you could open a bank account online without any charge, be able to access it without any credit check required, in spite of the fact that there may well be continuous expenses.

6) Speed and efficiency

On the off chance that you would like to exchange money, apply for new credit, or perform nearly any banking transaction, you’ll ordinarily have to hold up in line at a banking location. Internet banking has no waiting lines and you are their first priority.

As long as you have a steady internet and are able to log in, you can open your accounts and use various facilities, ask for a new credit card, or perform any banking transaction you want without getting up from your seat or bed bank and there is no holding up in line.

7) Environment Friendly

You use less paper which is in general eco-friendly because you, your clients, and your bank are aware of their environment and are striding in the right direction which not only impacts you but also as a whole to other people on earth. Many online banks are providing banking facilities like e-statements which are just electronic copies like SMS or mails of your account statement, eco-friendly transfers that don’t use paper, online client support/ customer care, and other eco-friendly business facilities.

8) Easy Monitoring

Due to the huge number of transactions that you’re likely to conduct, it can be simple to miss abnormal action in your account. Be that as it may, with instant access to your accounts, you’ll be able to survey each day’s transactions with ease. For example, you will need to check your balances, move cash between accounts, or check to see in case a payment has been exchanged. Rather than planning to go to your bank or waiting for paper statements, you’ll simply log in to your e-banking and monitor your transactions.

9) Low Overhead Can Yield High Rates

Online banking frequently offers the finest interest rates in the market in addition to offering low expenses, Even if you’re trying to find a credit slip offered by banks, an account which offers higher interest rates than standard checking accounts or simply high-interest savings accounts, such as a money market deposit accounts (MMDA).

Interesting Related Article: “Difference between Mobile Banking and Online Banking