All what you need to know about online banking
Globalization and a lot of changes in technology have led to online banking or E-banking.
Traditionally, branch banking was used by the customers in order to access the banking services and this was very time consuming. This thing has led to the introduction of online banking.
Online banking refers to an electronic payment system that allows customers of a bank or other financial institution to follow a range of financial transactions through the financial institution’s website. Online banking is also known as E-banking. This E-banking system will be connected to the core banking system.
How to use online banking?
Understanding how online banking works is very important. There are few steps by which you understand online banking functionality and process.
- Opening up a bank account if you don’t have one is the primary thing before using online banking services. Because a bank account is needed in order to manage it online.
- Setting up your account online is the second most important thing. If you have a bank account then you can easily set that account online after following few identification tests.
- Third step is all about choosing a secure username and password by using special characters, numbers and upper and lower case letters in your password.
- Setting up your contact information because it is important for you to know what address the bank has file for you.
- Give time to the banking portal and identify where things are.
- Opting out of paper statements is very important as it assists you in staying organized and on top of your accounts.
- Using online bill pay services to pay your utilities, rent, and other monthly charges
- Applying for lines of credit or loans through the online portal because once you are a customer of the bank and have an online account, then you can use the online banking portal to sign up for new accounts. And therefore, applying for lines of credit or loans through the online portal can be done smoothly and easily.
- Checking for special offers or messages in the portal.
- Transferring money between accounts
- Using a mobile banking application for online banking services
Staying secure by not using online banking on public WiFi, stating aware of surrounding when banking on your phone in public, monitoring your accounts for any signs of fraud or theft.
Advantages of online banking
Some of the major advantages of online banking are:
- Convenience: online banking provides convenience as you don’t have to visit the branch of the bank to access any banking services. And as online banking is a 24 hours service, you can carry out your operations anytime and anywhere.
- Mobility: online banking can be done from anywhere; all what one needs for this is a good internet connection.
- No fees: there is no or reduced fees charged in online banking.
- Higher interest rates: higher interest rates are offered because of lack of cost associated with running an online bank.
- Automatic bills paying: you can opt for automatic bills paying in online banking.
Online banking services
Online banking services include:
- Checking and managing bank accounts.
- Transferring money through Interbank GIRO (IBG) OR Instant Transfer (IBFT)
- Online application forms for prepaid MasterCard, ASB loan, Business Premises Financing, and property financing.
- Bills payment
- Top up mobile prepaid
- Payment alert and reminders
- eStatements for bank accounts
- eIPO and share trading
- eFixed deposit
Axios credit bank
Axios credit bank is a financial body providing offshore financial services. Axios credit bank also provides online banking services that help you to monitor, transact and manage the bank account online with Axios credit bank’s offshore net banking services.