scorecardresearchHow net banking has redefined the banking sector? MintGenie explains

How net banking has redefined the banking sector? MintGenie explains

Updated: 26 Apr 2023, 03:16 PM IST

Net banking has eased life, unlike any other banking service. This digital method of tracking and securing online transactions has ensured relief from going to banks physically to seek necessary services.

Net Banking has changed the way the banking sector works

Net Banking has changed the way the banking sector works

Ask people around you about net banking and most will answer how it is an easy way to transfer money over the web. Also, called “Internet Banking” by many, net banking is a digital way of carrying out financial transactions online. This electronic system benefits anyone and everyone with a bank account to carry out financial transactions sans the hassle of having to write checks or any physical presence in the bank.

To know why so many people prefer net banking, you must first appreciate the value technology has added to our lives. Banks realized the need to adopt technology as they witnessed their customers getting increasingly adapted to it. This explains how banks met the surging banking needs of customers, especially, during the Covid-19 pandemic.

While none of us can disprove and dispute the essence of traditional banking in India, the importance of net banking cannot be ignored. To know how net banking is nothing short of a boon to its users, let us explore its related benefits.

A great time-saving tool

Think of all the hassle and the time it took to go to a bank and stand in a queue just to apply for a money transfer. Instead of going all the way to the bank, those looking to transfer money from one account to another can use any internet-capable device such as a laptop, desktop computer, or mobile phone, to access net banking services. Apart, from money transfers, they can review their transaction statements, or access other banking services too.

Banking services made more secure

With net banking, no human interaction is required for the electronic interchange of any data regarding your bank's specifics, transactions, and requests. By doing this, it is less likely that clients will accidentally divulge their private financial information to a third party and it prevents any data from being misused. Your information is kept fully private when you use net banking services, thus, allowing you to make all banking decisions based on your expertise.

Investing made easy

Think of net banking benefits and you will find how it eases the investing process. Instead of rushing to banks to write cheques for your investments, you can simply choose from the list of options available online and then allocate money to them by logging in to your account through net banking. This differs from customers relying on physical banking services as they depend on bank associates, thus, forgoing the need to learn and understand crucial information affecting their banking activities.

You can use net banking for practically every activity including money transfers, investing, applying for loans, repaying loans through online equated monthly instalments (EMIs), buying insurance policies, paying for their premiums, applying for a new debit or credit card, or chequebook or procuring a digital copy of all your online transactions.


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First Published: 26 Apr 2023, 03:16 PM IST