4 reasons to try digital banking in 2017

Digital banking will change your life and free up time that you can expend in more important activities – and that’s always welcome!

The Internet came to India in the mid-1990s. At the time, nobody could have anticipated the tremendous impact it would have on our lives. Within just a few years, businesses oriented themselves to work in the digital space – emails and IMs became the order of the day. But meanwhile, the digital medium was prompting existing business sectors to conduct operations in a completely different manner. At the same time, new web-based businesses were springing up as well.

Female hands using online banking on touch screen device

The digital medium created a new ecosystem for business in India, and the first to jump on the bandwagon were the mass media, banking, insurance, retail and IT sectors. Till a few years ago, we could not have imagined a scenario where we could order groceries and shop for expensive items at the click of a button. Indeed, the early years of online shopping in India were dismal ones, since customers did not trust the security provided by shopping portals when using their financial information. But as systems became more robust, customers began to experiment with, and finally completely trust, the online medium for shopping. Thus, today it is possible to buy anything from a box of sweets to a washing machine, using just one’s mobile phone or laptop.

Banking, especially, tapped into the energies of the Internet to completely transform the way people interacted with banks and conducted their personal financial transactions. It has been a fascinating journey for banking and the Internet superhighway, as bank-to-customer interaction is now refined via mobile banking apps and a multitude of digital-based banking services in India. But it has not been an easy journey – banks have had to work really hard to provide the most secure channels for customers. The best banks in India today offer comprehensive online security and a seamless interface between bank and customer. Thus, attempts at online fraud, phishing and hacking are swiftly flagged down and reported.[1]

Concurrently, banks have also had to contend with a lot of online activity in the past few months after demonetisation was announced in November 2016. Forced to hold on to the little cash they had, customers had no option but to use their bank’s range of online services to make payments, shop and even pay bills. It has now become second nature for most people to swipe their debit/credit card instead of proffering cash to pay for their purchases at most places. Banks have also tied up with third party payment platforms to help customers pay for using transport and other public utilities without cash.[2]

The Government is now encouraging every Indian to ‘go cashless’ and this is facilitated by robust and secure banking channels in the country. Today, millions of Indians are banking over the Internet in India. But there are still those – a majority of them being senior citizens – who still prefer to bank only at the bank branch. If you are still not using the digital medium for banking, you could consider these four reasons to start doing so[3]:

1 You can bank from anywhere.

Internet banking services in India allow customers the freedom to bank from anywhere in the world. All you need is a working Internet connection and the bank’s URL. You can effect money transfers, pay your utility bills, and so much more at your convenience. Thus, Internet banking services in India can save a lot of your time, which you can use for other tasks. Your


[1] http://www.businesstoday.in/magazine/special/best-banks-2012-indian-banking-challenges/story/189858.html

[2] http://thediplomat.com/2016/12/if-indias-demonetization-was-all-about-going-digital-then-why-the-rush/

[3] http://in.reuters.com/article/benefits-and-drawbacks-of-internet-banki-idINDEE87106320120802

presence at the bank is not needed for any purpose, unless you wish to deposit a cheque. Every other task can be performed online.[1]

2 You can open savings and fixed deposit accounts online.

The best banks today let customers open zero balance savings accounts and fixed deposit accounts online. There is no need to fill out paperwork for the same. This saves time and effort, and there is no need to trudge to the bank branch for submitting the documents either. You can simply upload the supporting documents as per the bank’s KYC mandate, and the bank starts processing the application forthwith.

3 You can keep track of your finances easily.

Gone are the days when you needed a separate accounts book to write down your expenses and savings. Today, mobile banking apps record all your transactions in a consolidated statement that you can print out at any time. Digital banking makes it simpler to keep track of your finances. You can pull up a statement for a certain time period, ascertain your expenses from month to month and make more informed financial decisions since your finances are laid out for you in an easy format.

4 Even business banking can be done online.

Not just personal banking, but business banking can also be conducted online. This eases the daily working of all companies in India, since they get better control over payments and receivables, and can also use the bank’s business banking services to streamline their financial processes.

 

 

Keyword: bank, banking services in India

[1] http://financialblogindia.weebly.com/blog/advantages-and-disadvantages-of-using-internet-banking-and-neft