We literally will be rushing all day long, rush to office, rush to send children to school, and at the end of the day we rush to bank or post office to spend time in queueing up to pay your bills. And, that’s where online banking created to slow down your hectic day and gives you some relaxing time to brace yourselves for the next day. Although it sounds like online banking benefits the customers totally, It also benefits banks who offer online banking to their customers.
How online banking benefits the Customers?
- Easy to create an online account and use, especially with the best UI/UX.
- Convenient since you can pay the bills, transfer funds and so on from anywhere you are. You can avoid queueing up and keeping all the receipts of your bills since you can view your transactions easily by online.
- Access your account from anywhere and anytime. 24/7 availability even during weekends and public holidays. The only thing you needed is a gadget with a good internet connection.
- Fast and efficient transfer of funds from one account to another. You can even manage to set the date of payment with amount for your regular bills to be deducted automatically. By also manage your other accounts easily through online banking.
- Secure while you can watch your transactions and account balance all the time. Each of your transactions will be taken care safely and alerts you by SMS or email. You can react as soon as possible if you did not perform the transaction. This implies by checking your records and getting alerts, can protects your account from any fraud and risk to your account before any harms.
How it benefits the banks?
- You can have break or close branches since customers can access their accounts 24 hrs.
- The amount of visiting the website is higher each day, an ordinary bank cannot cope the number of the visits per day.
- Banks can save about 50% of their costs like rental pay, insurance, utilities and staffs’ pay to run a branch since customers do almost most of their work by own through website. Banks are free to close some branches that very expensive to run.
- Banks can attract more customers to their online banking compare to traditional banks since customers prefers the most convenient way to cater their hectic life.
- Banks can offer more attractive incentives due to low operating costs. Such low interest rates for loans and higher rate of interest savers.