Banking Industry is the backbone of the economy supporting each and every Individual and the activities at various stages either directly or indirectly. With the revolution in the technology banking Industry also elevated its operations to next level where any where banking, net banking or online banking etc were initiated.
Gone are the days where the customers of the bank were required to stand in long queue for depositing the funds or withdrawing the same or do any other transaction. For each and every transaction the customers were required to reach the back, spend time and to be physically b present in the bank to complete the transaction.
Online Banking has some of the features as mentioned below though not limited to it:
• Customer is provided access to the software system of the bank to the extent limited to his transactions from his account.
• Unique login details with secret password is shared with the customers to enable the customer to manage the activities by himself.
• Customer can carry out the transactions from any place of his choice
• Transactions are executed through Internet and has to be carried out Online
• Customer has right to carry out transactions from his account which includes transfer, account review, updating details etc.
• Online banking reduced the operational pressure on the banks as more and more customers are comfortable to carry out the transactions through Online without the intervention of the banks
• It is easier for the regulatory bodies to monitor the transactions done through online as the details are more handy as compared to the manual banking methods used earlier
• Online banking helps to keep the information more confidential as paper work has come down and most of the details are stored Online through secret passwords by the customer only
• Personal Online banking is a revolution where the activities are self regulated and the transactions are carried out by the customer himself at their convenience. It has resulted in saving of time for the customer as well as the bank are able to reduce the cost on the manpower.
• Personal Online banking is now not only limited to the funds management it has also been extended to other products such as taking insurance, or investing in mutual funds etc as per the choice of the customer.
• In case of the Online purchases by the customer the payments are also done by personal banking platform in a secured manner
With the evolution of the ATM and the personal banking the major part of the Urban population has switched over from traditional banking to the new online personal banking mode. It is a revolution which has changed the definition of the banking itself.