Does the nature of business force customers to use Internet banking? Or, is there anything in it for customers? Indeed, there are many advantages to doing internet banking.
- It is easy to open a bank account on the Internet. You sit in the comfort of your home or office, and type your answers to a few questions. You set up security measures that will be used to access your account, such as usernames, passwords, etc. Then all you need to do is print and sign a form to send to complete the process.
- Internet banking is cheaper. With the advantage of having no physical structure to track, virtual banks have low overheads. They can afford to cut you off by offering higher interest rates on your savings. They will also offer lower overdraft fees. Even banks that are supported by physical buildings encourage online banking with free bill payment services.
- Internet banking allows you to easily compare offers. You can go to different online banks and know their interest rates and policies on checking and savings accounts. You can find out what credit cards they offer, and at what rates. You can compare the terms of the loan. You can check with the FDIC to check the credibility of the banks.
- Internet banking customers can monitor their daily balances. By going online to the bank’s website, you can watch what happens in your account any day or time. You can check your balance. You can find out if a particular cheque has deleted your account or see when automatic deposits are made. All of these services bounce almost a thing from the past.
- Your monthly statement can be reconciled using your computer. You can download your banking data in software like Quicken or Microsoft Money. Then, with just a few clicks of your mouse, you can set your account. Thanks to your bank account on the Internet, you can even see copies of the cheques you have written.
- You have a better chance of catching fraudulent use if you have an internet bank account. When you check your debits and deposits, you will most likely notice if something is there that you have not done. If someone withdraws money from your account, you’ll know as soon as you log in and look at your account. Then you can work on fixing the situation long before you notice it even with conventional banks.
- Internet banking is much more convenient than traditional banking. You don’t have to wait for the bank to open. You don’t need to drive to get there. If you use Internet banking for your office, you won’t have to waste valuable time going to the bank. You can manage your funds anywhere, anytime.
Internet banking is developing for a reason. People get used to doing business on the Internet. They appreciate the convenience and control over their money that Internet banking gives them.