Demonetisation played a crucial role in changing the banking scenario in India. It pushed banks to provide new ways to conduct cashless transactions. This meant thinking digital and using technical channels. As a result, Internet Banking gained momentum. It uses an electronic payment system to allow instant payments. You get access to your account information from anywhere, anytime.
Log in to your Savings Account through the bank's website to perform these tasks. Do this through any device with a decent data connection. Digital Banking services are compatible with any device, including computers, laptops, tablets, and smartphones. Once logged in, quickly use a host of financial services online. This avoids the hassle of physically visiting the bank. Besides the convenience, here are other ways it is helpful:
Timesaving
As Net Banking online is data-enabled, you can perform transactions on your handheld device. This gives you the flexibility to bank on the go. Hence, the time spent visiting the bank branch, standing in the queue, and completing the formalities gets eliminated. Moreover, Online Banking processes transactions faster than traditional means. Hence, you do not need to wait for it to take effect.
Transact digitally
Your account information is registered with the bank during online Saving Account opening. This means you do not need to enter the details repeatedly to access services. You only need your login credentials. It gets more convenient with the Banking app. They save your credentials and let you log in through one-time passwords and biometric scanning. Hence, you transact virtually without going through the paperwork.
Financial empowerment
When you bank in person, use the assistance of bank representatives. This reduces hybrid banking systems. However, the intervention is not entirely avoidable in traditional banking. But Digital Banking works differently. It lets you take control of your transactions. You understand the nitty-gritty associated with your transactions. Hence, you go through the steps with complete transparency.
Security
Your account-related information gets exchanged electronically in Online Net Banking. This eliminates human intervention, reducing the risk of data breaches. Also, banks use advanced encryption to hide your bank credentials virtually. They invest heavily in cybersecurity to protect their portals. Hence, it is safe to take the necessary precautions when transacting.
Activity tracking
Every transaction performed is recorded virtually. Hence, the bank's portal or app shows your transaction history and account statements. You also get alerts on every debit or credit in your account. This enables real-time tracking of your account activity. As a result, you spot any suspicious activity quickly. Also, the tracking facility keeps your spending habits in check and helps you implement financial planning.
