Finance Business Resource: Money transfer enabled with new technology- internet banking

Money transfer enabled with new technology- internet banking

Internet Banking

Internet banking is one kind of payment system which is done using electronic process. It helps us to make financial transactions using the website run by the company or corporation. Retail bank, virtual bank, credit union, building society all of them are same type. They can be defined as alternative. Another name of Internet banking system is online banking. If a customer want to transfer money using internet banking he needs to register for that company and need to be agreed with their terms and should get his own password so that he can subscribe into his account. This password is for his own safety and also for verifying him. Now many institutions are giving offer for internet banking which includes many features. Some features are common for all but others specific. Its gives us new Financial and technological bond


Advantages of Internet Banking

Not only money transfer but also many tasks which have no relation with transactions can be performed using internet banking. Among these non transnational functions some are given here. Using internet banking customers can easily check their account balances. Now they can easily know what the amounts that are existing in their account are.  They do not need to go to bank. Thus internet banking saves a lot of time and work. Using internet banking one can easily see his recent transactions which means if anybody else try to transact from his account he will know.  Even he can remove any kind of confusion.
He does not need to go to others or complain to others. Bank statement is the summary of total transactions. This type of statement was given after a certain period. All the data of any type of transaction held by the owner of the account or using that account over that certain period are included in that statement. If he wants he can easily download that statement otherwise he has to go to bank to collect that statement or have to wait for their mail. But now he can easily download that statement in a pdf format and save it. He can also view images of his paid cheques using internet banking. This also includes paying different bills and also paying others. He can easily apply for a loan and for transactions. He can also purchase any investment or sell them. Besides he can also give application for credit card. If he wants he can register in billing option and pay easily using his account. This non transnational feature also offers for financial institution administration and management many users. This feature also includes transaction approval. Those features help us to bring the world more close to us.  Using online banking we can easily send money to other countries and also receive money easily. Online banking saved a lot of our time. Otherwise we have to wait many days for sending and receiving money. Also we were worried because the process was not safe. But using online banking we can easily send and receive money and this process is also a safe process. Online banking not only helps us but also helped the many institutions.



Now customers of a bank are increasing because online banking has now become very popular among the customers. So they perform all their transactions and other functions that are not related with transaction using on line banking. Thus online banking reduced the physical load of a bank. Online banking helps us to become a responsible consumer and to apply our consumerism. If we use online k. Even we do not need kind of set up or any kind of registration. We can complete everything by ourselves. It also makes us aware by letting us know about the availability of our fund. It also helps the merchants. It has reduced the abandoned carts and improved the sales conversion. It also contains a feature which tells that real-time authorization of guaranteed ACH payment. It also suggests preferred method for payment that removes repeated transactions. Soon people of the world will accept it.