Nowadays, we can accomplish a lot online through our phones, and banking is not an exception. Having access to our money and financial details from the convenience of our home or phone significantly impacts our ability to spend, save, and budget our money. The best part of it is accessing your account from anywhere, at any time, with a mobile banking app.
Net banking is an electronic system or service offered by banks that enables customers to access financial and non-financial banking services online over the internet. Other terms used for net banking include E-banking or electronic banking, virtual banking, online banking, and internet banking.
You would need to visit a physical bank for even a small service in the past, but after the arrival of net banking, you can access almost all banking services and products online including your debit or credit card. So, whether you want a fund transfer or a demand draft, net banking facilitates all of these banking essentials.
Here are three essential features of online banking:
- Offers updated account activity
Your financial institution’s mobile or online banking app will offer you updated account activities so that you can easily keep track of your finances by regularly reviewing your activity. A few critical items to check include:
- Your transactions make up your account activity and include money coming into your account or going out of your account.
- Each transaction includes a date, description and amount. So, you can make sure to recognise each item so that there aren’t any unknown charges on your account.
- You can also see transactions listed as pending on your account if they aren’t complete or fully posted to your account yet.
- In your account activity, you can also view a running count of your balance after every deposit and withdrawal, so you are aware of the exact amount of money in your account.
- Your account activity will have the search option so that you can easily view all your transactions on a particular day, check transactions with a certain biller, find a check image, etc.
- You can check your account balance
Online and mobile banking gives you quick access to your account balance anywhere and anytime. Which in turn gives you the advantage of knowing how much money you have available before you make another purchase. An additional perk is that some financial institutions include a feature that allows you to view your balance without logging in to your account, making it even faster and more convenient for you.
- Offers account to account transfer
Suppose you have multiple accounts at your financial institution, like a checking and savings account. You need to transfer money to build up savings or cover spending quickly. Rather than visiting your bank in person and filling out a slip, users who bank online or from their mobile app can instantly transfer funds between internal accounts with just a few taps. This service is beneficial for those who regularly use their different accounts and those looking for more flexibility in budgeting or savings.