Prominence of Internet Banking in India

When we conduct our banking options, we most often think of the most convenient method which is making use of the powerful internet medium. E-banking, also known as online or even internet banking refers to the process of making use of the internet for different financial transactions via a secured website that is operated by the banking institution.

Bringing a complete 360 degree change, this method of has helped to make it far easier for people to conduct these activities at their ease and with no time restrictions. Moreover, it has also helped a lot in the field of e-commerce where people can make different payments online using different online payment methods such as Net Banking, via debit or credit cards, etc.

Bill payments are also possible through this mode which is an additional benefit to people who can save time of having to visit different outlets to make their payments and stand in long queues. Not only do they get access to information as well as data regarding their account and the different transactions that they make; but they can also give different instructions, make applications or requests to the bank. It is also possible to transfer funds as per the different needs of the account holder.

Internet banking in India has provided a new interface between the bank as well as customers. It has drastically changed from being ‘operations-centric’ to ‘servicing clients’. At any given point of time, a person can call up a bank’s customer care number and talk to a representative for assistance. This is extremely beneficial to people across the country; who are constantly on the move and busy in their hectic lives. Moreover, it has also reduced the space that is required to set up bank branches.

Internet banking and mobile banking are two extremely important components which are almost inseparable from former, traditional banking methods. Receiving SMS updates via one’s cellular device is extremely popular, besides constantly receiving alerts on one’s cellular device regarding each transaction that they make. There are also many banks that offer personal financial management support, inclusive of importing data into personal accounting software.

It is easy to monitor, make different transactions as well as control one’s bank account online via a Net Banking service. People can conduct multiple activities, all from the comfort of their home or office. It is easy to get access to submit requests, get all the account details and also undertake many different transactions online.

Although there are many risks that are associated, it is very important to bear in mind while conducting different transactions in this method. It is very, very important to remember that online banking should only be conducted via one’s personal computer, rather than any cyber centres so as to avoid misuse of the account. There are also many other threats such as viruses, phishing, theft of user identity and password that may also occur.