- Finance

The needs and necessities of Online banking in today’s age.

Banking is a crucial activity in our daily life. Banking is not what it used to be earlier. It’s easy and hassle-free, with the introduction of online internet banking. The way we used to bank has seen drastic changes over the years. Banking is way more convenient and user-friendly than it was before. Everything is now at our fingertips.

Post demonetization in India, we’ve seen a major shift in banking with a heavier reliance on digital banking and various online payment platforms. We’ve seen major growth of opportunities as more and more people have opted for digital payment modes. Digital payments make it easier for the customer to make their day-to-day transactions convenient and  hassle-free

Online mode of payment has proven to be a blessing to society, as it has helped quite a lot of people to skip the line for cash payments and made it easy for them to directly transfer funds to the account of the receiver. An online bank provides all banking-related services through various online portals which can be easily operated by the user anytime, anywhere. The bank’s mobile application helps you check your account balance, passbook details, and solve all the other bank-related transactions and services on the go.

Observing the success of online banking, the payments bank was introduced, this type of banking is like any other bank but operates on a smaller scale, the threshold amount for deposit in payments bank has been set to one lakh rupees as per the RBI. One can open a savings account in the payments bank. The good part is the interest rate is the same as your regular bank. These banks are completely digital. These banks cannot provide you loans and credit instead you can get other benefits when you make any kind of payment. Benefits of cashback and scratch cards are usually rewarded by the payment bank.

Apart from being convenient and hassle-free, banking through your phone helps you save a lot including your time and money. It also can be rewarding as banks usually include cashback offers and various other benefits. Making payments online is quick and secure. All you require is your bank’s payments portal, a smartphone or device, and a good internet connection.

The banking system has evolved in such a way that it is always user-friendly, attractive, and beneficial for the customer, the banking system has adopted the latest technology and has always tried to deliver the best services to its customers. Online banking services also offer interesting features that include balance information, transfer funds between accounts, pay bills, deposit checks using the phone camera, fraud alerts, loan installment alerts, ATM and branch locator, etc.

Banks might go completely digital in the coming decades. Physical banking is soon to become history, banking has a brand new face. AI integrated systems are the future of banking and can be very effective for customer support in solving any kind of query instantly without any kind of human intervention.

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