The Internet banking (or online banking) service became available for bank customers not so long, but it has already become an everyday norm and an integral part of banking service. Let’s consider what Internet banking is, what are the advantages of this service, what are its capabilities, how to use it, and why is its high-quality implementation very important for a bank?
Online banking: what is it and how do I use it?
Internet banking (online-banking) is a technology of remote banking services, which allows a bank client to access their accounts for their control and management through the Internet.
The access is carried out using any modern Internet browser (application for viewing web pages), thus, clients can be anywhere (city, country), and if they have a computer or mobile phone with access to the World Wide Web, they can manage their accounts without visiting a bank branch – they just need to go to a specific web page and they will be taken to the Internet bank of their credit institution (it can also be called the Client’s Personal Account).
Note! You need to enter your bank’s information security only by following the link from the company’s official website, otherwise, you can get to a fraudulent website, the purpose of which is to obtain a login and password, and steal funds from your accounts.
Internet banking capabilities
Currently, clients have the opportunity to receive almost a full range of banking services without visiting the office, which is convenient not only for the client but also beneficial to the bank – the costs of servicing the client in the branch are significantly reduced.
Let’s see what opportunities are provided by access to online banking:
- Tracking incoming and outgoing transactions for all cards and accounts (receiving an account statement);
- Opening (including re-issuance, self-blocking) of cards (with their subsequent delivery by courier (mail) or visiting the office to pick up the finished card with minimum formalities), opening deposits online, applying for a Woburn MA loan with a transfer funds to the card account. You can close the mentioned banking products also remotely;
- Making transfers between your own accounts and to cards (accounts) of third parties both in your own and in another bank, including sending money abroad;
- Currency conversion;
- Payment of utilities, mobile phone, internet, television, fines, duties, etc. In the general case – the ability to pay for the services of a wide range of companies;
- Repayment of current loans (and replenishment of your accounts: cards, deposits);
- Ability to manage settings that directly affect security: limits on withdrawal or transfer operations, changing username and password, changing a PIN, etc.;
- Additional services: ordering your credit history, auto payments, financial management. When the bonus program is connected, the client may have access to such opportunities as viewing bonuses, converting them into real money (sometimes bonuses are returned with “real” money – the so-called cashback) and other useful options (it all depends on the specific information security).
If you have tried the possibilities of information security, then you are unlikely to go to the terminal in order to pay for utilities or transfer the payment to school or kindergarten for your child – all this can be done next to your computer in a comfortable environment. That is why Internet banking is an indispensable component of customer service for a modern credit institution.
How do I register in the Internet Bank?
All the advantages of online banking can be obtained by the holder of a bank card of a particular credit institution. For example, for convenient loan repayment, you can be given a free debit card, which will also allow you to register in online banking and control your account balance.
To get started, the client needs to register in the Internet Bank using a username and password. There are two ways to register:
- A bank employee provides you with a login and a password in the department upon receipt of the card (as a rule, they can be changed later);
- Self-service online registration on the bank’s website. The client will need to enter the payment card number and, possibly, other information (passport data, code word), after which the bank will send a confirmation SMS message to your cell phone (it must be entered in the appropriate field on the website). After successful verification, you will receive login and password from your personal account.
Note! Your cell number must be linked to your card – this is usually done when the card is issued at the bank office. Therefore, it is so important to correctly indicate your personal mobile number, otherwise, work with your personal account will be impossible.
Online banking security measures
A lot of attention is paid to Internet bank security measures. At the stage of entering the Internet bank, an additional stage of customer identification is provided – an SMS message with a one-time password is sent to the phone attached to the card (3D Secure technology). Thus, an attacker will not be able to access your accounts without your mobile phone.
But this protective measure does not always save the naive client. Fraudsters use various tricks to find out a one-time password.
In some banks, access to information security is implemented without an additional stage of identification. This is not very good, but you will have to “work hard” to get a login with a password in this institution. After online registration on the Internet bank page, you receive these login details, but your account is immediately blocked. It must be unblocked by calling the support service, where you will have to answer any questions to the bank employee, and only after that, you will be activated access to the Internet bank.
In general, take care of your phone, login, password and the card like the apple of your eye. As you can see, the responsibility for the safety of the client’s funds lies not only with the bank but also with the client – therefore, you must strictly follow the safety rules when using the card.
Once again – enter your personal account only from the official website of the credit institution and if you are 100% convinced of the correctness of the link.
Benefits of online banking
Some people are still afraid of financial transactions via the Internet. By rejecting such a convenient service as online banking, they stay away from its advantages, which include:
- round-the-clock access to your accounts;
- access to your accounts from any computer with Internet access;
- convenient control of receipts and expenses for cards;
- the ability to make all the necessary payments without getting up from the couch, which leads to significant time savings.
You can ask a specialist in a bank branch about how to use Internet banking or ask for printed instructions. Frankly speaking, such a request is rarely made because the interface of the personal account is usually intuitive.
We also note the high level of security of transactions through the personal account of the online bank: almost any operations cannot be performed without a confirmation code in the SMS to your number (except for transfers of funds between your accounts).
There is no commission for using Internet banking, however, the bank may provide commissions for certain operations, which can be found in the tariffs (as a rule, the commission will be indicated immediately before the operation). At the same time, the bank encourages active use of the service with a reduced cost of operations in comparison with similar operations in a branch. Cheaper online transactions are another important advantage of Internet banking. A simple example: in some online banks, you can make a free transfer from your card to a card of another bank or transfer funds for free to accounts in any other credit institution.
Anyone who has already mastered the online banking service is unlikely to want to return to the usual queues. Internet banking is a modern way to manage your own finances without headaches and running around, but you shouldn’t forget about safety rules.