Essay Example on For a bank, customer bank provides the following Facilities









FEATURES For a bank customer bank provides following facilities Non transactional tasks Viewing account balances Viewing recent transactions Downloading bank statements for example in PDF format Viewing images of paid cheques Ordering cheque books Download periodic account statements Downloading applications for M banking E-banking etc Bank transactions Funds transfers between the customer's linked accounts Paying third parties including bill payments see e g BPAY and third-party fund transfers see e g FAST Investment purchase or sale Loan applications and transactions such as repayments of enrollments Credit card applications Register utility billers and make bill payments Special internet banking services Personal financial management support such as importing data into personal accounting software Account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions FUNCTIONS See Net banking allows one to check a record of all accounts with the bank like savings deposits and credit card accounts 

For example for a loan one can see the balance amount left to be paid the number of equated monthly installments and the repayment dates of the loan One can access monthly statements and record of past transactions as well Although one can see all the accounts online finer details vary depending on the bank Request Activating net banking facility reduces visits to bank branches or ATMs to minimalistic level Visiting branch could be due to any reason such as stop payment request or need a new debit card or a checkbook but one can perform the same sitting at home at a mouse click Services like opening a fixed deposit account recurring deposit accounts online or request for new PIN debit credit cards and change of address can also be availed Transactions

The most popular use of Net banking is to make financial transactions for the transfer of funds with the use of National Electronic Funds Transfer Neft and Real Time Gross Settlement RTGS service Both differ on the basis of amount transacted and time taken where in RTGS funds are transferred as soon as transaction takes place whereas in NEFT funds are transferred in intervals Bill payments 

One can pay bills by connecting with the biller to set the payment automatically towards the account on regular basis It offers one discounts as well and once given command performs the same function again at regular basis without bothering customer ADVANTAGES 1 Free Checking As mentioned above online banks are one stop to check account summary and transactions done The specific information varies depending on the bank Banks have also removes the compulsion to access internet banking imposed earlier like minimum balance requirement 2 Higher Interest Rates Online banks are known for paying higher interest rates or APY on savings accounts and certificates of deposit CDs in comparison to traditional banks The whole reason behind this is that they don t have to incur extra costs related to building or maintaining a branch and hence can pay a little more Higher interest rates have always been an attraction and customers value it more than anything else Interest rates vary depending upon the bank and this is the reason many people keep their accounts open in various banks and transfer funds depending on the interest rates to earn maximum possible but one should always consider transfer days in consideration 3 

Technology Having an edge in terms of technology online banks tend to offer newest and best services possible to their customers Even though there might be a case that the idea started from a traditional bank but online banks make sure they catch it up really fast and sometimes features traditional bank might not able to offer For example mobile check deposit one of the best ways to fund online bank accounts without having to mail in deposits which means you can start earning that high interest rate more quickly 4 Skipping the Branch One of the biggest reason to use internet banking has always been not standing in queues and having access to all facilities sitting at home It also involves customer service via chat email or very handy toll free phone numbers One can avoid daily hustle like sales pitches and anonymity as no one gets to know about ones financial transactions 5 Competitive services The rise competition of e banking has made the banks more competitive which led to opening of better prospects and avenues for banking operations LIMITATIONS If someone is not comfortable using technology it might not be worth for them as they find it very complex to transact online plus there are high chances of glitches Also there are situations where online banks cannot serve well like understanding different loan policies understanding problems faced by someone Also in case the area one is living in does not have enough ATM branches getting cash might be a task

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