The “Internet Banking” system, which has recently been gaining increasing popularity among the population, is designed for clients to manage their own bank accounts via the Internet.
In today’s fast-paced life, people simply do not want to spend time performing basic banking operations and therefore seek banks that provide a set of convenient services with minimal time required for servicing. For this reason, and also to attract more clients, many banks have started offering the “internet banking” service. However, in our country, a mass culture of using even traditional and the most common banking services has not yet developed. Moreover, most transactions are carried out in cash. Many people are simply wary of working with conventional banks, let alone online banking.
Another objective reason why banking organizations prefer online services is basic competition. Having an “internet banking” system is a significant advantage over competitors.
In addition, online banking attracts software specialists, who, seeing banks as potential clients, have discovered a highly promising market for themselves. By improving remote banking systems and attempting to satisfy an increasing number of consumers, programmers have already captured and continue to maintain a rather profitable niche in the market for electronic banking services.
Furthermore, online banking also generates profits for organizations that sell their goods and services. Internet users want to shop or use services with minimal time and effort. Thus, any company advertising its products or services online and offering the possibility to purchase them can attract more potential customers.
However, it is important to remember one nuance: access to the financial portal is exclusively available to the bank’s client, who must first open an account with the bank. After opening an account, the client receives a login and password, and further visits to the bank are no longer necessary. A multi-level security system reliably protects all client data and information about financial operations.
In case of problems or questions while using the internet banking system, the user can contact technical support 24/7 and receive comprehensive assistance.
Thus, internet banking is a kind of universal service that provides almost the same range of services as visiting a bank. The advantage, however, is that with this service, there is no need to stand in lines. Any device with internet access allows clients to independently manage their finances.
Key advantages of Internet Banking:
- Access to the “Internet Banking” system is possible from any computer or smartphone with internet access.
- Access to client financial resources and up-to-date information is available any day of the week, at any time (speed and convenience).
- Internet banking is characterized by simplicity and ease of use.
- Main operations performed via the system:
- Viewing and printing received payment documents in real time, as well as archived documents for any specific date;
- Making payments;
- Canceling payments;
- Transferring funds from a current account to a card account;
- Viewing the balance of plastic card accounts;
- Buying and selling currency;
- Viewing exchange rates.
In addition to the standard services, which are roughly the same across most banks, there is also the ability to top up a mobile phone, pay utility bills, order payment and credit cards, open new accounts and deposits, and repay loan obligations, which helps avoid overdue payments and maintain a clean credit history.
Alongside these advantages, internet banking also has certain drawbacks. First, the development of such a multifunctional system is expensive, making it inefficient for small banks with a limited client base. Second, the system is designed for a specific age group; elderly users are generally absent due to lack of suitable devices and trust in such services.
Internet banking thus opens up significant opportunities: it is convenient for the bank to provide services and convenient for clients to receive them.