Over the past few years, we have seen the advancement of the financial sector in many ways. E-banking happens to be one of those advancements. Banks introduced e-banking services to enhance their customer service with them. Consumers were ensured by banks that their services were reliable and convenient to them.
E-banking, also known as online or virtual banking, was not widely accepted as it is now. Initially, when it was first introduced in the late 1990s, people were skeptical about transferring their funds electronically. The internet was still considered a risky place where people were concerned about personal details being leaked or stolen.
However, the e-banking concept gradually became adopted into every person’s lifestyle. The advantages of e-banking were more appealing to the masses and the fears of it were overcome. Banking started with customers paying their bills through landlines in the 1980s. Now, with just a touch of a button on the screen of an electronic device, consumers can pay their bills, deposit checks, and transfer funds.
Now, what exactly does e-banking offer you? How does it differ from the traditional banking experience?
Here are a few advantages of e-banking.
Consumers are provided with high-interest rates.
E-banking has allowed banks to reduce their operational costs. So, in turn, they have redirected these costs to ensure that their interest rates for their customers are high. Interest rates on deposits of customers will also attract consumers to their banks.
Consumers are provided with a monitoring service
Humans are a species with flaws, they are not perfect thus they will forget items, details, and information at certain times. Our memories might fail us but our applications do not. E-banking services allow their users to monitor their bank account balances, transactions, and withdrawals. You do not need to carry around your passbook everywhere you go. Passbooks can get lost, but your online account can be accessed with any electronic device with an internet connection.
Plus, this advantage also allows you to manage your financial plans. The e-banking application records every transaction, deposit, and withdrawal made. At the end of each month, you can check your expenditure and uses which will allow you to prepare your future financial plans.
Consumers can pay their bills
One of the many features of e-banking is that you can pay your bills from the comfort of your home. Online bill payment is a convenient way of staying ahead of your bills and debt. You can easily pay water supply, electricity, and telephone bills through the application.
Other than that, e-banking also allows users to pay other people’s bills. For instance, imagine you have an elderly individual under your care, and they may be living separately from you. You can pay their bills without visiting their area.
The necessity to visit banks will soon be non-existent. Banks are only there to provide particular services such as making a bank account, and to fix issues that need professional help. Hong Leong Bank provides e-banking through mobile in Malaysia. It is a reliable application that ensures the satisfaction of the customer.