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Evolution of Online Banking

In the modern world, personal convenience and business excellence have become possible with the use of technology. When online banking came into existence with the help of the Internet, it brought flexibility in monetary transactions. It is interesting to know about the evolution that has taken place in the field of online banking.

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Online Bill Payment

The ultimate convenience that online banking brought about was to allow people to save time and effort of paying utility bills. Bills related to electricity, TV subscriptions, water, gym memberships, etc. and all required different modes of payment like cash and cheque. With online payment, it is extremely easy to pay all your bills through the bank’s website or app with the help of an internet connection. Online bill payment has become even quicker with the onset of mobile banking.

Loan Applications

In the past, applying for a loan required you to visit the bank. It took days for a loan to get approved and several weeks for the disbursal to take place. Owing to the merits of online banking, it has become very simple to apply for loans online. The online loan application also allows the applicant to submit the documents online and get the required amount in their bank account much faster. Online banking also enables banks to conduct credit checks online and decide the eligibility of the applicant.

Online Access to Bank Account

Before the advent of online banking, people had to go to the bank or an ATM to check the balance and transaction history of their bank account. Online banking allows people to access a myriad of essential functions while sitting at home or through their mobile device. Functions like balance checking, fund transfer, changing password or PIN, modifying preferences of automatic bill payment, etc. can be done through online net banking. Technological advancement has significantly reduced the need to visit banks.

Availability

One of the most significant benefits that online banking brought about was the introduction of 24/7 banking. This also improved the turnaround times for most banking processes and provided easy access to banks regardless of where the individual is.  

E-Commerce and Convenience

Online internet banking also revolutionized the e-commerce industry making it easier for people to buy anything they want, from the comforts of their homes. Initially, security of transactions used to be a pressing issue for online shoppers. However, data privacy and security have now been upgraded to provide a safe and secure banking experience to customers. With seamless integration of online banking on e-commerce websites, people cannot only shop online but can also enjoy the convenience of booking cabs, hotels, etc. on their fingertips.

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