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5 Online Banking Features You Need To Know About

Technology has metamorphosed the banking sector by giving it a new form of digital experience. This metamorphism took place through shifts caused in the banking industry over hundreds of years. The shift has changed the way people interact with customers and how banks engage with customers. The word digital banking was the first storm in the banking sector. The storm is growing huge with the demand of people for new features. The online banking feature has everything now in its bag and has made banking a stress-free and facile process. In this article let us take a look at a few noteworthy features of the online banking system.

Pay your bills without any hassle

Through online banking, you can pay your bills online from the comfort of your home. You can either pay your bills from your bank’s website or you can make use of various payment platforms such as UTI to pay your bills. All you have to do is connect your bank-linked number with UTI and get a UTI pin to use for all transactions. Most of the banks have introduced the automatic payment option, where you can feed the payees and it will pay for during the set period every month. This recurrent payment feature has come to the rescue of many people who forget to pay the bills at the right time.

Take a look at your bank transactions

Internet banking services system allows the user to view their bank transactions and can get a statement. This is one of the quickest ways to know your monthly transactions. You need not go to the bank every month to get a statement of your transaction. This feature also helps in identifying any unauthorized transactions then and there. Most banks also show your pending transactions which you have initiated on a business day.

Make easy transactions

You can send or receive money online without visiting the bank. Money transfer can be done within a jiffy. You need not go to the bank to transfer the amount to the beneficiary and the same applies to receiving money. You can transfer money through your mobile banking or net banking app just by entering the account details of the beneficiary and authentication. There are various online modes such as RTGS, NEFT, IMPS, and much more.

24/7 access and secured environment

Another salient feature of online banking is, you can make use of various features provided by your bank 24/7. Even on a bank holiday, you transfer money, view the balance and get a mini-statement. That is online banking can be used for 365 days from the comfort of your home. The online banking transaction offers a secure environment for customers.

Open an account 

With everything becoming digital, you can open an account online without even visiting the bank. Most of the banks have started a hundred percent opening of an online bank account. Even KYC can be done as video-KYC For the verification of documents.

Features of a robust online banking platform

To perform various bank transactions without any hassle, you need a robust solution from online banking software providers with the following features

  • Ease of access
  • User-friendly interface
  • Save time and cost of processing
  • Better management of risk
  • Customer retaining features

Bottom line

The latest challenges in online banking can be solved effectively by employing the best banking software.

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