The Covid-19 pandemic has transformed the way people live their life, from learning, working, and shopping to making a transaction on their personal banking. Although the global pandemic has highlighted the need for financial systems on a digital platform, online banking is not new in the banking industry.
Ever wonder how online banking works and what is the advantages of using online banking? In this article, we have provided much information about online banking.
What is online banking?
Online banking refers to using your smart devices such as phones, tablets, laptops, or even smartwatches to log into your personal bank account and conduct financial transactions. Most banks now provide online banking services for their clients that allows them to transfer money, pay bills, check balance and view their history of account transactions activity from anywhere and at any time.
The purpose of online banking is to save you time and allow you to perform your banking transaction at your own convenience rather than having to wait until your favorite local bank is open.
How online banking works?
Online banking offers almost the same services as traditional and physical banks, as well as a few extra features. With only a smartphone and a stable internet connection, you can now open your own bank account online and do almost everything that you can do at a traditional bank.
After opening your own personal online bank account, you can also take efforts to protect yourself, such as keeping your online banking login information private and securing it with a strong password. Setting up two-factor authentication is a very genius step to take to enhance the security of your online bank account. As a result, it is hard for criminal fraud or scammers to gain access to your account.
Most of the time, online transactions are rapidly sent. You can send and receive your money within an hour, and sometimes it can take even less than a few minutes. However, it is advisable to give yourself a day because payments can take that long to process in some cases.
The advantages of online banking
- Better security
One of the most common online banking frauds is phishing scams. However, online banking has strived to make this platform as secure as possible. Since online banking was initially launched, online security also has significantly improved. Multiple levels of security features in online banking help secure your banking information, keep your personal information private, and prevent any illegal access. Now, biometric authentication is also available in many online banking applications.
- Quick and Easy
Most online banks will provide you with the convenience of doing online transactions on your phone easily. You can access your accounts and check your transaction history from anywhere and at any time.
On top of that, you can also conduct any kind of legal transactions at any time with online banking and you do not have to write checks or go and buy stamps or mail bills as you would do in traditional banking. It also helps you to know any illegal transactions faster and easier, allowing you to dispute them immediately.
For more information, you can check out online banking Malaysia to help you with your personal online bank account.