What You Need To Know About Online Banking

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There is no denying that this COVID-19 pandemic has changed a great deal in our normal lives. From being more health-conscious to changing the way we manage our finances. And since everything now is made easier, you can make it thru online banking.

Forget the old school type face-to-face transaction with a bank teller just to get cash from your bank account. With easy, single click, you can check the balance, transfer funds, pay bills and load e-wallets in just a few seconds without going to the branch of your bank.

What is Online Banking?

Online banking also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.

To enjoy the online banking services, clients must need to register an account with their bank with a username and password to access the e-banking facility. Thus, it will require connection over the internet using a desktop computer or laptop. Once registered, clients can now perform bank transactions like fund transfer and bills payment without a need to go to a physical branch.

You can also perform bank transactions using your smartphone or tablet thru mobile banking. Mobile banking enables the clients to do transactions same with the online banking. The two services differ on the device used to access bank’s facility. Desktop or laptop for online banking while smartphone or tablet for mobile banking. Just simply download the bank’s mobile app.

Advantage of Online Banking

Accessibility and Convenience. Available to access your account 24/7 except during system maintenance. You can make transactions like fund transfer, balance inquiry, and bills payment anywhere and anytime of the day without going to a bank’s branch. You can access also during weekends and holidays. Unlike when you visit a bank, they open only during weekdays for a certain time of day. During this pandemic, some branches are open only twice per week.

Some online banking channels have special features for automatic bills payment. Thus, you can schedule your payments such as utilities, insurance, credit card bills and others. You simply have to set-up your account to automatically charge every month so that you won’t miss your due date.

Fast and Efficient Service. With online banking, transactions can be completed five to ten minutes only. Compared with over-the-counter transactions that may last up to couple of hours especially if peak hours. Fund transfer for instance, receiver will receive the money real-time. You can skip the seemingly endless waiting in long lines, go to online banking as this will save you a lot of time.

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Manage Account. You will be able to manage your account and keep track of your transaction history of previous months up to present. This will help you to detect any suspicious or unauthorized transaction activity.

Disadvantage of Online Banking

Internet Connection Issues. They said that Philippines has worst internet connection in Asia. As much as online and mobile banking apps is greatly designed and reliable you will not be able to perform any transactions without internet connection. Though 4G-LTE cell sites are already installed in the provinces to improve internet connection. Looking forward to 5G technology to improve the speed of the internet connection all over the country.

Security Threats. Security of transactions is a big issue. As your account information might be hacked by an unauthorized person over the internet. Phishing scam is a sort of an online fraud. It aims to steal sensitive information such as username, password, and credit card details. Despite all security threats, you can avoid such things. Do not share your username and password to anyone and regularly change and update your password with a strong combination. In mobile apps, it comes with special feature of One-Time Password (OTP) or Fingerprint Authentication.

With today’s advance technology, everything is now possible by single click. If you find this article useful, don’t forget to share. Always visit our site and follow our Facebook Page for more Adulting Tips.

Aileen Joy Flores
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