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The Many Benefits Of Online Banking

There isn’t much you cannot do online these days, and the traditional way of banking has been revolutionised by the World Wide Web. It is no longer necessary to visit your local branch, as everything can be conducted online, and customers are enjoying a level of convenience that only a few years ago, was unthinkable. Of course, there are still people in their later years who have a deep mistrust of anything digital, especially when you are talking about money, but as time passes and new generations move into adulthood, more and more bank customers prefer to do their banking online, and when you consider the many benefits, it’s not difficult to understand why.

The Many Benefits Of Online Banking

Transferring Funds

A majority of people that use retail banking in Malaysia and other Asian countries prefer the online system, as it is by far the most convenient way to transfer money from one account to another. Once you have logged into your account, the page will be customised, and if you regularly transfer money, the recipient details would be saved, and with a few simple clicks, a transfer of funds can be made instantly. This means a relative or friend who happens to be stranded without cash can go to the nearest ATM and withdraw the deposit that was just made online. There are also cash deposit machines (CDM) where one can deposit cash, although the online method is far easier, and at least the customer has several choices, as it is also possible to make a transfer using an ATM.

Mobile Connectivity

Forward thinking banks would have their own mobile app that is specifically designed to allow the customer to conduct a range of banking activities from their smartphone or tablet. Whether you use iOS or Android platforms, you can download the app from either the App Store or Google Play, and once it is installed on your device, you are good to go and have all your banking facilities in your mobile device. Being able to conduct banking from a smartphone or tablet is especially useful for the business person who is always on the move, and if you have several accounts from which you pay all your bills, this can be handled by setting up automatic transfers or simply opening the app and following the instructions.

View Account Details

You might have several accounts for personal and business banking, and with a single app, you can view the status of all your accounts, and that would include any loans or investments you might have made. Information available would include details of any account activity, enabling the customer to have total control over all aspects of their accounts.

Paying bills is no longer the chore it once was, as most companies and providers belong to the online network of businesses that can receive payments online. Those in their later years might look back with fondness at the many hours they spent standing in queues, clutching a number, while trying to pay a utility bill, and if you are too young to remember such times, you are indeed fortunate. There are too many benefits with online banking to list in this article, but it is safe to say that personal banking has changed beyond recognition.


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