Online Banking 101



The availability of technology provides various convenience and benefits to use, whether it is for transportation, entertainment, or lifestyle. One of these technological advancement is the online banking.


Don’t familiar with online banking yet? Here’s a beginner’s guide on online banking.

What is online banking?
Online banking refers to the process of conducting financial transactions in a secured website.

Consumers can access their bank account online, whether it is on a browser or mobile app, provided that they have an interaction.

Though it has been a great use, online banking has its fair share of advantages and disadvantages. Here are some:

What are the advantages of online banking?
        Accessibility
You can easily access your bank accounts anytime and anywhere from your mobile phone or computer. Just ensure that you have a stable internet connection to connect to your bank’s online platform with ease.
        Insured
Most of the banks in the market offer insurance to their consumers. Just check to your bank up to how much they are insuring.
        Low-cost
Unlike in ATM, banks does not charge their users fees when doing transactions like balance inquiry or viewing transactions in their online platform. Hence, consumers can save money.
        Secured
Banks and financial institutions ensure that they provide high level of security. These companies have encryption and fraud detector to easily spot any unauthorized transactions.

What are the disadvantages?
        No human interaction
Unlike when transacting in a bank, using online banking refrain you from having a human interaction with a bank representative. In case of technical problem, customer support is often done through a phone call, live chat, or email.
        Hackers
Even though banks and financial companies have security features, doing online banking can still be prone to hackers. So, it is the customer’s responsibility to stay safe online. They should have an up-to-date anti-virus software. This will protect them from any malicious apps or program that can steal their private information.

How to use it?
It’s easy to use online banking if you are already familiar with your bank’s platform. Here are steps on how to utilize online banking.
        Enroll in online banking
The first step is to enroll your account in the online banking. Fill up the necessary information. Then, create an online banking account. Whether you have a credit or debit card, you can use online banking. Hence, you can register your HSBC gold visa cash back credit card online
        Create an account
After you enroll your account in your bank’s online platform, the next step is to create an account. Often, bank will ask for your username and password. Ensure that you use a complex combination of password and keep it private.
        Use the features
Once you are registered, you can now use the features of your bank like transferring of funds or viewing transactions.
        Update information
Make it a habit to always update your information once in a while.

Key takeaway
Online banking is simply convenient. It allows people to easily access their accounts anytime and anywhere they want. But, it is our responsibility to stay safe online.

Online Banking 101 Online Banking 101 Reviewed by Sahil Arora on September 16, 2019 Rating: 5

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