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Digital Banking
e-Banking: The key to digital finance
e-Banking has revolutionised how we manage our finances. Banking has become more accessible and convenient, enabling you to perform a variety of transactions without visiting a physical branch. So, what is electronic banking?
What is meant by e-banking?
e-Banking services are available through websites and mobile apps that provide 24/7 access to your accounts. Electronic banking, or net banking, enables encrypted transactions as you access your accounts through user IDs, passwords, OTPs or biometrics.
Nowadays, e-banking services are automatically offered with new accounts. Moreover, you can even open accounts like the Axis Bank Easy Access Digital Savings Account online with minimum documentation and get a virtual Debit Card to start your transactions without hassles.
e-Banking can mean different things and come in forms like:
- Online banking
- Mobile banking
- Direct deposit
- ATM banking
- Electronic fund transfer
- Online investing
Features of e-banking
1. Account management: You can view account balances, transaction history and statements online. Businesses can manage their accounts, process payroll, and handle large-scale transactions with corporate banking.
2. Fund transfer: e-Banking allows for quick and easy fund transfers between accounts, both within the same bank and to other banks.
3. Bill payments: You can pay utility bills, Credit Card bills, and even opt for auto-debits through e-banking.
4. Investment and loan services: You can manage investments, purchase Mutual Funds, monitor stock market performances, and even apply for loans or Credit Cards.
5. Customer service: Most institutions have chatbots that help answer the smallest of your queries 24/7.
Things to consider before using net banking
- You need to have a stable and secure internet connection to conduct any transaction. Refrain from using a public computer or a shared network to access your online account.
- You will need to set up your accounts with strong passwords and manage them efficiently to avoid any case of unauthorised access. Never share your passwords, PINs or OTPs with anyone, even with your colleagues for business banking.
- Even though you get access to instant transactions like IMPS and UPI, there may be some daily transaction limits, charges or limitations, like the activation period after you add a beneficiary to your account. You can understand these from your bank.
- Be cautious of any emails or messages that make you click on a link and enter any kind of password. This helps you stay safe from any kind of phishing or hacking attempt.
- Keep monitoring your account regularly so that you can identify any discrepancy or suspected transaction in time to report to your bank.
Also Read: Complete guide on how to open a Savings Account in 5 easy steps
Wrapping up
e-Banking, or electronic banking, has made navigating the financial landscape easier by offering convenient, secure and efficient banking solutions. However, it's best to always be wary of potential risks associated so that your accounts are safe.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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