Opportunities and Advantages of Online Banking
Cashless payment with payment cards via the network is becoming more and more popular, and Internet banking opens up more and more possibilities for its users. Representatives of banks do not hide the fact that customer interest in this service is quite high. According to specialists’ assessments, the number of internet-banking users will grow as internet banking allows saving them money by enabling them to communicate with the bank from home or workplace. With the help of the remote banking system, one can carry out banking operations 24 hours a day, seven days a week, via the Internet in a protected mode. For example, the most popular credit card for students is the Jet Blue Mastercard. With this card alone, students have a huge number of opportunities and advantages. Moreover, you can look more here, namely how to activate the card, how to purchase it, and so on. That is, only with this card students can make purchases and pay bills online without problems.
Cost of Internet Banking
Connecting the service is usually free. At some banks, issuing a new set of session keys for access to the system costs a nominal fee. Most banks do not charge for Internet banking or charge only a small fee.
If we talk about a commission, for most payments, it is either much lower than at the bank or there is simply no commission. Fees are usually charged only for external payments to other banks, as well as for some types of services where the commission is provided by the provider. For example, in Moscow, you can pay for utilities online without a commission.
Online Banking Features
1) The possibilities of online banking are varied. As a rule, you can use it to view information about the balances and movement of funds in Student Bank Accounts and bank cards, to obtain information about loans, statements of accounts and cards, to make transfers between own accounts and payments to other banks, and convert funds at a preferential exchange rate.
2) However, these are far from being the main features of the service, which arouses great interest among students. The opportunity to pay “utility bills” without queues and commissions attracts them much more. Using the Internet one can repay credits, replenish electronic wallets, pay for cellular and landline communications, utilities, Internet, digital television, goods from Internet stores, traffic police fines, education, etc.
3) There are other unique possibilities. For example, you can quickly transfer funds to a customer’s brokerage accounts to participate in trading at various exchanges. Other banks allow you to open a deposit online.
The number of services depends on the bank. In some banks the number of payment recipients (merchants) is small, in others, there are many more. There are banks where the number of merchants is in the hundreds, there are banks where the number runs into the thousands.
Securing Online Banking
Internet has never been known for privacy. It has long been a well-established opinion that if data gets on the Internet, it is easy to steal. This is why many students are deterred by this fact, despite all the advantages of online banking. However, banks take the issue of confidentiality seriously and do everything to guarantee the client the security of using this service. Large sums are being invested in technologies that allow the development of Internet banking. Particular attention is paid to security systems and the protection of client data.
As a rule, an Internet banking system includes several layers of security. Each payment is confirmed with a single-use session key, a secret code is entered via a virtual keyboard, and the client receives an SMS on his cell phone about the transaction, one session may not last more than 15 minutes, and daily payment limits are set for the volume of payments. In addition, if necessary, the service can be blocked by calling customer support.
I advise you to follow simple and universal security rules – work on computers you trust, carefully store information, do not share personal data with outsiders, do not allow you to lose passwords and access codes to the system.
Benefits:
· Communicating with the Bank without leaving your office;
· Making payments regardless of location;
· Transmission of account management orders via electronic communication channels;
· Control and authorization of transactions made by your accountant from anywhere in the world;
· Dealing with all your bank accounts, regardless of currency and type of transaction;
· Real time saving on money order delivery: no standing in queues and traffic jams;
· Elimination of transportation costs, expenses for paper and toner;
· Efficient use of your staff’s time.
Why Is It More Profitable Than Servicing In A Bank Office?
A reliable and convenient way to serve your business remotely has a number of obvious advantages over traditional banking:
· Convenience and simplicity – the ability to manage your accounts from anywhere in the world and perform banking transactions without leaving the office;
· Informed – prompt information on the status of all accounts of the company in the Bank and accounts of its subsidiaries, as well as other financial information;
· Efficiency – possibility to make prompt decisions based on the received information and perform calculations in real-time;
· Cost-effectiveness – saving human and time resources, reducing material costs associated with applying to the bank;
· Independence – depending on bank working hours or traffic situation;
· Security – usage of cryptographic protection of transferred information and multilevel system of electronic digital signatures (hereinafter referred to as EDS) depending on the amount of authority and payment amount.
· Speed – fast performance of bank operations
· Accessibility – possibility to manage your bank accounts by yourself
· Time saving – no need to go to the bank and stand in a queue to make necessary banking operations or receive banking services; 24/7 operational mode
· No connection or service fees: registration in the system is absolutely free of charge, there is no subscription fee.
Main Capabilities
The Internet banking system for individuals provides the following capabilities:
· to control own bank accounts (card, deposit, and loan) and receive statements on them for any period of time
· to make transfer operations:
· card-to-card (between cards issued by BTA Bank)
· from card to your deposit/current account opened in the Bank
· transfers from your deposit to your card
Thus, the use of Internet banking provides the possibility of rapid access of customers to financial information provided by the bank through online access; the formation and transmission through the Internet to the bank of electronic documents of various types; the provision of access to the central system through an interface for mobile clients; security of remote access and data protection. The global computer communication network Internet is a universal environment, through which it is possible to accelerate the interaction of economic subjects, providing them with the required security, mobility, and comfort.