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Retail internet banking has revolutionised money transfers. Here’s how!

Retail internet banking has revolutionised money transfers. Here’s how!

Internet banking offers quick and convenient access to banking products and services. As a bank account holder, you can access your funds, pay utility bills, open a deposit account, etc., conveniently from home. In addition, you can use online banking to instantly transfer funds anywhere, anytime, since the services are available round-the-clock.

Understanding retail internet banking

Banks provide financial services to customers over the internet through the retail internet banking system. Banking services over the internet save your time as an accountholder and eliminate the need to visit the bank in person to avail of financial products and services. Internet banking has made financial services and products more accessible, with security and robustness.

To avail of internet banking, you need an electronic device such as a computer, laptop, tablet, or mobile phone and an internet connection. The banks offer various services through retail internet banking, like bank account opening, instant fund transfers, loans, and credit services.

IDFC FIRST Bank holds a strong position in offering online banking services among various banks in India. With IDFC FIRST Bank, you can apply for a bank account online and get it opened within minutes. Moreover, comprehensive online banking services are available through IDFC FIRST Bank mobile app, using which you can open a bank account, pay utility bills, invest in mutual funds, and apply for loans and credit cards.

How has internet banking enhanced the banking sector?

Digital tools have revolutionised banking. Below are a few critical enhancements due to the internet in the banking sector:

  1. Easy access to banking services and products

You can conveniently access your bank account anywhere and anytime using internet banking. Digital access to bank accounts has minimised the processing time, and you can avail yourself of several banking services quickly without any hassles.

  • Quick fund transfers

Transferring funds among banks used to be hectic as it involved several steps and took time. However, now you can instantly transfer funds using the mobile app through various payment methods such as IMPS, RTGS, NEFT and UPI. The best thing is that you can transfer funds anywhere, anytime, without visiting the bank in person.

  • Robust security in  banking services

Banks and financial organisations offer state-of-the-art security with multiple filters and encryptions to keep your data safe on the internet. You must verify your account with OTP, along with a login password. It enhances your account security and keeps you and your money safe from fraudulent activities.

  • Enhanced user experience

Digital banking services are easy to access and use. In addition, availing of these services is quick and hassle-free, and you can opt for financial products and services from the comfort of your home.

  • Convenient bank account monitoring

With internet banking, you can monitor your account conveniently anywhere and anytime. Moreover, managing your account transaction is much easier than the conventional banking system. You can track your account activities with a few simple clicks and subscribe to e-statement to get monthly transaction notifications.