How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

The digital revolution has had a major impact on almost every aspect of our lives. From the way we interact with others to how we watch television or work at our desks.

This is no different to the way that banking has changed, the change has been deep and impacted on every aspect of banking from the way that customers are managed through to the investments made.

The digital revolution has had a major impact on almost every aspect of our lives. From the way we interact with others to how we watch television or work at our desks.

This is no different to the way that banking has changed, the change has been deep and impacted on every aspect of banking from the way that customers are managed through to the investments made.

In today’s world when the world is moving towards digitalization, online or net banking is a convenience that banking customers are embracing wholeheartedly. The adoption of smart mobile phones coupled with the proliferation of millions of apps, the online banking services have takeiin a giant leap of faith making online banking transactions a much sought after feature. 

Mobile phone banking is possible

You can access limited functions on your mobile phone even if there is no Internet access because you can access many services purely on SMS and voice services using only the mobile network.

Online banking is safe

Since online banking involves constant use and monitoring, your account is more secure and you can take immediate steps to correct any anomaly. If you let your account lie dormant for a long time, then it is more prone to fraud from within and outside. There are many safeguards that you can take with your passwords to supplement the safeguards taken by IDFC FIRST Bank through encryption and other security features.Shopping is easy

With online banking especially with a mobile app, you can shop from anywhere any time. In fact, you can receive attractive offers on your mobile and take advantage if the offers suit you. In today’s world of fast moving changes, you can keep abreast of these changes and act accordingly so as not to miss an opportunity to strike a good deal.

Paperless

With online banking, you don’t need to maintain reams of paper to store your banking records. Everything is available digitally and whenever you want a hard copy, you can print the relevant portion – again anytime anywhere. You can even generate the PIN for various services online.

Electronic banking is also known aselectronic funds transfer (EFT) and basically is simply the use ofelectronic means to transfer funds directly from one account to another.Internet banking services are crucial for long-term survival of banks in the world of electronic commerce.

Due to the open nature of the Internet, all web-based services such as YAB's Online Banking are inherently subject to risks such as online theft of your User ID/UserName, Password, virus attacks, hacking, unauthorized access and fraudulent transactions.