- By: ARCHANA BHAT
With the banking and financial institutions offering a cold attitude towards their customers in the past, the customers had no options to express their helplessness. But, things have changed now and the customer can easily make decisions as per his preferences.
In the present day banking scenario, the Online banking services have helped the banking customers in a significant manner. One can easily identify the unprecedented changes that have been taking place in the banking sector ever since the economic reforms were launched way back in 1991.
Two of the biggest segments of the Indian economy that have seen the best of these changes are the Online Banking services and fixed term deposit segments. Both these segments have been able to encourage the prospective customers to think beyond the previously framed rules and regulations.
In the world of Online Banking services and fixed term deposit, things have started changing like never-before. With the procedures and mediums of performing the banking services on the World Wide Web, things have changed and are much easier these days. Nowadays, a prospective loan applicant can fill an online form to request for a loan of any kind. Similarly, a banking customer can make an online request to view his account balance, request for a cheque book or statement, perform funds transfers and even issue a Demand draft or an e-cheque. These are just a few of the things one can perform by going online.
A customer can implement some useful things to ensure a hassle-free stint at the banking portals, such as:
Avoid banking at Cyber Cafés Getting aware of phishing emails and scams By remembering PIN and card together and by not keeping them in public view Not keeping easy PINs, which can be easily cracked and avoid their sharing By avoiding any passage of information related to accounts By not replying to unknown emails By immediately reporting a lost or stolen card and lodging a FIR with the police
However, there are certain things that need to be taken care off while using banking services on the Internet. The banking services must not be accessed, frequently, from a common PC or a laptop as that may lead to data leakage, leading to huge financial liabilities and losses. A person, desirous of using these services, must check the authenticity and encryption level of the website, on which he expects to perform banking tasks.
The advent of online services has helped the banking community to have a sigh of relief and get much-needed relief from the earlier times of banking, where standing in long-queues was a common practice.
A customer can easily opt for a fixed deposit by using the online banking services. He can also opt for a saving or current account while submitting his application on the Internet. However, he still needs to submit the necessary paperwork for that, besides fulfilling the eligibility criteria.
Many leading banks in the world of Indian banking sector such as State Bank of India, Kotak Bank, HDFC Bank, UTI, Standard Chartered and ABN AMRO etc. to name a few, have already started their online banking operations. Many other new names such as Barclays Bank have also entered in the Indian banking segment and have created a name for themselves in a short span of time. The greatest benefit of these services is that a customer gets banking solutions within a fraction of a second and moreover, the banking staff is relieved from some of its duties leading to more efficiency.
Thus, it can be easily concluded that the Online Banking services have largely stimulated the Indian economy and banking sector to a considerable extent. The banking customer of today is a lucky fellow, who just cannot believe his luck.