Online Banking - What's The Fuss All About?

Image Source: Paretologic.com

Online Banking (OLB), sometimes referred to as e-banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. Online banking is also referred as Internet banking, e-banking, virtual banking and by other terms. (wikipedia).



What does this mean in lay terms?!

It basically means that you can conduct some 80% of all the transactions you would normally go into the banking hall to carry out on the web!! And possibly 50% on your bank mobile app!! 

Point to note - you need a token (a small electronic device that generates random combination of numbers) to complete and verify these transactions. This costs a nominal fee.

Now lets highlight some of these transactions 

• Account Balances - you can check your account balance on your banks online banking portal, on social media, via sms and via the contact centre.
• Account Transfers - now think about that hair dresser, contractor, vendor or consultant that you need to pay before they deliver the service, you can transfer directly to them without queueing up in the banking hall for hours. Make intra and inter bank transfers and transfers to foreign bank accounts right from the comfort of your computer
• Open additional accounts - including current, savings, and domiciliary accounts
• Card requests - you can request a debit card, hotlist a card, and fill out a dispense error
• Airtime purchase - airtime for the four major mobile network providers can be bought with ease using your bank eBanking platform
• Payments - pay visa fees, phone and cable TV subscriptions, utility bills, insurance premiums, etc on the same platform
• Travels - some banking platforms allow you buy local and international flight tickets
• Self service - you can manage your account settings, such as setting up transaction alerts (whether to have or not to have), add services to your account ( this can be bank specific), password change, etc
• Cheques - you can request, confirm and stop cheques

Wouldn't you want to be able to do all of these customized services by yourself. Save cost from frequent travels to the bank (and overcrowded ATMs), avoid lengthy queues and unnecessary waste of time waiting just to be told you need to fill out a form first, be attended to by angry, frustrated and sometimes saucy customer service reps?! Why not sign up with your bank today and save yourself the hassle!

Of course, the caveat remains that your account safety remains your personal responsibility. Do not disclose sensitive account information such as your PIN and password to anyone; in person or over the phone. Bank employees are also not authorized to collect this information from you!! Use ATMs in secure areas, preferably at a bank branch. Make sure no one stands over your shoulder while you use the ATM. These guys have photographic memory. Do not use ATMs that you find tampered with. Card readers and cloners can be integrated into them.

Enjoy the freedom of online banking.