Benefits of Online Banking

Online-BankingWith Internet Banking or Online Banking as it is also called, fast increasing in popularity in Indonesia, let us look at some of the benefits of Internet Banking that make it so popular:

Round the clock availability

One of the main reasons for online banking’s popularity is its ubiquity: it is available 24 hours a day, 7 days a week, through the year with the rare, lamentable exception of downtimes! And this access is as fast as your Internet connection allows it to be. And, of course no traveling, no waiting for parking and no waiting in queues.

One-stop financial pit stop

With online banking you get the convenience of linking and monitoring all your accounts together – savings, current, deposits, loans, credit cards etc. Such a close-up view allows you to get a better understanding of your finances. You can set standing instructions for regular bill payments (avoiding late fees and associated costs) and instructions for sweeping account surpluses to term deposits thus increasing your savings with this one simple move. You not only get a better understanding but also a better handle on your finances when you take to online banking seriously.

Real-Time View

Yet another advantage of online banking is that you obtain a very current view of your accounts. Banks are also supporting real-time monitoring of your account(s) with alert services through SMS and email giving you an easy and immediate view of the latest position on all your accounts.

Enables wide range of transactions

Opening or closing deposits, paying bills, transferring funds, trading, investing, buying products, changing your account limits, applying for products – with online banking you can now perform a range of banking transactions from the comfort of wherever you are.

Security

Although there have been fears about online banking and security, many of these are misplaced. Most slip-ups simply occur due to careless/sloppy online and offline habits. We are not trying to understate the importance of safe banking habits; it is important you understand and adhere to them.
We are just trying to highlight reasons why online banking is actually quite safe:
Most banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide. In addition banks have also put in place authentication procedures involving multiple layers like One-Time Passwords (OTP), use of security devices and specific additional authorization requirements for important financial and non-financial transactions.

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