The payment solution that banks require in modern times is Online banking. It is also known as Web banking and Internet banking. It enables the customers to make open payments from any application. There is no middle person and no unnecessary fees for the transaction. It makes communication easy with both parties. That is the customer and the bank. Online all banking solutions enable a customer to conduct any financial transactions via the Internet.
Modern banking services contain innovative products such as Core Banking Solutions; Demat accounts; Debit card/Credit card; No frills accounts; Net Banking/ E-Banking; Mobile banking, Automated Teller Machines (ATM); Insurance, etc. These are some of the Modern banking services. This online banking provides customers with Services that are traditionally available in a local branch that contains deposits, transfers, and online bill payments.
Services that are provided in online banking services
- To receive notifications, warnings, alerts, messages, this can be updated directly from the bank.
- To chat with the bank and get information on the following:
- To Pre-approved the loans
- It enables Mini statements
- Receive Card details
- Fixed deposits
- Credit Card balance and reward points
- Helps in Funds transfer
- Bill payments transaction
- To be notified about recent updates
- Cheque Book requests
- The payment feature is already underway and will be functional soon.
Core Banking Solution (CBS):
Core Banking Solution (CBS) is the connectivity of banks through networking their branches. It enables the consumer to manage their accounts. It provides available banking services from any branch of the Bank on the Core Banking Solution network. No matter where the account will be. The consumer becomes the bank’s customer. Under the Core Banking solution, they are interconnected with each other.
- The core banking solutions are entrusted with protected services.
- It sends notifications, warnings, information, and proposed Communication to customers.
- It also provides a keyboard-based auto-response
- They provide the customer with a communication facility. That is two-way messaging.
- They provide flexibility to their customers.
- They have optimal control over their bank services.
- They enable us to obtain money online.
- To deposit a cheque for credit into the account.
- It enables the deposit of cash into the account.
- To deposit cheques/cash into the account of some other person who has an account in a core banking solution branch.
- To get the details of your account statement and online banking solution.
- To transfer the funds online from an individual’s account to some other account – have to provide both the accounts of Core Banking Solutions branches.
- To obtain Demand Drafts from any branch on Core banking solution – the amount will be debited to the account online.
It is the easiest way to go hand in hand with online banking. It is convenient for all, and the banking can be done from any place. It transfers the funds, payments, recharge, bills, balance inquiry, etc. without any delay. Each customer has his Identification no. and passport. It makes net banking easier. It is also known as electronic fund transfer. Online Digital banking solution enables the customer to conduct financial transactions through the internet. Consumers need not visit the bank for their basic transactions. A customer needs a mobile, their ID and password, an Internet connection, and a bank card to register. Once registered then the consumer is all set to use the online banking services.
Mobile Online Banking:
Mobile Banking is a medium provided by the bank for the customers. It enables them to make financial transactions through their mobile. It is also one of the easiest ways for online transactions. It enables us to transfer the funds, payments, recharge, bills, balance inquiry, etc. without any delay and query.
Various online Banking services offer online banking varied by a different organization. Generally, many online services offer basic services like transfers and bill payments. While some banks allow their customers to open new accounts online. They also provide applications for credit cards through online banking portals. Other functions like change in address, ordering checks, stopping the payments on checks
Finacus has been one of the leading companies that is providing path-breaking banking products and services that are making banking easier, smarter, and safer for both end-users and service providers. To know more about these products, please contact us for a demo.