Types and Advantages of Online Banking

The advent of the Internet and to be specific of the World Wide Web (WWW) in the mid 90’s brought information, data, and transactions right to our fingertips. 

By using the Internet, we can do incredible things, like shop online, pay for bills, check weather reports, keep up to date with all the breaking news and play interactive games.

The Internet has also brought change to the banking system. In the past years, both traditional brick and mortar and web-based banks have set up online platforms, where you as the customer can send, receive and monitor your bank transactions. Johnson online banking is one platform that has incorporated Fintech technology for their private banking services.

That said! We need to understand the different types of online banking:

1. Informational Internet Banking - This primary level of banking doesn’t allow clients or patrons to view or maintain accounts, nor does it allow this for financial institutions and for customer communication. Informational Internet banking means, the bank gives necessary information on their services and products, just like a brochure does. This level of banking is only meant for marketing purposes and there’s no connection to the bank’s central digital systems.

2. Communicative Online Banking – The communication level of online banking allows for the communication between banks and patrons. This banking is limited to fundamental bank interactions like new account updates, account inquiries, mortgage or loan application, balances, and contact information updates. On this level, there might be a connection with the bank’s primary computer systems.

3. Transactional Internet Banking - This is the most popular type of online banking, offering all kinds of benefits of a traditional banking system by phone. This banking system gives you full control over your account - withdrawals, deposits, updates, transfers and online payments are possible. The traditional banks are adapting and are now creating bank apps for the user to handle all his/her transaction needs. Increased security measures, by the use of Fintech technology, have made Internet banking safe, convenient and secure.

Online banking is becoming more and more common. With companies like Johnson Capital Private, online banking has never been more convenient. Here are some advantages of using online banking:-

• Pay Bills Online - With an app on your device, you can settle your bills online with no need of stamps. You’re assured that your checks and receipts won’t get lost in the mail.

• View Your Transactions - With online banking, you can access your account transactions and history from anywhere. This is one of the quickest ways of finding out if a sale was successful and has cleared your account.

• Transfer Money Between Accounts - With online banking it’s easier to transfer funds from one account to another. Think of PayPal, Skrill, and other startups!

• Mobile Banking - Mobile apps allow you to take advantage of online banking with the convenience of using your phone. Always ensure you’re accessing this information on a secure platform and avoid public Wi-Fi when logging into your account or completing transactions.

With Johnson Online banking, you can enjoy these benefits with little or no efforts. With a touch on your screen, you can send money directly to another party.