What is it and how does it work ?
Internet banking or also commonly known as online banking is a platform in which various banking services take place. There are a lot of things that you can do via internet banking like transferring funds, paying bills, verifying transactions, applying for a loan and even checking your account balance from time to time. You can basically access your bank accounts and banking services anywhere and anytime. It allows us as users to manage our account by just using devices with internet access. How convenient is that ?. This internet banking service can access both domestic and international facilities of transferring funds. It is a quick and hassle free way to look up to all your banking and transaction needs.
Types of internet banking
There are quite a few types of internet banking. However in Malaysia we usually stick to these 3 types of internet banking.
- Basic/ informational internet banking
This type of internet banking refers to the bank’s website in which it provides information about the services that they offer. As users, we are accessed to the general information. We are allowed to clear our queries and doubts via the contact number or the email address provided. It will also provide details like the nearest branch and the ATM locations nearby.
- Intermediary/communicative internet banking
This type of internet banking allows users to do simple functions like applying for loans and clearing our queries. The communication process between the customer and the bank takes place via a third person being the bank representative. The question and answer session will take place via chatbox where we can chat with the bank representative or also known as the customer care. You can make general queries that you wish to get an immediate response. Customer care will only cover general queries so for any other underlying issues it is recommended for you to go in person.
- Advanced/transactional internet banking
An advanced type of internet banking is a type of service that deals with transaction services that deals with money. This includes credit card bill payment, fund transfer, bill payment and investments. You would only require an active internet banking account to do all these transactions.
Benefits of internet banking
Gone were the days when you had to queue for hours in the bank when you wanted to do transactions like fund transfer. An active account allows you to do all transactions in a breeze. This would also save you a trip to the bank ! Besides, It is super quick and is usually free to do all sorts of transfers. You can also access your account 24/7 so you don’t necessarily have to wait for operating hours in order to do your banking transactions. You are able to pay all your bills online. Students are now able to pay their PTPTN loan online as well. Oftentimes, it is also so much safer to do all your banking transactions online as you are able to track it and also keep the online version of all your details and receipts.
If you have not had your online banking account ? go register yourself now. You will not regret your decision.