The Internet banking (or online banking) service became available to bank customers not so long ago (less than 20 years have passed since its appearance in Europa), but it has already become an everyday norm and an integral part of banking service. If a credit institution did not consider it necessary to provide such functionality to its client or implemented it at an insufficiently “high” level, then it will definitely not become a leader, but will be content with the role of an outsider in the banking market. Let’s consider what Internet banking is, what are the advantages of this service, what are its capabilities, how to use it, and why is its high-quality implementation very important for a bank?
Internet banking. What is it and how do I use it?
Internet banking (from the English internet-banking (online-banking) – banking operations on the Internet or online) is a technology of remote (remote) banking services that allows a bank client to access their accounts for their control and management through the Internet.
The access itself is carried out using any modern Internet browser (applications for viewing web pages), thus, the client can be anywhere (city, country), and if he has a computer or mobile phone with access to the World Wide Web, manage his accounts without visiting a bank branch – just go to a specific web page and you will be taken to the Internet bank (hereinafter IB) of your credit institution (it can also be called the Client’s Personal Account).
Note! You need to go to your bank’s information security only by following the link from the official website of the company, otherwise you can get to a fraudulent website, the purpose of which is to obtain a login and password, and steal funds from your accounts. This is about the security of the service, which we will talk about later.
Internet banking capabilities
At present, clients have the opportunity to receive almost a full range of banking services without visiting the office, which is convenient not only for the client himself, but also beneficial to the bank – the costs of servicing the client in the branch are significantly reduced (there is a saving in the time of the cashier and other resources).
Let’s take a look at the possibilities offered by access to a modern Internet bank:
- Tracking incoming and outgoing transactions for all cards and accounts (receiving an account statement). By the way, getting a statement in a department is basically a paid service, and in information security it is always free. Account balance control (balance of funds on them) is the most common operation in information security;
- Opening (including re-issuing, self-blocking) cards (with their subsequent delivery by courier (mail) or visiting the office to pick up the finished plastic with minimum formalities), opening deposits (deposits) online, applying for a loan with transfer of funds to the card account. You can close the mentioned banking products, as a rule, also remotely .;
- Making transfers between your own accounts and to cards (accounts) of third parties both in your own bank and in another bank, including sending money abroad;
- Currency conversion;
- Payment of utilities, mobile phone, internet, television, fines, duties, etc. In the general case – the ability to pay for the services of a wide range of companies;
- Repayment of payments on current loans (and replenishment of their accounts: cards, deposits) – from their cards or other accounts, or from cards of other banks;
- Providing information on various banking services (tariffs, terms of use, etc.). To this we add targeted advertising information that the bank can communicate to each client individually, for example, offering a loan at reduced rates or a credit card with a pre-approved credit limit.
- The ability to manage settings that directly affect security: limits on withdrawal or transfer operations, changing the login and password, changing the PIN, etc.
- Additional services: ordering your credit history, auto payments, managing finances, when the bonus program is connected, the client may have access to such opportunities as: viewing bonuses, converting them into real money (sometimes bonuses are returned with “real” money – the so-called cashback) and other useful options (it all depends on the specific information security).
If a person has tried the capabilities of information security, then he is unlikely to go to the terminal in order to pay for utilities or transfer the payment to school or kindergarten for his child – all this can be done next to your computer in a comfortable environment. That is why Internet banking is an obligatory component of the customer service of a modern credit institution.
How do I register in the Internet Bank?
All the advantages of remote banking can be obtained by the holder of a bank card of a particular credit institution. For example, for convenient repayment of payments on a loan being issued (in the terminal), you can be given a free debit card, which will also allow you to register in IB and control your account balance.
To get started, the client needs to register in the Internet Bank, having received a username and password. There are two ways to register:
- Issuance of a login-password pair by a bank employee at the branch upon receipt of the card (as a rule, they can be changed later);
- Self-service online registration on the bank’s website. The client will need to enter the payment card number, and, possibly, other information (passport data, code word), after which the bank will send a confirmation SMS message to your cell phone (it must be entered in the appropriate field on the website) and after successful verification you will receive login and password from your personal account.
Note! Before registering, your cell number must be linked to your card – this is usually done when the card is issued at the bank office. Therefore, it is so important to correctly indicate your personal mobile number, otherwise work with your personal account will be impossible.
Security when working in the client’s personal account
Much attention is paid to the safety of working with the Internet bank. Even at the stage of entering the IB, an additional stage of customer identification is provided – an SMS message with a one-time password is sent to the phone attached to the card (3D Secure technology). Thus, an attacker will not be able to access your accounts without your mobile phone.
But this protective measure does not always save the naive client. Fraudsters, using various tricks, can find out a one-time password (the holders themselves will tell the fraudster). In order not to get into the attackers’ daughter, study the article on the main existing methods of fraud with bank cards .
In a number of banks, access to information security is implemented without an additional stage of identification, for example, at Rosgosstrakhbank (at the time of this writing). This is not very good, but you will have to “work hard” to get a login with a password in this institution. The fact is that after online registration on the IB page, you receive these login details, but your account is immediately blocked. It must be unlocked by calling the support service, where you will have to answer many questions to a bank employee, and only after that you will be activated access to the IB.
In general, take care of your phone, login, password and the card itself (its details) like the apple of your eye. As you can see, the responsibility for the safety of the client’s funds lies not only with the bank, but also with the client himself – therefore, you must strictly follow the safety rules when using the card .
And we repeat once again – go to your personal account only from the official website of the credit institution, and if you are firmly convinced of the correctness of the link.
Benefits of online banking
Some people, especially the older generation, are still afraid of financial transactions via the Internet. By refusing to use such a convenient service as online banking, they stay away from its advantages, which include:
- round-the-clock access to your accounts;
- access from any computer with Internet access;
- convenient control of receipts and expenses for cards;
- the ability to make all necessary payments without leaving the couch, which leads to significant time savings.
You can ask a specialist in a bank branch about how to use Internet banking or ask for a printed instruction. Frankly speaking, such a request is rarely made, because the interface of your personal account is usually intuitive. By the way, the same Euro Bank offers one of the most convenient information security, and the personal account of Tinkoff bank, which specializes in remote customer service (it has no branches, except for the central one in Moscow) is considered one of the best, along with a mobile application – but how otherwise, because in fact, this is the main channel of interaction with the client.
We also note the high level of security of transactions through the personal account of the online bank: without a confirmation code in the SMS to your number, almost any operations cannot be performed (except for transfers of funds between your accounts).
Anyone who has already mastered the online banking service is unlikely to want to return to the usual queues and hectic. Internet banking is a modern way to manage your own finances without headaches and running around, but you shouldn’t forget about safety rules.
