Ibanking - Internet Banking
Ibanking - Internet Banking, also known as Online Banking typically refers to banking activities performed online or on the internet. Users of this form of banking can conduct financial transactions through the internet. There are several advantages of Internet Banking that make it an ideal choice for many consumers to use it as their preferred mode of banking.
There are two types of Internet banking. One is where traditional banks that have physical presence offer the internet banking service to their customers. There are also banks called online banks that have no physical presence but only exist online.
Advantages of Internet Banking:
- Convenience is the biggest advantage of Internet Banking. Banking transactions from making bill payments on various lines of credit, to applying for loans and deposits online etc. can be done at the comfort of your home without having the need to wait in long queues at the bank branches.
- Internet Banking is available 24 hours a day and 7 days a week. Many of us do not have the time to visit our bank during the working hours and the operating hours of the bank make it hard to balance daily life and bank work. This problem, however, does not surface with online banking as this facility is available round the clock.
- Online banking is extremely efficient and fast. Human errors are overruled in this form of banking. You can transfer funds from one account to another at any time of the day within minutes and with just a few clicks. You can also monitor your account activity, view your account balance etc. Constant monitoring of your accounts can keep your accounts safer.
- Internet Banking provides access to banking information throughout the day, at all times. This helps in early detection of fraudulent activity on accounts and in other cases, prevent it completely minimizing financial damage and loss.
- Most leading banks have heightened their security measures with state of the art technology to protect sensitive information of their consumers.
- Internet Banking can provide immediate resolution to any enquiries. For instance, you can open and close your recurring deposit or fixed deposit account depending on the current interest rates offered by your bank.
Products and Services Offered through Internet or Online Banking:
Most banking products and services today are commonly offered by all banks through their internet or online banking service. The popular products and services offered through internet or online banking include:
- Bill Payments.
- Funds Transfer.
- Investment in Share Payments, Unit Trusts.
- Online Applications for various lines of credit including loans, deposits, accounts etc.
- Online Remittance include Telegraphic Transfers (TT), RegionLink etc.
- Account Enquiry.
- Online Transfer – local and global transfers.
- Rate enquiries for different deposits.
Banks in Singapore that offer Internet Banking/Online Banking:
- UOB (United Overseas Bank)
- DBS Bank
- Standard Chartered
- ANZ (Australia and New Zealand) Bank
- BOC (Bank of China)
- CIMB Bank
- American Express