Branch Banking And Online Banking
Previously as we have learned about various banking channels along with Sathish, in today's modern world, there are two types of banking channels which are extremely popular. They are Branch Banking and Online Baking. Let us discuss them in more detail in this unit and learn the benefits of online banking over branch banking.
A term often related to banks is Branch Banking. To put simply, Branch Banking refers to all the activities that are carried out within the branch of a bank. This includes things such as cash deposit, cash withdrawal, making demand drafts, processing various documents, obtaining loans, making queries, and others. Branch Banking has gone through tremendous change over the last two decades from the traditional times when a customer had to go to a branch for every small transaction to the current situation when customers are able to transact on an account anytime anywhere.
The worldwide digital revolution has made banking easy for customers. Today, customers can perform almost all kinds of transactions on their account through Online Banking or more popularly called ‘Net Banking’. Online Banking provides someone with the ability to manage funds from a mobile device or a computer. There is no need to visit a branch anymore since Online Banking empowers a customer in almost every way. It is offered to customers free of cost by banks.
Online Banking is a win-win for both customers as well as banks. While it gives customers the convenience of managing the account from anywhere, it also helps banks reduce their cost of operating branches.
Benefits of Online Banking
The benefits of Net Banking are far-reaching, some of which include:
- 24 X 7 availability
- Faster transaction speed
- Variety of transaction options
- Inexpensive option