As the words suggest, internet banking, also known as online banking is a service or system that allows users to complete financial transactions using the internet. Online banking is a service that is provided by almost all banks and internet based payment gateways like Financial Process Exchange (FPX) that can allow real-time payments to be done online. PayNet or Payments Network Malaysia Sdn Bhd operates FPX, which is a wholly-owned subsidiary of our national bank, Bank Negara.
What can we do with online banking?
Online banking is a more modern alternative to going to the bank teller to send money or receive money. Almost all services that are traditionally carried out at a bank like transfers, bill payments, deposits, loan payments or even balance enquiry can be done virtually via online banking. All banking institutions globally have some form of internet banking service available through mobile applications and on their desktop, as long as they have an internet connection.
Other than that, users can use internet banking methods to shop online, pay phone bills, purchase flight or movie tickets and even make food delivery orders.
Benefits of Internet Banking
It is a major advantage of using internet banking as all basic banking transactions can be done all at the tip of your fingers, without needing to visit a bank. Whether it is paying your utility bills or transferring funds to a family member, almost everything is virtually made possible to be done over the phone. Apart from that, internet banking is available to almost all banking institutions, therefore you do not have to worry whether your chosen bank does not have an internet banking service.
⇨ Efficient & Fast
Online banking is known to be quick and efficient. For instance, transferring funds to a family member or friend using your bank account can be done within seconds, especially if the transfer is being done between two accounts under the same banking institution. Despite that, there are Instant Transfer options that all banks have where consumers can make a funds transfer to a user using a different bank that is almost instant as well. Gone are the days where one will have to wait several hours to a day to check if they have received their funds. Users can also open and close their accounts online including fixed & recurring deposits, which offer high interest rates. Enquiring on your bank balance has also been made efficient as it can be done by just tapping in your password on your phone.
Online banking users can be assured that their accounts are safe. This is because, consumers can monitor their accounts very closely, any time they would like. Internet banking services provide around the clock access to their banking information, which can help provide early detection of any fraudulent activity that may go on with their banking account. Therefore, users can be aware of any losses of financial damage done against their account. With that being said, users must be careful of where they fill in their account information, making sure that they clear out their login information if using a public computer, and also using a VPN proxy to keep them safe when using public Wi-Fi.