Internet banking, also called online
banking, has become very popular in Nigeria. However, there are still
many Nigerians who have the capacity to carry out Internet banking that
are not doing so. This partly explains the reason for the long queues
and crowd seen in the banking hall.
This causes a lot of inconveniences not
only to bank workers but customers as well. There is a need for more
people to embrace Internet banking and enjoy the full benefits it
offers.
According to www.online-sciences.com, Internet
banking refers to the banking services provided by the banks over the
Internet. It is performed through a computer system or similar devices
that can connect to the banking site via the Internet.
You can also carry out Internet banking on your mobile phones using a Wi-Fi or 3G connection.
There are only a few services banks do
not render on their Internet banking platforms. These are often services
that require physical presence of the customer at the banking hall.
With the emergence of digital banking and financial technology
phenomena, more banking services will continue to be rendered online.
Banks will continue to push more of their products online.
While banks render a number of services
on the Internet banking platform via the Automated Teller Machine, the
beauty of Internet/online banking is that it provides more comfort. In
the comfort of one’s home, Internet banking services can be enjoyed via
the laptop, desktop or smartphones. Here are a few of the services banks
render on the Internet banking platform.
Paying bills
Various kinds of bills including utility
can be paid online. Taxes, digital or cable television subscription
bills can be paid online, among other services
Funds transfer
This is perhaps the most common Internet
banking service enjoyed by most customers. A larger percentage of
customers who log on to the Internet banking platform do so to transfer
funds. While the ATM transfer is limited to N200,000 per day for most
banks, millions of naira can be transferred from one bank account to
another via Internet banking.
Viewing account statement
While the ATM allows the customer to
view only account balances, a customer can view his or her account
statement via the Internet banking platform.
Purchase of airtime, air ticket, etc
Commodities such as airtime and air tickets can be purchased via the Internet banking platform.
Opening of accounts
Customers can open a domiciliary or
fixed deposit account on the Internet banking platform. This is possible
because the bank already has some details of the customer in its
custody.
Foreign exchange transactions
Certain foreign exchange transactions are also possible via the Internet banking platform.
Loan applications
Some banks allow customers to apply for loans through the Internet banking platform.
Other products
Other services will continue to be
available online via the Internet banking platform. This is because
banks are delivering or pushing their latest products and services over
the Internet.
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