Importance of boundary-less banking

Online Banking is simple terms means, banking services through a website that does not involve any physical exchange of money, but it’s all done electronically, from one account to another. There is no need to go to the bank for transactions. Instead, one can access one’s account any time and from any part of the world, and not necessarily at times when the bank is open.

For busy executives, students, and homemakers, online-banking is like a virtual boon. No more taking precious time off from work or family time to get a demand draft made or a Chequebook issued. Banks use a variety of names for online banking services, such as PC banking, home banking, electronic banking, boundary-less banking or Internet banking. It is the revolution of online banking that boosted up e-commerce. Without online payment facilities, e-commerce cannot be thought upon and bill payments over the internet cannot be exercised.

Creating convenient, boundary-less banking capabilities for customers is increasingly important, but banks must not lose sight of what consumers also care about greatly: customer service. In today’s ever-challenging environment, when it comes to addressing customer complaints, the issue is not whether or not banks care, but whether their customers perceive them to care enough about their problems and issues. Ultimately, such sentiments will drive customer and brand loyalty as emerging entrants will continue to disrupt financial services.

Lifting boundaries isn’t a matter of executive direction. It’s about a re-thinking payment system and shifting perspective.

Here are a few pointers to consider:

Digital account opening:

Banks and financial firms have known for quite some time that they need to step up their digital game. Digital experiences in today’s world is putting great pressure on banks and other financial firms to innovate and deliver better digital account opening and onboarding experiences that can be completed in a single sitting. 

However, the good news here is that there are modern and effective approaches to KYC – available in the market today – that not only prevent application fraud from happening but also do not add unnecessary friction and hassle to the customer journey. The last thing you want is to move to boundary-less banking that results in the same abandonment rates that you experienced with your traditional account opening processes. 

Easy Monitoring :

Due to the large number of transactions that you’re might likely to conduct, it can be easy to miss unusual activity in your account. However, with instant access to your accounts with boundary-less banking, you can review each day’s transactions with ease. For instance, you may want to check your balances, move money between accounts, or check to see if a payment has been transferred. Instead of going to your bank physically or waiting in the queue for paper statements, you can simply log in to your e-banking and monitor your transactions. 

Faster Transfers :

Making transfers via boundary-less banking is much quicker and easier than traditional methods. Internet banking enables transfers to be performed overnight and is also great for making direct deposits and wire transfers, which are some of the fastest ways to transfer funds. 

Enhanced Security 

Boundary-less banking is regarded as one of the most trusted providers of data security, adopting multiple protection layers to keep your company information safe. By using the latest virus detection software, highly encrypted transmission and several firewalls, banks and financial institutions offer the best technological solutions and security features to combat data theft, meaning that your company information will benefit from complete protection. 

Call iPayTotal today for more information.

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