Online Banking Trends That Have been Game Changers in the Banking Industry
Customers are progressively open to banking innovations driven by technology, private players are making significant ventures, and government regulations are leading the charge.
What are online banking transactions?
Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking. Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.
The banking industry has undergone a drastic change in the last ten years. The advent of Information technology has changed the pace at which business is transacted. Gone are the days when people had to queue up in a bank to transact. Online banking has now ensured the people have access to their accounts wherever and whenever they want.
We recently had a conversation with the Astro Strategist Mr. Hirav Shah about the changing trends in Online Banking.
As per Numerology, the Year 2020 adds up to the number 4 (2+0+2+0). Number 4 is ruled by the planet Rahu which is known to cause sudden changes in digital transaction platforms.
The transit of Jupiter on November 20, 2020, and the combination of Saturn in Capricorn, Rahu in Taurus will lead to a plethora of effects on online banking in the remaining months of the financial year 2020-21.
2021 adds to 5 and 2022 adds to 6 which is ruled by Mercury and Venus respectively.
So 2021 and 2022 will lead to making online banking better.
With the rise of internet penetration in India, the number of people banking online has grown exponentially in the last five years. Almost all major banks in India have introduced internet banking services for their customers.
Surveys have pointed out that the rise in net banking has corresponded with a fall in-branch banking which helps the banks to divert funds towards better serving their customers and reducing their overheads on staff and premises.
This is foremost to more financial incorporation everybody accesses propelled managing banking services and an extensive variety of financial offerings.
Currently, most banking customers consider smartphones as the most preferred mode for online banking all over the world. The banks are reacting to consumer preference by increasing their investment in digital innovation, concentrating particularly on enhancing their mobile banking security and user experience.
Hirav Shah says, “Many of us cannot imagine a life without online banking. Transfer of funds, checking of accounts, making payments, everything can now be done with a few clicks on the computer or the phone.
Besides these benefits, Online banking offers a lot more to the public who want to open their eyes and see it. It is also crossing a lot of barriers to bring about real change in the world of banks.
Benefits of Online Banking
- Check balances on accounts and view records of your transactions.
- Pay bills automatically each month with easy-to-set-up auto payment.
- Transfer funds between accounts.
- Download or print statements for your tax or personal records.
- Access your account 24/7.
While these disadvantages may not keep you from using online services, keep these concerns in mind to avoid potential issues down the road.
- Technology and Service Interruptions. …
- Security and Identity Theft Concerns. …
- Limitations on Deposits. …
- Convenient but Not Always Faster. …
- Lack of Personal Banker Relationship.
Planet Mars (Number 9) plays a major role in online, digital, and electronic transactions. Mercury also plays a vital role in making communication.
3, 6, 9 are the favorable numbers for number 9.
As per Numerology
Bharat(2+5+1+2+1+4) adds to 15 = 6 ruled by Venus.
India (1+5+4+1+1=12) adds to 12 = 3 ruled by Jupiter.
India is in the 74th year of independence but we may see a big economic jump of growth in the 75th year and 78th year as 75th(7+5=12=3=Jupiter) year and 78th(7+8=15=1+5=6=Venus) year, both periods are very favorable and important for the growth prospects.
Both years will give lots of impact on the global turnaround for online banking in India and also for economic growth in India.
Recent advances in the banking and financial sector like blockchain, IoT, eKYC and artificial intelligence are all digitally-inclined. While banks, small and big, all over the world take the automated push, the above mentioned modern modes are all set to change the way we look at banking today.”
Mobile Banking vs Internet Banking
The key difference between Mobile Banking and Internet Banking lies in the fact that Mobile banking is an app-based facility provided by banks that lets the users execute bank transactions and other similar activities using the internet on their mobile phones whereas internet banking allows the users to carry out financial transactions and other similar activities using internet on a browser in your laptop, PC or a Smartphone.
According to Hirav Shah, following are some of the trends that have become game changers and will influence online banking on the next level from 2021 onwards.
1. Open Banking
Open banking is a connected ecosystem of financial services, wherein third party developers use open APIs to build applications or services for financial institutions that allow banks to rapidly and securely enhance their digital offerings.
With more APIs (Application Programming Interface) disclosed by banks, the way toward completing payments and other banking transactions would be significantly quickened as well as simplified.
Hirav Shah adds, “Two years after the government announced the National Digital Communication Policy in September 2018 which adds to (2018=11=)2=Moon, it targets to make the “Online Banking” vision a reality.
2. Advanced Mobile Banking
A few banks are currently providing a downloadable customer solution that mobile subscribers can use to get to bank services.
For customer convenience, most of the banks have developed their own banking app to offer a reliable channel and enable customers to execute transactions like funds transfer, bill payments, track the latest transactions, receiving notifications from the bank, etc.
Personalization, Biometric checks, exhaustive functionalities are some of the mobile banking trends that are being taken after.
You need support from Mars and Venus. to make Mobile banking the most convenient medium, 2022 is the year of Venus as it adds to 6. So Advance Mobile Banking will be at a different level by 2022.
List of Top 8 Mobile Banking Applications in India
- ICICI iMobile Application.
- HDFC MobileBanking App.
- State Bank of India YONO App.
- HDFC PayZapp.
- Bank of Baroda M-Connect Plus App.
- Axis Mobile App.
- Kotak- 811 & Mobile Banking App.
- IDBI Go Mobile+ App.
Blockchain is a distributed database, wherein a list of records continuously widens up, in the form of blocks and is secured via cryptography. It has the capacity to record anything of value and ensure an unrivaled degree of transaction security.
The combination of Mercury and Venus plays a major role in making the Blockchain system more active and powerful in Online Banking.
4. Cryptocurrency Wallet
A cryptocurrency wallet is a safe digital wallet with different blockchains to enable users to monitor their digital currency balance, send, receive, and conduct other operations. Cryptocurrencies will soon be a part of the international trading system.
From the daily accessibility to the remote check for deposits, there’re many perks in the online banking system. It’s no surprise that many people do their banking transactions online.
With some many people relying on online management for their money, threats have risen. Malware, fraudsters, and hackers are waiting to steal your password and rip you off all your cash.
Hirav Shah suggests some Tips to help you with online banking security to ensure a safe environment.
- Avoid Public wi-fi for online transactions
- Always make sure of two-factor authentications
- Use Sites with https in the Address
- Disable Automatic Login
- Create a Strong Password
- Beware OF Text and Email Scams
- Use The Bank’s Mobile App
The combination of Venus and Rahu plays a major role in making the cryptocurrency system more safe and advanced in Online Banking.
Hirav Shah concludes by saying, “Meanwhile, online banking has already put a stop on several malpractices like the circulation of counterfeit notes which has been a major threat to the economy for many years.
So the 75th year of independence- a year of Jupiter will start changing the whole picture of the online banking of India. The 78th year of independence will give glory, charm, happiness, success, and super growth.
Also, taking customer feedback has become easy now enabling the banks to give better services. Digital banking also means more digital data and this means that big data analysis can be carried out by banks to analyze data accurately. This will eventually lead to better decision making, more cost-effective solutions, and improved customer experience.”