The main goal of the economy in today’s world is a cashless world. People tend to use cards and phones to make payments and transactions instead of cash. A few years back, using the card was what people aimed for and that is what the banks promoted. But using card required machines at commercial points. In case there are no machines people have to use cash. This is no longer the case with the advent of an online banking system. Online banking system allows the customer to perform various banking activities on the go or from the comfort of the home. To use an online banking system, all one needs is a smartphone and a bank account, which now can be opened online. Online banking eliminates the need for cash.
Advantages of online banking
There are various online banking methods and each has its benefit. However, the advantages of online banking on whole cannot be neglected.
PCI compliance
The online banking solution ensures safety for any financial transaction that you perform. The word PCI abbreviates as Payment Card industry. It has listed a few goals that have to be followed by all the banks that issue and deal with a credit card. The main goals include maintaining a secure network, protecting the data of cardholders and regularly monitoring every transaction.
SSL 128-bit data encryption
Most of the online management software adheres to the SSL 128-bit data encryption policy to shield the information that passes through the online banking system. The data encryption allows the online banking system in India to process all types of credit and debit cards, and gateway payments in a secured manner to prevent any fraudulent activity.
Optimized customer journey
The online banking solution allows the customer to make a purchase anywhere around the globe and any time of the day. Instant confirmation and convenience of instantaneous payment improve customer retention and gratification.
Reduced processing cost
To provide card transactions for the customer, one has to tie up with a card processor. The processor will offer a payment gateway to process the transaction and incur a charge for processing. Instead of this, if you use online payment software, the charges of the processor can be reduced.
Various method of payment acceptance
When you depend on the traditional brick and mortar stores, the payments are done usually through cash or card. But in an online setup, you have an endless possibility of payment. The banks have adopted this notion and offer various modes through which the customer can make a payment. Some of the most common online payment methods include e-wallets, mobile banking, and more.
Handle money with any tension
Every kind of business from event Management companies to local stores can find an online payment solution that is user-friendly and safe. With an online management system, money collected can easily be segregated and organized according to preference. Less human interference equals improved efficiency.
Altogether, internet banking services in addition to paving the way for a cashless world improves the efficiency of banks and standardizes operation.
FinCore
FinCore, a completely web-based solution for Core banking to improve the banking sector at a reduced price. The FinCore solution is a multi-pronged system that addresses various aspects of banking operations and financial management. Some noteworthy features include:
• Ease of access
• User-friendly interface
• Save time and cost of processing
• Better management of risk
• Customer retaining features
Bottom line
With online banking increasing at a stellar pace, get your online solution from Finacus. Experience the demo and take a step ahead for a cashless world.