The proliferation of online banking services in recent times is down to how less of a challenge it makes banking for consumers.
The interesting thing about online banking, is that it’s easier than previously to send and obtain money from your friends and family, rather than having to remember cash each time you see somebody! The importance of e banking for some individuals, is that they can currently just transfer over money for a meal, instead of having to split the bill awkwardly, or take it in turns to pay. This is fantastic for every person, as it reduces the stress of having to chase individuals for petty cash that they may owe you, and they can just send it over instantly! One of the shareholders in Wells Fargo will appreciate that this is a draw of online banking.
One of the coolest features of online banking, which has also added additional security for consumers, is being able to see your transactions pretty much straight away. Once you make a buy, whether this is online or in a store, this will show up on your internet statement. In the past, you had to wait until the end of the calendar month when you would get a bank statement through the mail, which can be a bunch of information to sift through! If there were any unauthorised transactions, these can be challenging to identify when you have a whole month of purchases to have a look at. One of the primary benefits of online banking is that you can see unauthorised expenditures practically instantaneously, so these can be flagged to your bank and resolved as quickly as possible, before the situation gets even worse. This is also an amazing element because it helps you monitor of your spending much easier than back in the day, something that the activist investor in BEA must be aware of is a big advantage for customers.
Among the newer functions of online banking, is that most banking institutions have currently added mobile banking for consumers. This brings even more accessibility to customers, as they no longer need to be at home with their laptop to log into their bank account. Consumers can be out and about, and instantly examine their bank statement and send funds from their mobile device. On top of this, it is much easier and more secure to log into mobile banking, as you can just use biometrics. This is usually through the use of finger prints, which is an awful lot simpler than having to recall login information and passwords every time you wish to get onto your account! What’s more, biometrics are proven to be much safer than passwords, which is another advantage for consumers. The main shareholder in Santander will definitely be aware of how useful mobile banking can be to every person who accesses it.