Technology has played a crucial role in the transformation of banking sector especially in terms of processing of transactions. Digital banking is the new mantra of all the banks. In India also because of ‘Digital India’ initiative taken by government, many companies and government bodies have become more aggressive in digital platform.
Technology in banking has also evolved much faster because of internet. Online money transfer is one of the basic feature which every bank offers today (excludes cooperative banks). One can send money easily to any person even if he/she is located outside the country.
Not only banks but companies from other sectors have also started providing this service of transferring the money online. Walmart has collaborated with Moneygram for offering the online money transfer feature. It charges a nominal fee of $5 for this service. The funds get transferred in just 10 minutes.
Banks give various kinds of incentives to customers to pursue their transactions through online medium. It puts less stress on their workforces who are busy attending the customers directly.
The process of doing online money transfer is very easy. Every customer gets a customer id for net banking when he/she opens an account with a bank. The customer has to generate a password and whenever he/she wants to log in into the account it is through the customer id and password.
Once logged in, customer has to select the fund transfer option. The customer then has to enter the details of the beneficiary. Before adding the beneficiary, one also has to enter whether the beneficiary bank is same or is different. It includes the name of the customer, account number, Bank IFSC codes and branch name. Bank generates OTP password which is sent on registered mobile. Once that is entered, it takes around 30 minutes to record the beneficiary details in the system. Earlier it used to take an entire day.
Once the beneficiary gets added, the customer has to move to payment option. Here the beneficiary name has to be selected. Other details like account number, bank IFSC code etc automatically gets filled. In the payment option, the amount has to be entered. Then with one click the fund gets transferred.
Again if funds are transferred through NEFT then it takes one working day of bank for transferring the money, though the money gets debited immediately from the account of the person who transfers the money. Through IMPS option the money gets transferred immediately.
Benefits of online banking are it is 24/7 service, it is as easy as surfing the web and most importantly it is safe. Bank sends an email notification when such kind of transactions are done. One can blindly execute such transactions. There is no tension of going to bank personally and wasting time for a simple task. Nowadays, because of office work it is very difficult to manage such kind of tasks. So online banking has come to the rescue of busy customers.