Factors That Affect Online Banking

Posted by Rajiv Manchanda on August 16th, 2019

The banking ecosystem has completely revolutionized with the introduction of the internet. It is possible to do most of the banking functions through net banking online. There’s absolutely no need to visit bank branches for tasks like passbook updation, balance checks, opening fixed deposits etc.

Net banking has become a convenient way to access services offered by banks along with a reliable means of payment. The user experience of online banking, the features and the speed depend on a lot of different factors working in conjunction.

Here are some of the factors that affect online banking:

Internet speed:

At the base of it, the speed of online net banking and the services depend on the internet available to the user. Net banking is solely dependent on a stable internet connection without which it is difficult to avail the services and risky to go ahead with transactions like fund transfers. A stable internet connection determines the efficacy of online net banking.

Usage location:

Net banking and the user experience of online banking depends on which medium you’re using it from. Mobile banking works completely different and provides similar services to internet banking. However, for a full range of online net banking features, you need to log in to the net banking portal through a desktop or a laptop. For example, it is easy to book a fixed deposit from your mobile banking apps. But for premature liquidation, you need to log in to the net banking portal on your laptop or desktop. Similarly, to check credit or debit card reward points or cashback points, you need to use the internet banking portal.

Security measures:

Online net banking is susceptible to misuse which is why both internet banking and mobile banking have inbuilt security measures in place. You will need to set up a login ID and a password and keep changing the password to keep hackers out. It is recommended to set a tough and unique password with numbers, alphabets and special characters that cannot be easily cracked. In the absence of strong security measures, internet banking will be prone to hacking, data theft and loss of money. Both forms of net banking have time bound logins with automatic log out facility if the system is left idle for a period of time.

User interface:

Each bank has a completely different user interface when it comes to internet banking. A user-friendly interface is one that helps the user find the services required easily without any problems. This too has two aspects to it, the net banking portal and the mobile banking apps. The user app needs to be intuitive and receptive to the user’s needs and requirements. The website too needs to be easy to understand. The bank needs to have enough help material to help new users shift to internet banking. You can find out more about the user interface of a bank’s internet banking system by checking out tutorial videos.

What you are using it for:

The user experience of net banking online also depends on what services the user is availing. You will need to input details to ensure you get the services you want. For example, if you want to transfer funds, you need to select the type of fund transfer i.e. IMPS, NEFT, RTGS and input details about the beneficiary. If you want to download a historical statement, you need to put in the dates for which you want the statement. Online banking system works depending on the services you need and the information you provide to it