Online banking has been a success story when it comes to recent developments in enabling easy lifestyles. Many users line up to register for online banking instead of traveling to a bank as it allows many advantages over traditional mode of banking transactions. Among them, less travel time, not needing to stand in long lines, avoidance of filling forms, ability to keep track of your finances, be up to date as well as avoid the need to keep paper records can be considered valuable.
But, at the same time, online banking also features certain risks when it comes to security as there are numerous instances of identity theft and thus internet frauds. Therefore, when looking at an online banking service and registering for such services, apart from the facilities that it provide, a user needs to think about the security aspect of such transactions as well. Thus, following list of features would have to be considered ‘good features’ that needs to be looked in to when considering an online bank.
-Enhanced security features
This should come at the top of the list although at times it may be cumbersome to go through these security checks. But, it should be understood that, unless these are in place, there is a possibility of internet banking fraud and therefore a threat to the finances of the user.
-Provision of image enhanced checks and deposit slips
Having the images of checks and deposit slips online would be rather useful although not many online banks will provide this service.
-Extent of bill payment capabilities
Having a wide array of bill payment capabilities would definitely attract the consumers as one of the main reasons for registering to online services would be to pay numerous bills that will take so much time if they were to be paid through traditional methods.
-Ability to open new accounts and link other relevant accounts
It would be rather convenient for the users to have the ability to create new accounts through the online banking service as well as the ability to link with the other accounts such as the minors savings accounts. This will facilitate convenience banking as if not, the transactions pertaining to these accounts need to be done manually which would not serve the purpose of having a ‘one stop online banking’.
These would be useful in making decisions regarding the finances and it would be more useful if the online system allows the use of financial planners in order to streamline the banking transaction process.
-Free money transfer
You need to make sure that the bank allows the users to transfer money online for free and if not, it is worthwhile to find out how much they charge in doing so at various instances.
It would also be a good idea to obtain a preview regarding the online banking portal as it may not be as user friendly as you might expect it to be once started using.