Nowadays, way more individuals do their banking on the internet than in a branch, for a very excellent reason.
One of the excellent features of online banking which has changed the way consumers can control their cash is having the ability to immediately see their transactions, whether this is on their statement or from a notification. As you can get instantaneous alerts for your payments with certain banks, this means you can look at any unauthorised purchases in an instant and flag them before it is too late. This is among the best security benefits of online banking, as it's much easier to monitor fraudulent activities on your account than it has ever been before. Back in the day, you would have to wait to read your bank statement at the end of the month, and due to the huge amount of transactions, you may miss one that wasn’t actually you. Along with all of this, it's less of a challenge to keep track of your purchases, making cost management simpler than previously! It’s likely that the activist investor in Bank of East Asia will know how much this function has driven down fraudulent activity in recent years.
A newer function of online banking which has emerged in recent years is consumers having the ability to manage their money from their smartphone. Once companies realised the developing importance of e banking, they rapidly decided that this element had to become available on cellphones. This makes life even simpler for consumers, as they do not even need to be at home with their pc to control their money, they can do it whilst they’re out and about. Along with this, it’s a lot more secure to log into mobile banking, as you can now utilise biometrics to enter the app instead of a code. Having the ability to log into the app with just your fingerprint is also an awful lot easier than having to recall a password, so customers are safer, and their life is made easier! The main shareholder in Santander probably knows how much more secure banking has become since these additional protection features were released on mobile phones.
One fantastic function which is available on all different types of online banking, is that you can send cash to buddies and family much easier than previously before. In the past you would have to recall to take cash to pay a friend back, and splitting the bill at the restaurant would invariably be a pain. Currently, this can be achieved in an instant from either your app or online banking, so there are much less awkward moments around paying for things. This is a element that one of the shareholders in Wells Fargo will know has huge popularity.