Listen to Audio |
Since the online banking revolution, people have begun using different internet-based banking methods. There are so many options today, with mobile and desktop apps available for every type of account.
If you’re not sure how the process works, here are some of the best ways to manage your finances and keep track of your money.
Core Banking
Core banking is where you have to go to your bank’s website or app, enter your login information and make an account. All major banks offer Core Banking, but there are some smaller options if you want a local or regional bank. Core banking is a banking channel created by banks to give better lending options to their clients. It’s important to use this method if you have a business account. The core banking facility allows you to loan or lend money, with overdraft and cheque clearance options. Usually, the bank will offer overdraft facilities with lower rates than other forms of borrowing.
Online Banking
Online banking is a digital system that gives you access to your account on the internet at any time. Online banking is a great way to manage your account, as it allows you to stay up to date with all of your transactions. Many national and large banks offer an online platform for clients to use. This option allows you to control business and personal accounts from one source. You can set up alerts that notify you when money is transferred into and out of your account.
Check-Truncation System
It is a system that allows you to send checks electronically. All major banks offer this service, and they are quick and easy to use. You can choose the type of checks you want to send and your bank’s charge for each check. You can also only scan in the front of each check you send, so there is no need to send original checks. Your bank will automatically send a check copy to the receiver’s bank and deduct it from your account. You can set up as many accounts as you like for this service, and it’s good for both personal and business accounts.
Mobile Banking
Most people now use mobile banking to manage their money. You can check your balance, transfer funds, and pay bills using a mobile app. Mobile banking is convenient because you can use it anywhere in the world, it’s safe and secure, and there is no need to carry cash or a card with you. The banks themselves own the most popular apps, but third-party apps are also available.
Enterprise Reporting and Analytics
Enterprise Reporting and Analytics is a system that allows you to analyze your business. It makes it easy to track who has access to your account, what transactions have been made, and when. The report shows all of the details of your account, including how much money is in each account and how much is being spent. Banks will offer this service for small and large businesses with plans that meet each need.
Virtual Assistant
Virtual Assistant is a service that can make your life easy. Phone, email, and in-app messaging are all included. The system can streamline your banking, saving you time and money. Multiple people can work on one account to keep things organized and manageable. You don’t have to worry about losing or forgetting important documents or passwords because the system will keep everything safe for you. Many large banks offer this service with plans that meet individual needs.
Online Credit Card Transfers
As well as using traditional credit cards, you can also transfer credit card funds between accounts. Transactions are quick and easy, and you only need to enter the card number of the payer and the number of credits that you wish to transfer. It also allows for automatic payments if you have set up a bill pay service with your bank.
Anti-Money-Laundering
Major banks offer Anti-Money-Laundering services to ensure their customers have the only legal income to spend. They ensure that you have the right balance and only use your bank accounts for legitimate reasons. This service can be used on personal and business accounts, allowing banks to confirm that people are who they say they are.
Data Archival and Retrieval
Data Archival and Retrieval makes it easy to store business data online and retrieve it whenever you need it. It is a great service for managing large amounts of data, especially when you might need to access the same information later. You can store memos, files, and images online to be easily accessible whenever you need them. Banks usually offer this service on all of their professional accounts, with plans that meet the needs of businesses of all sizes.
Conclusion
Opening a bank account is easy and convenient. You can use whichever option seems best for you; each has benefits. Whether you need to manage a business account or your finances, choosing the right bank will give you the best service at the best price. Choosing a bank won’t affect the level of service you get, nor will it affect your chances of getting your money back if something goes wrong with your account.
