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Home Banking

Home Banking — is a technology of remote banking service which includes 24/7 access to accounts and transactions from any device with internet access.

Home banking services became popular together with the rise of the internet. The epidemic of COVID-19 just speeded up this process, and today home banking is the obligatory service for every bank.

How Home Banking works

To access home banking, a client should register a personal account. Clients can do it online, or come to the bank office and write an application. Some banks allow you to connect to home banking through ATMs. 

Often, internet banking is a free service. But the clients have to pay for the internet, for servicing the card, and for the banking operations themselves. Different banks have different tariffs. The banking transactions via the home banking services cost less than the same transactions in a bank branch. For example, fees for transfers are usually lower because you don’t have to spend money on service personnel.

In the personal account, the client sees the balance on his card, the history of payments, and the actual bank’s offers for physical and juridical persons. If the client wants to effectuate a certain operation, they should open the correspondent insert.

Home Banking via mobile phone

The next step is to connect to the mobile bank services. Mobile banking is a service that allows clients to receive information about card transactions using a mobile phone. They can connect it in the bank branch or by themselves. Also, the client can download the mobile application to enter the personal account anywhere by smartphone.

The main purpose of mobile banking is the monitoring of personal accounts. As soon as the client makes any banking operation on the account (e.g., pay, transfer money to another account, withdraw cash from an ATM), the bank sends the SMS about this. This helps to control the balance on the personal account and make sure that no transaction has avoided the observation.

Mobile banking is a paid service, but it is worth the money because it is good security and precautionary measure. Using the mobile bank, the client can quickly monitor card transactions and quickly report an error to the bank office (e.g., the money was charged twice) or a fraud. They just need to call the bank and block the card. 

Opportunities of Home Banking

Home banking provides the opportunity to use the main bank services without visiting the bank office. This allows clients to economize their time, and the bank staff is less charged with routine operations and has more time to help the clients with difficult cases. 

Here is the list of remote services in the home banking:

  • transfer of money between the accounts;
  • payment of the bills and penalties;
  • monitoring of the deposits, loans, and other credit payments;
  • processing of the application for credits and other bank products;
  • financial planning and money management;
  • payment of the online services.

Also, home baking may provide discounts for payment of certain services (food delivery, movie streaming). These discounts motivate clients to discover the other opportunities of home banking and retain their loyalty. 

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