Grappling with whether to switch to online banking?

08/07/2019

Online banking has no business hours

If you are still grappling with whether to switch to online banking or not, indulge us with this scenario for a few minutes …

It is another hectic Monday morning. Kids in tow, you grab your keys, cellphone and lunches and, finally, you are on your way to school and work.

The traffic is unexpectedly good so you actually get to work 15 minutes early. Your colleague has not opened the store yet, so you decide to quickly get a few things off your to-do list. “Open bank account online” is first on your list.

Open a bank account? In the parking area at work? Yes, absolutely! This is the joy of online banking and using a cellphone banking app.

You have opened the account at a new bank because you also want to complete an online loan application with them soon due to the fact that they offer very good interest rates.

That task ticked, you are all smiles by the time you head into work 15 minutes later.

Sound too good to be true? It isn’t.

We understand some of our customers still prefer face-to-face interaction with staff in a bank but it makes perfect sense why online banking is gaining in popularity.

Can you imagine our fictitious mom’s Monday without the clever banking app? She would have had to spend her lunch hour standing in a queue in the bank and may not even have got everything done she needed to.

If the thought of having an online account makes you nervous because you are not really a computer person, relax. The good news is you do not have to be a computer boffin to use online banking. All you need are basic computer skills.

Some people are skeptical of the security risks involved when conducting financial transactions over the internet. Banks are continuously developing new security systems around the online world of banking, to protect customers’ personal information and hard-earned savings and investments.

Customers are also, however, expected to do their part by always being responsible when transacting online and heeding advice and tips provided by their bank about how to avoid falling victim to scams.

Online banking has been a game changer for businesses who traditionally sent someone to the bank with cash to deposit. Not only do you now not have that staff member out of the office for over an hour or longer, but you are also removing them from harm should criminals want to target them.

Now, from the comfort of your home or office and on your cellphone, laptop or tablet you can check your balances, print statements, make deposits, do payments, transfer money, check the status of an online bank loan application, and much more – all of this information at your fingertips makes your online account an important budgeting tool. 

And, none of this cost you a cent as online banking is free!

Convenience is another wonderful benefit of using online banking. It is easy to pay creditors, salaries, school fees and even shop for groceries! While you are transacting your balance is always in full view, which is important to curb overspending.

While it may not be the perfect solution for everyone, people with busy lives are finding the pros certainly outweigh the cons when it comes to banking online.

Up Next

How to save money monthly
Many people are unsure of the best way to save money. As a result they’re not saving smartly, or not saving at all. Follow this guide on how to save money monthly.

Publish Date: 07/03/2019
Read more
Budgeting is as easy as 50/20/30
While most people know that a budget is necessary, many simply don’t know how to put one together. We’re here to tell you, drawing up a budget isn’t as confusing as you think it is.

Publish Date: 01/12/2017
Read more
Investing in women: An African Bank priority
Many women are now the main breadwinners in their families and form the support structures of their communities.

Publish Date: 01/12/2017
Read more
Three types of credit card fraud – and how to protect yourself
Read this blog post to familiarize yourself with these scams and know how to protect yourself.

Publish Date: 17/04/2018
Read more
Know your rights when applying for a loan
With times being so tough for many consumers, applying for a loan could give you the means to change your circumstances.

Publish Date: 17/04/2018
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.