Net Banking V/s Traditional Banking: In today’s rapidly evolving financial world, the way we manage our money has witnessed a significant transformation. The arrival of Net Banking (referred to as Internet Banking or Online Banking) has revolutionised Traditional Banking, bringing speed, convenience and accessibility, which saves considerable time. But the question still persists: Is Net Banking truly better than Traditional Banking, or do the old methods still hold some advantages?
What is Net Banking?
In layman’s terms, Internet Banking or Net Banking is a digital banking service that takes place on the Internet through smartphones or computers. It allows users to access their online bank account via their unique User ID and password provided by the bank. With Net Banking, one can transfer funds, pay bills, check account balances and even take loans, all without visiting the bank. The following tasks can be easily done through Net Banking:
- Bank statements
- Account balance inquiries
- Transferring funds
- Bill payments
- Managing investments and Fixed Deposits (FDs)
- Viewing transaction history
What is Traditional Banking?
Traditional Banking is a conventional form of banking that has been followed for ages. It is a way of using the personalised services of banks and financial institutions by visiting their local bank branch. Nowadays, it is generally preferred by people who are not able to perform transactions digitally.
■ Also Read: The Role of Technology for Personal Finance
The key component here is Face-to-face interaction with bank employees, which remains important. With the arrival of Net Banking, this method has been majorly phased out in the banking sector.
Net Banking v/s Traditional Banking: Key Differences
Although there is a noteworthy difference between the two forms of banking, they both serve the same purpose. Here are the key differences between between Traditional and Net Banking:
Accessibility
- Net Banking: Customers can access their bank account easily and conveniently 24/7 from anywhere by logging in through a smartphone or computer with an internet connection.
- Traditional Banking: It has limited availability since it can be accessed only during the bank operating hours, requiring customers to visit the bank branch to perform transactions.
Security
- Net Banking: Online banking poses major security concerns as it includes risks such as hacking, phishing and theft. However, banks implement robust safety measures to protect the customers’ sensitive data.
- Traditional Banking: It is considered a more secure and foolproof form of banking as it involves face-to-face interaction between banker and the customer. However, risks of forgery and theft still exist.
Prompt Services
- Net Banking: Banking transactions like fund transfer, bill payments are done online in real time. By this it saves a lot of time.
- Traditional Banking: Transactions are processed slowly due to manual processing and the customers have to wait in long queues to receive the services.
Environmental Impact
- Net Banking: Online Banking or Net Banking is considered as more environment friendly as there is no need for physical infrastructure and paper usage is also reduced.
- Traditional Banking: Traditional Banking involves more paper transactions and requires physical branches, and therefore, impacts the environment.
Customer Base
- Net Banking: Typically, today’s younger age group who are more comfortable with digital interactions are getting more attracted to Net Banking because it is convenient and efficient.
- Traditional Banking: It is generally preferred by older customers who need personal relations with the bank and are not very aware of the online platforms.
Net Banking v/s Traditional Banking: Conclusion
In a summarised way, one can conclude by saying that the choice between Net Banking and Traditional Banking depends on the individual preferences and needs. With Net Banking offering speed, convenience and versatility to customers, while Traditional Banking offers personalised service that some customers still value. The future of banking services lies in balancing the two forms, ensuring that every customer can find the best service for their needs.
What Is The Most Valuable Asset Of This Human Life?
Our human life is the most important asset as this is attained after undergoing the atrocities of 84 lakh species of animals. This human life is superior to animals as it gives us the power to think, reason and act. This quality allows us to attain salvation by worshipping Supreme God Kabir. Kabir Saheb has stated:
Manush janam paye kar jo nahi rate Hari Naam |
Jaise kuua jal bina fir banwaya kya kaam ||
Only by seeking the refuge of a Tatvdarshi Sant, can one ensure complete spiritual knowledge and attainment of salvation. Presently, Sant Rampal Ji Maharaj is the Tatvdarshi Sant mentioned in Holy Geeta ji chapter 4 verse 34. The real significance of analysing the importance of human life lies in its potential for attaining salvation.
For more information visit ‘Sant Rampal Ji Maharaj’ YouTube channel or go to www.jagatgururampalji.org
