Remember that time you went to the store to get weekly groceries? Yep, neither do I. It’s an understatement to say that the pandemic changed how we live. It pretty much changed everything about our lives. Who knew that one day you’ll get out of bed and realize you have no milk for breakfast, and it’ll come rushing to you in 15 minutes?
I used to love in-store shopping, but online shopping slipped quite easily into my life. I tried in-store shopping again, for old time’s sake, and truth be told, I was disappointed. I had to travel, see a limited set of items, and discounts weren’t half as good as online stores. Needless to say, I took myself back to my phone.
With practically everything from what we wear, to who we date shifting online, is it high time that we shift banking online as well? I know that for most of us, our ideas around banking come from what we saw our parents do. Banks have always been serious places for us, and the process of banking was jargon-filled, difficult, but always something that ‘had to be done.’ It’s difficult to jump into banking systems that are more customer-friendly, or just simpler. But if you’re still stuck to physical banking when you can bank through your phone, you need a digital revamp. Not convinced? Check this out.
...Because if you aren’t, I don’t see why you wouldn’t choose an easier banking option. Online banking ensures that one app handles all your needs. Be it getting personal customer service, transferring money, or even opting in for a credit card, you can do it with just a few clicks. No one likes travelling to your dedicated bank branch, waiting in line (for hours, sometimes) to speak to a representative and spending an entire day visiting the bank. Use that time to create smart online deposits, come up with your own FIT rules and maximize your savings.
Having high returns on your savings, while having a lower set-up cost can sound like a dream, right? But online banking can do just this for you. Online banks have lower fees because they require less maintenance. Unlike your traditional banks, online banks won’t charge you for statements, updates, and sometimes even transactions. I know, fees here and there might not sound like much, but club them all up and have an idea about how much you spend on banking. Additionally, banks like Fi offer Zero Forex. This means that you don’t need to lose out on converting international currency. Use that money for smart savings and building your wallet instead.
Let’s face it, it takes quite some time and understanding to learn how to save. So, let’s not even start with learning how to manage your savings each month. Once you automate your savings with an online bank, you don’t have to actively look into this hassle. Each month, a specific amount will be taken from your account and put into your savings. Opt-in for high yield accounts to get short term gains on your savings, or create SIPs with your savings for long term growth. Online banks like Fi give you the option of rounding up your savings too. Let’s say you spend Rs 425, Rs 25 can go directly in your savings account.
I know emergencies can happen whenever, and it’s scary to think about how you might need money but the bank is closed. Online banks are open for you to access at all times. All you need to do is have their app or access their website and make any transaction you need to. Additionally, you can receive support whenever you need to. Sure, you might have to wait a bit to get in touch with customer care at odd hours or in the peak hours, but it’s better than waiting a day for the same. And of course, most online apps keep their helpline emails and chatbots open throughout the day for you to raise an issue or simply seek help.
The idea of instant loans might be new (and scary) for some of us. Rightfully so. We aren’t used to loans being an easy process and it’ll take time to come to terms with it. And when you get to it, know that online banks make loans more accessible in multiple ways. Be it through a bank, NBFC, or peer to peer lending, you could get a loan on the same day. Sometimes, you can take smaller loans too, for your emergencies. Returning the loan too is an easier process. Overall, online banks ease out the paperwork process of taking loans. Some loan apps also let you buy and pay later, with a customized return plan.
Just like the way we live has changed, banking is changing rapidly, in interesting ways. Look out for opportunities to boost your savings, reduce taxes, and make investing easier. There are multiple online banks out there, find one which is better suited for you and give it a try before you want to fully commit.