In a post-pandemic world, everything that can be done from home will continue to be done from home because COVID-19 has shown the world that it is a possibility – whether that is work from home, shopping, education, or more. And banking is no exception. Home banking is a part of the personal banking services provided by banks. It is essentially accessing all banking services but through the comfort of your home or anywhere you are through the digital infrastructure built by the bank. This includes mobile banking and internet banking. In addition to this, some private banks also provide pickup and drop services as a part of personal banking services to their customers. Let’s dive into how exactly home banking can help you.
- Conduct transactional functions from anywhere
You can transfer funds, pay bills, shop online, apply for a loan, apply for a credit or debit card, invest, etc., through internet or mobile banking. This increases your liquidity and access to funds and allows you to have greater flexibility over your money. The best part is that there are no time limits to home banking like there would be to a physical bank branch. You can conduct a transaction even at 1 am in the night.
- Conduct non-transactional functions from anywhere
In addition to the above transactional functions, you can also conduct other functions such as viewing your account balance and account statements, ordering a new cheque book, freezing a stolen card, updating your personal information such as address, etc. This helps you save the time and effort of having to either go to a bank branch or speak to a customer service representative. You can undertake any of these activities at anytime from anywhere.
- Doorstep personal banking services
Depending on the bank you have an account with, you may also have access to doorstep banking. Here, you can opt for pick up and delivery services for cash, cheques, and demand drafts. This can be on demand either from your home or your office. It essentially saves you the time and cost of having to physically visit a bank branch or arranging for a resource to do the same.
Since there is always an opportunity cost for something – picking one thing over the other – home banking facility ensures that you don’t bear an opportunity cost when it comes to banking. You can use the saved time, money, and effort in doing other things on your to-do list and dedicate it to other tasks that require you to be present. It’s therefore essential to carefully pick a bank when opening an account because you want to ensure that you are offered all present-day services and can fully enjoy the benefits that the banking industry has developed since the pandemic. Certain banks also provide the services of investment advisors and financial advisors – you simply need to let your bank know what you need, and they will set up a call with their in-house experts to guide you.