The whole banking system has become advanced in today’s digital world. The banking system or services have not been limited to offline banking. Today, we can conduct banking transactions over the internet using the desktop, over our phone using bank apps, via SMS banking, and USSD banking. Today, we can transfer or receive funds from any corner of the world within a few seconds without visiting a bank. We can access all banking services over our mobile phones or desktops.
Various banks and financial institutions provide different banking services to their customers to make banking activities easy, quick, and convenient. In this digital era, we have different types of banking services available, which are as follows:
Online banking –
At present, mainly every bank is offering online banking services to customers. And it is also known as internet banking. With the help of the internet, customers can take care of banking transactions using desktops or phones. Online banking services are available 24/7 hours. So, if you require money urgently or need to send money instantly, you can transfer or receive money anytime.
Mobile banking –
Mobile banking is the more advanced banking service. You do not need a Wi-Fi connection or a desktop. Instead, you can conduct banking transactions using your mobile phone with your mobile data. You only need to install a mobile banking app and create your account by providing some basic required details such as your full name, residential address, email address, contact number, and bank account details. Verify your details with OTP, and once all your details have been verified, you can perform banking activities with a few clicks on your mobile screen.
Credit and Debit cards –
Banks offer credit cards and debit cards to customers which they can use anywhere, anytime, to make payments. You can make payments to purchase products or services using your debit or credit card. Along with making payments, you can also withdraw money anytime using your debit or credit cards by visiting your nearby ATM (Automatic Teller Machine) Although, different banks charge different fees to withdraw funds using ATMs.
Banks provide money transfer services to the customers to transfer funds from one part of the world to another. You can transfer money with the help of demand drafts, money orders, cheques, etc.
Investment banking –
Various banks offer investment banking services to their customers. As a result, banking customers can invest their money or savings for the future.
Payment and Remittance Services –
It is also an essential banking service that allows customers to transfer funds from one account to another and between different cities. In addition, this modern banking service enables the customers to make direct online money transfers, bill payments, etc.
So, these are different types of banking services provided by various banks and financial institutions to their customers.