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What Is Online Banking?

online banking

The number of in-person visits to a bank branch has dropped 36% between 2017 and 2022. In fact, experts estimate the average consumer will visit their branch only about four times this year. So how are you supposed to make transactions if you aren’t frequently going to the bank?

You’ve probably heard the term online banking thrown around in conversation. But what is online banking exactly? If you’re wondering about this, we’ve got you covered.

We’re taking a look at what it is and how to get the most out of the electronic banking services from your bank.

What Is Online Banking?

Online banking is a feature or set of features that lets you manage your bank accounts through the Internet. This is a huge opportunity because many traditional banks, including Signature Bank of Georgia, allow you to use their electronic banking services. Essentially, you can complete many transactions from wherever you are that you would normally conduct in the branch.

This includes making check deposits, transfers, and online bill payments. You can also check your balance and track your expenses.

Very similar, mobile banking is also a form of online banking. Mobile banking allows you to check your account balances and view your transactions from your mobile device. If you have Internet access, you can download the app.

Through this app, you can do many of the same tasks as online banking. This includes checking balances and transactions, transferring funds, and paying your bills.

It’s very important to note that online banking and online banks are not the same things. Online banks are financial institutions that do not have physical locations. You can access them via the Internet.

However, online banking is electronic banking that can be offered by nearly any bank. It allows you to choose at any time whether to do your banking online or in person.

The Benefits of Online Banking

Perhaps the most significant benefit of online banking is the convenience. With online banking, you can access your bank account from any computer or mobile device as long as you have Internet access.

You have access 24 hours a day, 7 days a week. Even if there’s a holiday, you can still take care of your banking needs. This makes it easy and convenient to complete financial transactions even when you can’t make it to the bank.

In addition, online banking is fast. While it’s important to note there are certain deadlines to be aware of (such as funds availability policies), your actions through online banking are quick. If you need to move funds between your own accounts, transfers are fast and easy.

Online banking can also help you make decisions when it’s needed. If you’re on a budget and wondering if you can make a purchase, you don’t need to just wonder. Instead, you can quickly pull up your account balances anywhere, anytime.

Online banking for a small business can be especially beneficial for this reason. When making business plans and decisions, you need all of the information you can get.

Through online banking, you can even pull up and download a list of your transactions or statements to get a more thorough financial picture. If you want to make it even easier, you can export your history to your financial software or into a spreadsheet.

How to Use Online Banking Safely

Online banking with Signature Bank of Georgia is safe and secure. However, just like any other online service, you need to take the appropriate precautions.

For instance, if someone gets a hold of your username and password, they could log into your account. Because of this, it’s critical that you always choose a very strong password. Make sure it’s kept a secret, too.

If you are using app-based mobile banking, you may want to consider using Touch ID or Face Recognition Login. This is secure and also makes signing in easier.

You can also sync your account with other programs such as Quicken and Microsoft Money. If you choose to do this, make sure you only do so with trusted programs.

Tips for Getting the Most Out of Online Banking

If you are interested in getting started with online banking, the first step is to sign up with your bank. It’s very simple. Visit your bank website to enroll, or visit www.SignatureBankGA.com to get started. If you need assistance signing up for online banking, make sure to get in touch with us.

Online banking and budgeting make the best friends. You can track all of your expenses easily to see where your money is going. Plus, with Signature Bank of Georgia, you can even see it at a glance in an easy-to-read pie chart.

Another great feature to take advantage of is online bill pay. Anyone that you could pay by check, you can pay using bill pay. That means you can set up payments for your utility bill or even your babysitter.

If you want to make your life even easier, set alerts, reminders and automatic payments. You can also send same-day or next-day payments if necessary. Since bill pay is more secure than mailing paper checks, you can rest easy knowing your payments will get to the people you want them to.

Take Advantage of Online Banking

Now that you know the answer to “what is online banking?”, you’re ready to start reaping all of the benefits it can offer. You’ll have fast, constant access to your account, allowing you to complete your financial tasks with ease.

Enroll in online banking with Signature Bank of Georgia today!

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