This article will explore the advantages of online banking and financial management and how it can be used to make a more informed choice for your financial situation.

The advancement of modern technology can be seen everywhere, from the appliances in your home to the vehicle you drive and even within the way you do your banking.

The way that banking is done now is completely different from how it was done a decade ago. With each passing day, technology is making finance and banking more efficient and convenient for both businesses and individuals alike. With a Smartphone, you will be able to access all of your accounts and financial products at the swipe of a finger.

No need to complicate your day further or take a day off just to visit the bank, you can do everything you need to do from the office or comfort of your home using just about any device from a PC to a mobile phone.

Revolutionary online banking

Online banking has completely changed the way that individuals and business owners look at finance. As with any modern advancement, there is a fair share of perks and setbacks.

Benefits of modern day banking in Australia

Multiple devices

Whether you need to pay some bills, apply for a loan or transfer some money – it can all be done using the technology that is at your disposal. If you have access to a personal computer, laptop, tablet or Smartphone that connects to the internet either at home or at the office, you can make use of online banking.

Convenient & efficient banking from your home or office

No more long bank queues, piles of documentation and wasted hours bouncing from desk to desk. You can now do everything that you need from the comfort of your own home. This means that you do not need to take time out of your already busy day and add to your stress – you can do everything that you need to do when it is most convenient for you to do so.

It is also very easy to use and often includes some tutorials to further limit your frustrations. Online banking is accessible 24/7 leaving no time constraints. Some transactions or services may only reflect during the day or after the weekend if completed on a Friday.

Easy administration & money management

All transactions moving in and out of your account are recorded online, there is no need to keep receipts or physical records of expenses and income. It can all be accessed on your online banking account.

This makes budgeting and managing your finances a lot simpler than before by saving you the frustration of being unable to find receipts and similar pieces of paper.

You can also use your online banking profile to access a range of helpful tools and features including investment information and news, Forex and exchange services and details, property statistics and tools to help you choose, buy and manage property among so many others.

More secure than ever before

Online banking is very secure and if all necessary precautions are taken as advised by the bank, then there is little to be concerned about. If any fraudulent activity is occurring on your account, you will also be able to quickly notice. Many banks send an SMS to your cell phone when money enters or leaves your account.

This way you will be able to monitor your account and be able to react more efficiently in the event of fraudulent activity. Unfortunately, as with all good things, there are a few drawbacks to using internet banking. But these are nothing that cannot be overcome.

Even though online banking is highly secure, there are cases of identity theft, phishing scams and other fraudulent activity that does occur. However, as stated above, if the necessary precautions are taken then there should be no problem.

Connectivity & accessibility

While internet banking is very convenient and accessible, those without the necessary electronic devices or access to the internet would be unable to use it.

Even though these individuals are few and far in between, there are alternative options such as hotspots where internet is available. Simply grab a coffee while you sort out your finances. This is a much better alternative than having to go to the bank.

Applying for loans online

Another great revolution in modern finance is online loan applications. Similarly to online banking, the entire application process can be completed online. Individuals are also able to access loan comparison websites where they are able to compare loans in order to see which would be the most appropriate for their needs.

Whether you want to compare home loans and find the lowest interest rates or take out a quick cash loan and want to save on interest, loan comparison sites put the power in your hands and ensure you access the most competitive deals.

Using brokers & loan calculators online

If picking a lender on your own appears to be a bit daunting then a loan broker is the right way to go. The borrower needs only send an application to the broker who will then decide on a suitable lender based on the information provided in the application.

Benefits of using a broker

  • Access multiple offers with one loan application.
  • Ensure loan approval even if you have poor credit.
  • Only one credit check will be performed so not need to worry about affecting your credit.
  • Brokers are able to access your needs and help you find the most suitable loan options.
  • Services of a broker will not cost you anything.
  • Compare loans without doing any work.

The borrower can also make use of the online calculator available on the lender’s website in order to best determine the most affordable monthly repayment amount for their current and future budget.

Technology is constantly evolving and becoming more efficient and convenient by the day. If you do not have an online banking account, then today is the day that you should create one. Get into contact with your bank and find out about starting your account today. You will not be disappointed and neither will your finances!