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Benefits of having a bank account

Choosing a banking facility

by admin
September 17, 2023 1:05 am 0 comment 309 views

The decision to choose a bank or financial institution is a significant one that warrants careful consideration.

Often, we inherit our bank accounts, a legacy passed down from our parents who set up savings plans for us in our youth. Each generation selects the best available financial product based on factors like interest rates and perks such as educational funds or gifts. Over time, the banking landscape evolves, offering improved financial solutions.

As adults, we often stick with the same institutions, much like loyal alumni, influenced by the guidance of family elders or mentors. Alternatively, we may upgrade our children’s accounts and continue our banking journey with the same trusted bank. When it comes to making this pivotal choice or ensuring you are with the right bank to meet your needs, it’s essential to ask some key questions:

What types of account facilities do they offer?

Commonly, commercial banks provide savings, current, fixed deposits, and loan facilities, along with various options for business banking. Some institutions go the extra mile, offering specialised accounts for women entrepreneurs and enticing children’s savings accounts that include valuable features like insurance and scholarship funds. Certain organisations expand their services to include financial management and diverse investment opportunities, such as wealth management and mutual funds.

Within these account offerings, integrated benefits may link multiple banking services, providing incentives to explore different financial products under the same bank’s umbrella.

What are your requirements from a bank?

When considering your banking needs, it’s essential to adopt a comprehensive perspective, encompassing not only your present requirements but also the future aspirations of your professional and personal life.

Your choices extend between commercial banks and financial institutions, such as finance companies and investment banks. Each option presents its own set of advantages and disadvantages complete with competitive interest rates and various amenities.

Think of selecting a bank like choosing a life partner. You seek a financial companion who can evolve alongside you, adapting to the changes you encounter and offering steadfast support when needed.

It’s worth considering becoming a significant customer for a smaller bank rather than a small customer in a larger institution. Evaluate additional offerings such as complimentary insurance coverage, priority loan facilities, and tailor-made services that align with your unique needs.

Opting for an integrated banking service that consolidates your financial requirements in one place can simplify your financial life.

Digital era

In today’s digital age, most banks have undergone a digital transformation. At a basic level, they provide customers with convenient access to their financial portfolios through user-friendly digital platforms.

These platforms offer actionable services like bill payments and fund transfers, along with electronic statements and credit card transaction updates. Banks now facilitate broader financial activities, including investments in stocks and treasury bills, all accessible in real time.

An appealing feature to seek in a bank is a digitally integrated institution with a human touch to assist with specific needs. This approach grants you virtual and secure access to your funds and services while also offering the comfort of interacting with a human representative when necessary.

Digitally integrated banking ensures your personal or business accounts are available for real-time transactions, accessible from your preferred device, anytime, anywhere.

It enables 24/7 bill payments, comprehensive account monitoring, and grants access to credit cards with tiered spending limits, accompanied by value-added benefits such as loyalty points, free insurance, discounts, cash advances, installment plans, and the convenience of cashless transactions.

NDB NEOS exemplifies this seamless integration with a personal touch. This service is designed to minimise wait times, offering fast-track banking services and access to physical bank staff for inquiries and complex solutions.

The ‘phygital’ experience caters to your digital and physical banking needs. With integrated services, the branch implements pad bot-based queuing management systems, paperless account opening through interactive devices, paperless transactions, and Robotic Process Automation (RPA), which reduces the margin of human error.

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