Banking is possibly one of the oldest businesses in the world. There is evidence to show that it has been around since ancient Babylon when merchants started the first bank by offering grain loans to farmers looking to transport their goods between towns. However, banking services have come a long way since then. You might struggle to remember the last time you walked into a bank to conduct a transaction. Or it must have been years since you had to wait for hours, if not days, for a banking transaction to get processed.
Today, banking has become more accessible and quicker, thanks to modern technology. While ATMs and debit/credits cards are some innovations that revolutionised the way people bank, they don't seem as significant when you compare them to advancements such as NetBanking and biometric identification. Another recent addition is the unprecedented rise in the use of MobileBanking apps.
Here are some mundane banking tasks that can now be performed with a few taps on your smartphone, no matter where you are.
Transferring money
A few years ago, sending money to someone in a different city or even the same city could be rather time-consuming. You had to visit the bank, stand in line to collect a challan, fill it, then stand in another queue to submit it, take home a slip and keep it with you till the transaction was completed. Besides, it would still take at least a day or two for the funds to show up in the other account.
Today, thanks to the Unified Payment System (UPI), money can be moved from one account to another within a few seconds. With mobile apps such as PayZapp, Google Pay, BHIM or PhonePe, etc., you can instantly transfer money to anyone in the country.
Making payments
NetBanking and MobileBanking have made it quick and hassle-free to make payments and settle utility bills such as gas, electricity, water, broadband etc. Just log into your internet banking or mobile payment app, select the beneficiary and make the payment. And for recurring monthly payments, you can even link your bills to your account and set up a monthly schedule, so your bills get paid automatically.
You can also save time even when checking out during online shopping; instead of looking for your debit or credit card, entering the details and waiting for an OTP, you can clear the bill through an e-wallet.
Checking balance
There was a time when you had to go to the bank and stand in line to update your passbook to see all the recent account transactions. Then ATMs made life simpler by delivering a mini statement, right then and there; but you still had to go to an ATM to get this. Now, however, MobileBanking and internet banking allow you to check your balance anywhere, anytime. This way, you can keep a tab on your transactions and manage your finances at ease.
Opening an account
One of the most time-consuming and cumbersome processes have also been simplified, thanks to modern banking technology. Opening a bank account no longer tests your patience; you do not have to visit a bank branch, fill up forms, attach and submit documents, and then wait a few days before your account is ready for use. It can all be done from the comfort of your home.
Visit HDFC Bank Website, enter your personal details, complete the KYC procedure and upload digital copies of your documents. You are immediately issued an account number and customer ID. Even MobileBanking, and NetBanking functions are automatically enabled so that you can use HDFC Bank's safe and effortless digital banking services. The HDFC Bank InstaAccount also lets you make cardless cash withdrawals from ATMs; just press the cardless option at the ATM and follow the instructions. So, you can opt for instant bank account opening online with InstaAccount.
As is the norm, HDFC Bank has always sought new ways to make banking better and more secure for its customers with easy to use digital features. And InstaAccount is another attempt to provide customers autonomy over their banking decisions. Click here to get started.
*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
