YOUR MONEY Why you should internet and cellphone banking
Cellphone and internet banking can be useful and convenient as you can bank anywhere, saving you time
USING internet and cellphone banking gives you the ability to conveniently manage your money on your cellphone or computer. With these services, there is no need for you to visit a bank branch as you can bank when and where it’s most appropriate for you. Experts, Jabulani Zwane, a quantitative analyst, and Kalyani Pillay, the CEO of the South African Banking Risk Information Centre (SABRIC), share the advantages of cellphone and internet banking.
Jabulani says internet and cellphone banking are great initiatives, which enable you to access and manage your accounts at any time. He says they are both simple and safe. “It is important to familiarise yourself with the importance of cellphone and internet banking as they give you control over your banking on the move without the need of going to a bank,” he says.
USING INTERNET OR CELLPHONE BANKING
Jabulani says you should know the difference between normal banking and internet and cellphone banking.
“Normal banking requires you to personally go into a bank branch, where the banking staff will help you. Internet banking requires a laptop or smartphone to connect to the internet. This is better than cellphone banking or using a banking App as it offers more options,” he says.
“Both internet and cellphone banking cut down trips to the bank, long lines and are safe and secure to use. Cellphone banking allows you to transfer funds, pay people, apply for a loan and transfer funds between your accounts,” says Jabulani.
“With internet banking, you can apply for a loan, transfer money between accounts, open new accounts, get your transaction history, print statements, add payment beneficiaries, save your money, buy car insurance, start or stop debit orders, cancel your cards and change your pins or limits.”
Kalyani adds, “The easiest way to learn how to use internet or cellphone banking is to visit your nearest bank branch, where the staff will help you.”
She advises that you find out what types of cellphone banking features your bank offers and how you will benefit from these services.
KEEPING YOUR MONEY SAFE ONLINE
Jabulani cautions against sharing your cellphone or internet banking access information with others, in this way, the bank will be liable should your money not be safe. Kalyani echoes his sentiments, “You must be cautious when using these services, especially internet banking because it can be easily be traced. Remember to create a random pin number, one that cannot be easily guessed. Most importantly, never share your pin with anyone, even your family. Any of your family members can easily use your pin and mistakenly lead it to scammers, so it’s really important to keep everything to yourself.”
She adds that as with normal transactions, you should monitor your cellphone and internet banking transactions.
“When you swipe your card, always pay attention to the transaction that has been made. If there are any suspicious transactions, call the bank to stop them. The same applies to internet and cellphone banking,” she says.
THE FUTURE OF BANKING
Kalyani says the invention of internet and cellphone banking does not mean that banking staff will be without jobs.
“They have been trained to encourage customers to make use of internet and cellphone banking.
“I encouarge people to continue using internet and cellphone banking to do their banking and to ensure their money is secure. It will be easier for them to bank in the near future," she says.
CREATE A RANDOM PIN NUMBER, ONE THAT CAN'T BE EASILY GUESSED