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

Move! - - CONTENTS - By Vin­cent Phahlane

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.

GREAT INI­TIA­TIVES

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

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