Internet banking makes life easier
Internet banking makes life easier
JAKARTA (JP): There are banks that exist only online, while there are others that do not even include Internet banking in their portfolio of services. However, a third group, which is the brick and mortar banks with Internet services, has been growing very rapidly in number in the past couple of years.
The Internet is a level-playing field. Small companies, including small banks, can compete with bigger ones when they are in cyberspace. Their weapons are convenient services. Imagine being able to file a request for a car loan online, for example. You will not have to suffer from the discomfort of being interrogated by the bank credit manager. Online, you can fill in the forms in complete privacy. If your application is rejected because of a lack of credentials, or because you are not considered financially capable, you will be saved from the embarrassment, as no one else is likely to know about it.
The convenience of Internet banking does not stop there, however. Here in Indonesia a number of banks have begun offering services that allow you to check your real-time balance, pay phone and electricity bills, refill prepaid cell phone vouchers or transfer money to another account in the same bank. Third- party payment is still not possible in all banks, unfortunately. Banks that allow you to transfer funds to a different bank usually limit the amount you can transfer.
With Internet banking, you can also pay the bills for your pager, ISP, credit cards, and the installment on your new TV set or washing machine. In some banks, you can even pay your children's school fees!
Banks do not use a uniform interface for Internet banking, unfortunately. One of our local banks has thoughtfully chosen the interface of the familiar ATM, so that the learning curve for users will be shorter. Anyone who knows how to use the ATM will be able to make his transactions on the Internet.
For small businesses, retailers and traders, the account statement facility is very useful. Before the goods are shipped, they can check at their bank's website whether their customers have made the payment. Those who work at home can also check if their clients have transferred the fees for completed jobs, and then send an e-mail acknowledging the receipt -- all without having to get dressed and leaving their homes. You should check banks that provide detailed account statements -- the date, the amount and the name of the payers -- if you need this kind of convenience. Keep in mind that banks usually keep your transaction records for the last 30 days only, some longer.
The money itself may not be available immediately, but at least you know that the payment has been made. Some banks in the U.S. have Internet banking services that are compatible with personal financial management software such as Money or Quicken. These software programs are not very useful here in Indonesia because we have different regulations and requirements.
What about security? The security and safety of accounts concerns everybody. Most banks use the SSL with 128-bit encryption. What, for example, will happen if your phone connection to your ISP is cut in the middle of accessing your bank account? To protect you in cases such as this, banks have a system that will immediately cut all data transmission and return to the account status before the interrupted transaction.
One way to protect yourself is to not use the same account for receiving payments and paying bills. Also, have a separate account in the same bank to stash all your hard-earned rupiah. Leave just a sufficient amount in the account that you actively access via the Internet.
And, as always, do not forget to change your password regularly. And do not lose it. (Zatni Arbi)