The 5 features of a bank account that define a great online banking experience

So many banks and financial institutions choose the online route for their services. And for a good reason! After all, it is a more straightforward way of delivering their product to clients.

But what are the most crucial features of internet banking? Today, Genome will help you figure it out! Find out which features can really make your financial operations trouble-free. 

Must-have bank features and services for online banking clients

The complete accessibility of features of digital banking 

It seems like a strange requirement at first. But, to be honest, not all financial institutions that promote their digital solutions commit to them 100%. What we mean is that some still require clients to visit their physical branches to complete registration, order cards, etc., so not all features of a bank account are delivered online. 

To simplify and fast-track your banking experience, we recommend using financial institutions that allow clients to access all the features via the World Wide Web. For instance, Genome, our Electronic Money Institution, does exactly that! All the services – from onboarding and account opening to reports and card issuing are carried out entirely online. 

A wide variety of money transfer options

Surely, a current account is a basis for your financial operations. But, these operations will be quite limited without the ability to transfer money.  

Money transfers are a crucial feature, no matter if you send funds to your family as an individual or pay your employees as a business. 

Thus, when you look for an online banking solution, pay close attention to which money transfer features they provide, including:

• Transfer types (SEPA, SWIFT, internal transfers, Faster Payments, etc.);
• Transfer execution times;
• Currencies available;
• Locations available to send money to/from;
• Fees;
• Batch/mass transfers – a feature that allows you to send transfers in bulk if you need to.

Online banking security features 

There is no point in using the features of a bank account if they aren’t duly protected, especially when it comes to online banking. This is why banks and financial providers must have security features, such as two-factor authentication, in place.

Also known as 2FA, it allows additional verification of a client when they log into the bank’s website or app via one-time passwords, biometrics, and other verification methods. 

Genome uses two-factor authentication not only for logins but for every outgoing transfer clients make, as well as all major operations’ confirmations. We also offer security tokens for business wallet clients – more on that here.    

Ability to order cards online

The availability of debit, credit, or prepaid cards can make or break your experience when using a financial institution. After all, you need a card to freely pay for products and services at any time of day you need. 

That’s why cards are one of the top features of digital banking, and clients must have the option of ordering the card online.

If getting a card is one of your primary concerns, before selecting a financial provider, ensure that:

1. It offers the type of card you need (debit/credit/prepaid, etc.)
2. It can issue as many cards as you need;
3. It offers benefits and affordable prices for card usage;

Genome offers such a feature as well! Here, you can order physical and virtual Visa debit cards for personal use or your company.  

A functioning mobile banking app

Last but not least, when it comes to online banking, some financial institutions provide their services via websites exclusively, which is a big miss. Mobile banking apps can be much handier if, for instance, clients travel a lot and don’t want to carry their laptops around. 

Of course, you can argue that you can open a bank website inside your phone browser, but there’s no guarantee that the website will be displayed on your phone screen properly.  

Not to mention that mobile banking apps usually allow faster access to financial services and deliver more visible notifications about bank updates and account activity. Casing point: you better find a financial provider, like Genome, that has both a website and an app. 

FAQ

What are the primary features of a bank?

First and foremost, banks and financial institutions are used by people and companies to store funds. For this purpose, financial providers offer a variety of account types, such as current accounts, savings accounts, multiple corporate accounts, etc. And, of course, other primary features include money transfers and debit/credit/prepaid card issuing. Moreover, as the financial industry grew and evolved, more and more useful financial services were introduced.  

What features should I look for in a bank?

When getting a current account (or any other kind of bank account), you need to closely inspect all the main services it provides (such as money transfers, card availability, multi-currency options, currency exchange features, merchant services, etc.). Make sure that they are up to your standards and needs. Other things to take notice of are security tools and precautions in place, as well as fees, no matter if you are looking for a traditional or online banking institution.

What are the most important banking services?

The most crucial features of private banking and corporate banking institutions are the accounts themselves, money transfer options, debit or credit cards, and security instruments. 

What are the features and benefits of online banking?

The advantage of online banking is that it allows personal and business clients to perform their financial operations from any part of the world, just with the help of their laptop or phone and a stable internet connection. However, the most important features of digital banking usually correspond to those of brick-and-mortar banks.