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, allowing them to manage their finances from a computer or mobile device.
But what are the most crucial features of internet banking/digital banking for your financial needs? Today, we will help you figure it out! Find out which features can really make your financial operations and money management 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, honestly, not all financial institutions that promote their digital solutions commit to them 100%. What we mean is that some still require clients to visit a physical bank branch to complete registration, order cards, etc., so not all features of a bank account are delivered online.
To simplify and fast-track your digital 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; there is no need to visit a bank branch. It ensures that clients can manage their accounts conveniently from their mobile device, enhancing their overall banking experience.
With us, you can check account balances at any time, send money to family and friends, pay bills, set account alerts to be aware about all the happenings and so much more!
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.
Additionally, the ability to manage multiple accounts from a single platform can greatly enhance your financial flexibility and efficiency.
For instance, Genome offers SEPA Instant and Credit Transfers options to all our clients, allowing clients to make euro payments seamlessly.
Businesses can get access to international transfers, allowing them to receive and send payments to over 40 countries in USD, GBP, EUR, PLN, CHF, JPY, CAD, CZK, HUF, SEK, and AUD.
Companies can send out up to 3000 transfers at once using our mass payment feature.
Open an account
in Genome online
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.
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. Moreover, features like online bill pay can further simplify your financial management by allowing you to handle all your payments in one place.
If getting a card is one of your primary concerns, before selecting a financial provider, ensure that:
It offers the type of card you need (/credit/prepaid/debit card, etc.)
It can issue as many cards as you need;
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. Your Genome debit card can be linked to multi-currency accounts in EUR, USD, GBP, PLN, CHF, CZK, HUF, or SEK.
Features that allow contactless payments
The ability to pay with your phone is one of the most convenient features modern digital banking has to offer. What do contactless payments entail? It means that you can link your credit/debit card to a digital wallet like Samsung Pay or Apple Pay and pay with your mobile device on the go.
For instance, if you have an iPhone or an Apple Watch with contactless payments enabled, you can just tap your device above the NFC- enabled card reader that has an Apple logo on it. The same goes for online payments. For instance, if you need to pay bills for one of the subscription services, you just can link your Google Pay/Apple Pay account and send a payment in one tap.
Genome’s Visa debit card allows you to do just that! All our cards are compatible with Google Pay, Apple Pay, and Garmin Pay.
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. With a mobile banking app, you can easily pay bills, transfer money, and monitor your account activity on the go.
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. Meanwhile, mobile banking apps are better optimized for your phone.
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 that has a website and a mobile banking app. For instance, Genome has both a web platform version and a mobile app. Our Genome mobile app allows seamless management of your personal and corporate operations.
Open an account
in Genome online
Enhanced security and convenience
Biometric logins for easy access
In the realm of online banking, security and convenience go hand in hand. Biometric logins are a prime example of this synergy. By using unique physical characteristics like fingerprints or facial recognition, biometric authentication provides a secure and hassle-free way for online banking customers to access their accounts. No more struggling to remember complex passwords; a simple touch or glance is all it takes. Many financial institutions have adopted this technology, making it a standard feature that enhances the overall online banking experience, protects clients’ financial details, and prevents unauthorized transactions. Whether you’re at home or on the go, biometric logins ensure that your financial information is both accessible and protected.
Account alerts and notifications
Staying informed about your account activity is crucial, and account alerts and notifications make this easier than ever. These features allow online banking customers to set up alerts for various activities, such as low balances, large transactions, or suspicious activity. Whether delivered via email, text message, or mobile app notifications, these alerts ensure you’re always in the loop. This proactive approach helps prevent overdrafts, detect potential fraud, and provides peace of mind. Account alerts are an indispensable tool for managing your finances effectively by keeping you updated in real time.
Digital wallets for fast, easy checkouts
Digital wallets have revolutionized the way we make payments, offering a fast and secure alternative to traditional methods. By storing your credit or debit card information in a digital wallet, you can make quick checkouts online or in-store without needing to present your physical card. Services like Apple Pay, Google Pay, and Samsung Pay use tokenization to replace sensitive card information with a unique digital token, adding an extra layer of security. Many online banks and financial institutions now offer digital wallets as a standard feature, making it easier for customers to make payments on the go. This convenience is a significant advantage of modern online banking services.
Financial management tools
Budgeting and financial planning tools
Effective financial management is a cornerstone of a great online banking experience, and budgeting and financial planning tools are essential for this purpose. These tools provide a comprehensive view of your account balances, income, and expenses, helping you create a budget and set financial goals. Many online banks and financial institutions offer these tools, which can be accessed through their online banking platforms. For instance, services like Mint or Personal Capital integrate seamlessly with your accounts, offering insights and recommendations based on your financial data. By providing a clear picture of your financial situation, these tools empower you to make informed decisions and achieve your financial objectives.
Looking for an all-in-one online financial solution? Try Genome!
Genome is designed to simplify personal and business money management. Whether you’re looking to open an account for everyday use or streamline your company’s finances, Genome offers a seamless online onboarding process with multi-currency accounts, Instant/Credit SEPA Transfers, virtual and physical debit cards, and intuitive financial tools to help you stay on top of your transactions.
Genome doesn’t stop there. For businesses, it offers robust features like dedicated business IBANs, international transfers, batch transfers, mass payments, and more.
Open an account
in Genome online
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. Online banking offers numerous advantages over traditional banking methods, including greater convenience, accessibility, and a wider range of features.
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 main online banking benefits 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.
