Difference Between Net Banking And Corporate Banking
Want to know some of the differences between net banking and corporate banking? Well, you must have come across these options while carrying out online payments and transactions.
You might have doubted if they are the same. Well, this article will help you navigate through both of these options. Read on to know what net banking is, what corporate banking is and what features make them different from each other.
Net banking and its features
Net banking is an online banking system that allows you to carry out both financial and non-financial banking services through the internet. For that very purpose, net banking is also referred to as Internet banking, which you use on a daily basis. It helps you make your transactions within seconds, allows you to keep records of your transactions, etc.
If you have a bank account and wish to use the services of net banking, then you have to make a registration. After you have registered, you are now allowed to use all the services without any problems.
Exclusive features of net banking
Here are some of the exclusive features of net banking or Internet banking:
- Quick access to banking services
This is a striking feature of using net banking services. You get very quick access to all your banking services, both financial and non-financial. You can carry out transactions, process payments, cover up bills, take out your bank statements, etc.
- Different IDs and passwords for different users
Every customer who has a bank account happens to have a different ID and a different password.
Internet banking services are smooth, and everything is available in its simplest form. It is so simple that you can avail yourself of their services within seconds.
- Updating options
If you have been using net banking for quite a while, you have probably noticed that you can update your passwords, some general information, etc.
- For loans and insurance
You can use these services to even apply for a loan in case you need emergency funds. Using net banking, you can apply for health insurance, bike insurance, and car insurance.
Striking benefits of net banking
The following are some unique advantages of using net banking:
- Available 24*7
You can use all the net banking services at any time of the day because they are available all the time. Since it is available 24*7, this is often better than visiting banks during holidays or strikes.
- Faster transactions
You may have noticed that online transactions via net banking are extremely fast. You only have to log in using your credentials, enter the amount, and verify it using your password.
- Tracking down your transaction history
You can easily track down all your previous transactions using net banking. This is also very helpful at times when you don’t have original copies of bank statements.
- Secure and encrypted
In terms of security, net banking is very secure, as it is backed up by your ID and password and followed by your mobile-generated OTP. Also, net banking options can only be accessed using your mobile device, which increases security.
You can use net banking services from anywhere based on your comfort, which is not available in the offline mode.
Corporate banking and its features?
Corporate banking is an online system where banks provide financial services to corporates, commercial companies, etc. This includes services like credit management, asset management, etc.
Commercial companies and institutions use corporate banking because it helps them meet their business objectives. In return, banks also provide some benefits to these companies to maintain a good relationship.
Corporate banking is widely used as it offers cash management and asset management. It is also used for payment processing and creating business strategies for corporation firms.
Striking benefits of corporate banking?
- Low-interest costs
As mentioned earlier, the interest costs are much lower for companies, and that is why they opt for corporate banking services.
- Operational convenience
Convenience is high for commercial companies and business institutions, as corporate banking helps them manage their cash positions and control different branches of the business.
- Regular updates and better accounting
Corporate firms also get detailed information and updates on all their daily or weekly transactions. This service helps companies keep track of everything and keeps them updated about their monetary transactions.
Difference between corporate banking and net banking
The basic difference is that net banking is used by individuals for regular, day-to-day transactions, while corporate banking is used by commercial firms for business purposes. Net banking deals with customers, tracking their history, and managing their finances. On the other hand, corporate banking helps corporate customers manage their credit and assets.
In recent years, there has been a rise in the number of retail customers and corporate customers simultaneously. Both net banking and corporate banking have started to provide better services and meet all the needs of their customers. Both of these services are secure, fast, convenient, and user-friendly.
If you like reading similar articles and blogs, you must visit Piramal Finance. They share knowledge about topics, ranging from personal loans and financing to investments and SIPs.
Also Read: Find the Right Personal Loan Tenure that Works for You
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