Features and Benefits of Online Banking offered by Equity Bank in Kenya

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Most people who are employed or even have a source of income in one way or the other ensure that they have bank accounts to save this income for security purposes as well as to make the money attract interest. The bank accounts they have also enable them to access loans from these banks. Banking generally is therefore beneficial in many ways.

In Kenya, many banks have adopted the digital methods of banking which is majorly influenced by the technology available. Many banks have introduced different and new forms of banking such as mobile banking in which account holders can manage their funds in the bank from mobile phones. This has made easy the banking process. Equity bank has therefore introduced a new method of banking known as the online banking/internet banking/eBanking.

Online banking is the banking process in which account holders in Equity bank can control their account from anywhere, anytime whenever they want. They can check for account balances, transfer funds, view and print bank account statements, request for cheque books and much more. Online banking is done as long the user is registered to the service where he/she is provided with a user ID and password and he/she can access the internet.

Features of Online banking:

Online banking allows two-factor authentication to login and transact. The transaction involved include checking for account balances, transfer funds in between own accounts and to other bank accounts and pay bills.

This service also supports the scheduling and making payments online, remittance of accounts, beneficiaries and services requests, viewing the status of cheques, viewing and printing of bank statements and viewing of recent transactions.

Online banking also provide for managing standing orders and direct debits, request for cheque books and banker’s cheques as well as viewing interest rates and foreign exchange rates daily.

Benefits of Internet Banking:

There are many benefits that the online banking services brings along in the banking process of the users; Equity bank offers secure high quality internet banking services to customers enabling online access to accounts and other banking services worldwide at the comfort of their home or office. This is an advantage because the users do not have to travel to their respective bank branches for the banking services.

The online banking service experience is consistent with guaranteed 24 hours access to the account everyday through the bank’s website at www.equitybank.co.ke where you transact wherever and whenever it suits you. The system is easy to use, friendly and convenient enabling access to the multiple banking services from the convenience of a personal computer. The customer can access consolidated view of accounts and investment creating convenience in managing and moving funds around the portfolio efficiently and easily all online and in Real time.

Also offered by the online banking service is that users can transfer funds online and in real time to accounts within Equity bank and to other banks with emailed receipts of the transfers. All financial and non-financial transaction go through a well-structured workflow approval in the application with guaranteed security. The system also incorporate utility payment (electricity and water bills) solutions from your computer.

Online banking is also beneficial in that it facilitate the quick, effective and safe salary payment by the corporate client, the system has inbuilt encryption functionality (data protection) where the encrypted data and files for salary processing and bulk payment are sent to the bank for payment. It also offer quick response to customers’ enquiries through the efficient relationship management, the system has inbuilt and secure email functionality where the customers’ queries are addressed appropriately making it convenient particularly to the users.

The online banking system has a wide range of security measures. These measures include data protection to ensure that information exchanged between the customers’ computer and the bank over the internet is secure and cannot be accessed by unauthorized parties. The internet banking system use measures from encryption to firewalls where they use the most advanced commercially available 128-bit Secure Socket Layer (SSL) encryption technology to ensure security of information exchanged.

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