Internet Banking Zenith GTB Tips Services Features and more

Thanks to Internet banking or online banking, you can now handle most of your banking needs without visiting the banking hall. Internet banking services bring the bank to you. It is easy to use, convenient, and offers you 24/7 access to your bank account, but is it safe? Internet banking is as safe as you make it. Your Internet banking login details is a target of identity theft schemes. Like with ATM cards, anyone with your Internet banking details can access your account and depending on the persons knowledge, can steal your money or at least cause a malicious damage. So knowledge of Internet banking security is essential.

Internet banking in Nigeria

Most banks in Nigeria now offer Internet banking services to their customers. Granted, some are there to make up the numbers, but a few are good. Some of the leading Nigerian banks with Internet banking platforms include GTB, Zenith bank, Diamond bank, UBA, and FirstBank.

Internet banking is still under-developed in Nigeria as most banks offer limited banking services on their Internet banking platforms. The most popular banking services offered by Nigerian banks on their internet banking platforms include: viewing account balances, viewing account activity/statement, checking exchange rates, Transferring funds between your accounts within the same bank, and paying bills and taxes. By buying an Internet banking security token from your bank (if they offer one), you will be able to do third party transfer to other accounts within and outside your bank. All these you can do 24/7 in the comfort of your home or office or even while on the move.

However, Internet banking platforms of Nigerian banks still leaves out some essential services, for example new account applications, cheque book requests, ATM/Debit/Credit card requests still require a visit the bank. Some banks still do not offer the needed security on their Internet banking platform, for example some banks still do not have on-screen keyboards. Despite this little drawbacks, Internet banking is still recommended as it enables you to conveniently access your bank account from anywhere 24/7.

Features of an Internet banking platform

Internet banking enables easy access to your bank account. To reduce the risk of another person accessing your account, Internet banking platform require authentication. Most Internet banking platforms offer 2-factors authentication, usually:

Technical factors: What you have (eg. a security token)
Personal factors: What you know (eg. your password or PIN)

To improve security, a third factor (the human factors: what you are), requiring biometrics (iris scan, thumb print scan) may also be added to your Internet banking platform, though this is not common.

Banks sometimes offer limited Internet banking services with 1-factor authentication, requiring only your PIN. If you are using 1-factor authentication Internet banking, you will not be able to do third party transfer funds from your account to other accounts within and outside your bank. With 1-factor authentication, you can transfer money between your accounts within the same bank. The bank will also offer security tokens which will now increase your security to 2-factors authentication. With your PIN and security token (2-factors), you will then be able to do third party transfers with your internet banking platform.

A security token is a small device that enable you prove your identity electronically. It will be connected to your computer via USB or Bluetooth. A security token transmits a unique number that identifies you. This number is changed frequently within a transaction.

An Internet banking platform will usually offer an On-screen keyboard for entering your PIN. An on-screen keyboard offers some security, as they prevent keyloggers from capturing your PIN. A keylogger is a malware installed in your computer by hackers to capture your key presses on your keyboard, and transmit to their site. They can then use this information to access your Internet banking account. By avoiding the use a keyboard for entering your PIN, an Internet banking platform with on-screen display, provides added security. However, some banks in Nigeria do not offer, on-screen keyboards, making their platforms less secure.

Once you login to your Internet banking platform you will see links or buttons that allows you to perform a number of tasks, like:

viewing account balances
viewing account activity/statement
checking exchange rates
checking Bank Interest rates
Transferring funds between your accounts within the same bank
paying bills and taxes
third party transfer to other accounts within and outside your bank, etc

Benefits of Internet banking

Despite the security risks, Internet banking is recommended for all, especially if you have your own internet access. It makes banking easy. The benefit of Internet banking is convenience. You can handle most of your banking needs in the comfort of your home or office. You can access your bank account 24/7. Check Interest and Exchange rates from anywhere.

Assuming you just wrote a cheque to someone but do not have enough money in your current account, you can use your Internet banking platform to transfer funds from your savings account to your current account, in the comfort of your home or office. This ensures that the cheque does not bounce, saving your credibility. You can also transfer funds from your Domiciliary account to your MasterCard Visa debit card account without leaving your home. If you have security token, you even transfer funds to your clients on your Internet banking platform. Sit at home and check whether that money you requested have been sent or whether that cheque have cleared, No need visiting the bank until you are sure.

Internet banking services will save you time, if you have internet access you should ask your bank for Internet banking.

What you need for Internet banking

Internet banking requires internet access. It is preferable that you have your own internet access, as accessing your Internet banking platform from a cyber cafe can be risky. You also need a fast network, as most Internet banking platform require speed. If you are using a GSM network make sure you are on EDGE, but the best for Internet banking is 3G or 3.5G. You can use GPRS if that is what is available, but the user experience will be poor.

You will also need a security token, but this may be optional. A security token improves your Internet banking security and enables you to handle more of your banking transactions online. With less than N4,500 you can get a security token from your bank in Nigeria.

Then of course, you need a computer, it may be a desktop or a laptop. Make sure you have the latest anti-virus software and firewall installed. These will improve your Internet banking security. You may also buy software that enhance your browser security.

Internet banking is convenient and saves time, ask your bank for Internet banking today. You can apply online at the bank website or visit the bank. Some of the leading Nigerian banks with Internet banking platforms include GT Bank, Zenith bank, Diamond bank, UBA, and FirstBank. Some popular internet banking platforms from major International financial institutions include HSBC Internet banking, Barclay's online banking, etc. Apply for Internet banking services of your bank.