With 117 banks*, as on June 2015, offering a wide range of electronic banking facilities (Internet and mobile banking) and nearly forty million^ Internet users, online banking has become quite popular. Online banking offers a wide range of benefits and has made the process of banking simpler, easier and much more accessible. Here, we will take a look at how you can go about Opening a Bank Account online:
Visit the Bank’s Website
To apply for a bank account with a particular bank, the best thing that you can do is visit the bank’s website. You will find that many banks group their product / service offerings under broad category heads. For instance, if you are an individual customer you might products of interest to you listed under the “Personal Banking” umbrella.
If you are a business customer you may finds products / services suited to you under broad categorizations like “Commercial Banking” or “Corporate / SME Banking”. These broad top-level categories can be easily located on the main menu of the bank’s homepage.
Navigate to the product page / section
The next step involves navigating to a particular product page. Let’s say you are looking for a savings account, you will at the outset need to click on the “Personal Banking” tab. Under this broad tab you may find more specific product categorizations. For instance, many banks house savings account products under the “Deposits” category. Finally, the bank may have several flavours of a product; you may need to check all these products before deciding upon the one that is most suited to your requirements.
Make use of online tools
Choosing a product may be tricky especially if there are several variants of the product available. Many banks offer a variety of online tools that will help you evaluate a particular product and make a decision about signing up for a particular product. Loan calculators can help you understand your loan amount eligibility and your probable monthly repayment installment amount.
Comparator tools can help you make a feature-by-feature comparison of different variants of a product; such a tool is mostly associated with credit cards. You can use this tool to determine which card best suits your requirements and budget. Demo videos can also help explain how a product works or particular features of a product or service.
Many banks have enabled easy online application for most of their products. Usually, when you click the “Apply” button for a product, you will be redirected to a form that will require you to provide a few basic details about yourself and a few details relevant to the product you are applying for. You may also be requested to convey a time when it is convenient for you to be contacted. Your bank will process the application and a representative from the bank will be in touch with you to take your application process forward. It will also help if you’ve done your homework beforehand and keep all required documents ready.
Online Application – Third Party Vendors
There are a few third-party online vendors through whom you can apply for particular banking products including credit cards, personal loans, auto loans, home loans etc. The advantage of such websites is that you can apply for banking products from different banks through a single interface. There are also times that you can get exclusive deals and offers on products when you apply through these websites.
* Statistics Courtesy: Bangko Sentral Ng Pilipinas
^ Statistics Courtesy: World Bank