Technology is enabling residents at distant locations to manage their utility payments and conduct banking transactions in comfort and privacy

Net gains @ new homes

Technology is enabling residents at distant locations to manage their utility payments and conduct banking transactions in comfort and privacy

Computers and the internet are increasingly becoming an integral part of our lives and even more so for those living in the peripheral areas of Mumbai. We bank@home, shop@home, invest@home and even do stock and commodity trades@home. Utility bills are being increasingly paid online, either through credit cards or direct debit instructions. Let’s first consider the advantages of online banking. It is convenient, it isn't bound by operational timings and there are no geographical barriers. To a large extent, online bill payment is also picking up because it benefits both parties, those who are billing and the consumers too, because manual, offline bill payment is an extremely time-consuming process, which the busy Mumbaikars simply cannot afford. While automated bank debits for bill payment have been available to consumers for more than a decade, it’s the benefit of self-service at any hour and increasing comfort with online financial transactions that are attracting netizens to Internet bill payment services in large numbers. The Internet offers unlimited shelf space and isn’t bound by operational timings and geographical boundaries; with an opportunity to cater to country wide city markets (for consumers and suppliers alike) at a comparative miniscule cost, which makes it the medium of the future. Just consider this scenario. A stock market analyst meets two neighbours while returning home in the evening and tells them about a great investment opportunity. Since it is the last day for applying, the first neighbour calls his broker, is unable to get through and shrugs it off as a lost cause. The second one goes home, opens his laptop and makes an online application, which is approved within a matter of minutes. This is one area in which technology has helped provide an impetus to online transactions. It is possible to shop or do your banking or investment transactions anytime from anywhere; so even if you live in a peripheral area of the Mumbai Metropolitan Region, the world is at hand 24x7. This has radically changed our entire approach. Previously, one had to personally go to a bank, apply for a cheque book and then make another trip to collect it. Now you can apply for one online and get it couriered to the home or office. In fact, it has reached a stage where one questions the very need for a cheque book, when the bank can automatically debit payments or directly transfer funds!