Article internet banking

The popularity of Internet banking is growing rapidly as the banking transactions are becoming faster and more convenient. However, there are certain problems associated with this facility, which are briefly discussed in this article. Internet banking has made banking transactions more convenient and less time-consuming. It has simply eliminated the long wearisome waiting-lines.

But there are some problems that may be encountered while banking through the Internet, due to which many still prefer to go directly to a bank instead of availing this facility.

For carrying out banking transactions through the Internet, one needs to have some basic knowledge about computers and the Internet, which to some extent, limits the number of people willing to avail this facility. Many people who are not comfortable with computers and the Internet, find it difficult to use this service. Would you like to write for us?

article internet banking

Well, we're looking for good writers who want to spread the word. Get in touch with us and we'll talk Therefore, online banking can be time-consuming for the beginners.

Moreover, some people find it difficult to trust a completely mechanized system for carrying out their financial transactions. In many instances, a simple mistake like clicking a wrong button, may create a big problem. So, many individuals continue to worry and wonder if they have properly executed the transactions while availing the online banking facility.

However, this uneasiness can be avoided by printing the transaction receipt and keeping it with oneself, until the bank statement is received. While banking through the Internet, you have to be careful about the security of your internet bank account. The security of your account depends to a great extent on the security of your computer, and the password. If information regarding your password or the pin number, and the banking transactions are leaked, hackers can gain access to your account.

This can lead to unauthorized and criminal transactions being conducted without your knowledge. By the time you get receive your bank statement and detect such transactions, it may be too late. So, you have to make sure that the banking session is secure, as in many instances you may encounter proxy websites. These proxy websites can easily access your bank account, if they can crack your user name, and the password or the pin number.

Sometimes, internet banking can be time-consuming and tedious, as many websites take a long time to get started. Your internet bank account may also take considerable time to get activated. Sometimes, you may encounter technical difficulties and connectivity problems while conducting the banking transactions.

Of course, there is a customer care department in almost every bank to look into such matters, but you may not be able to get the necessary assistance on time due to the congestion in the internet and telephone network.

But in normal banking, you can converse with a bank official to sort out the problem. But nowadays, many banks have taken adequate measures to ward off the problems related to the security of the banking transactions carried out through the Internet.

Customers can also follow some simple precautionary measures to avoid such problems. They should always refrain from disclosing the password to anyone. They should also change their passwords at regular intervals, and install antivirus software. Nowadays, online banking tutorials are provided by many banks to familiarize people with this service. You can avail this facility to use the Internet effectively for making your day-to-day financial transactions. Necessary cookies are absolutely essential for the website to function properly.Online banking gives you the ability to manage your bank account over the internet using a computer or mobile device.

Learn more about online banking and why it is often easier, less expensive, and safer than in-person banking.

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You can bank online through an online-only bank or online-only credit union or through the suite of online services that most brick-and-mortar banks and local credit unions now offer. You can typically pay bills, transfer funds, apply for a loan, deposit checks, and verify transactions and account balances. The one advantage traditional banks and credit unions have had over their online counterparts is the ability to withdraw funds using an ATM.

Increasingly, online banks and credit unions are providing access to a network of ATMs that won't charge you a fee. And some financial institutions will reimburse your ATM fees up to a certain amount each month. Online banking is designed to be convenient, saving you time and letting you do banking on your own schedule rather than only during the hours your local bank branch is open.

Almost anything you can do at a traditional bank or credit union location you can accomplish online, starting with opening an account. You can open checking, savings, and other types of accounts onlineoften without the hassle of printing or physically signing anything. With electronic signature capability, the entire process might now take less than 10 minutes.

If you're a customer of a financial institution that offers online banking, you can register for online access through that institution's website. At a minimum, you'll usually need the following items to get started online:.

You will need the same things, excluding the bank account number, to open an account with an online-only bank or credit union with which you do not have an existing relationship. You may be asked for additional ID verification, such as a driver's license. Registration involves setting up a log-in—often your email address—and password. Once you complete registration, you can log in to your account and start banking online with only your internet-enabled device. Instead of writing checks to pay bills, your bank can print and mail a check for you month after month.

If you need to move money from your checking account to your savings account or into a certificate of deposit CDyou can carry out these intrabank transfers online. You can even link your accounts at different banks or send money to friends and family almost instantly through person-to-person services accessible through your bank. Filling in your application online speeds the credit-check process, enabling your bank or credit union to respond with an answer more quickly.

Some financial service providers with online loan applications make funds available the same day you get approved for a loan. Other lenders that operate entirely online can make near-instant lending decisions.

When someone pays you with a check, it's easy to deposit the check from home if you have a smartphone. Using mobile check deposityou snap a photo of the check through the mobile app of your bank and submit it for payment. Most credit unions and banks make it easy to check your available balanceverify your latest transactions went through, and review previous monthly statements online.

You should be able to search transactions by time frame and type, such as a bank card payment. Another big benefit of online banking is the ability to set up alerts. You can receive a text or email when your bank notices potentially fraudulent activity or your balance goes below a certain amount. You can be notified when deposited money is available and when a check has cleared. These alerts are great for informational purposes, but more important, they can help you quickly stop criminal actions.

For instance, if you are notified of a change in your password and you did not make that change, you can immediately contact your bank and ask them to prevent the perpetrator from draining your account.

Internet Banking Problems

There are important benefits to be gained by using a bank through which you primarily or exclusively manage your account online. But traditional banks have advantages too. Online-only banks tend to offer a higher annualized interest rateoften referred to as the annual percentage yield APYon your deposits. That's because they don't have the overhead of brick-and-mortar banks and can pass some of the savings along to you.Figuring out where to bank starts with a decision about the type of institution you want.

Do you prefer a bank with brick-and-mortar branches and its own automated teller machines ATMs or an online-only alternative that gives you a purely online or mobile banking experience? Traditional and online banks—also known as direct banks—both offer you access to your account online, and the ability to transfer money or perform other tasks with a few clicks of your cursor or taps on your phone screen.

They're both subject to the same laws and regulations—online-only accounts are guaranteed by the Federal Deposit Insurance Corporation FDIC just like the accounts held at traditional banks. Security is the same overall, with both types employing such measures as encryption to protect your funds and identity. But even if both types have become close cousins in some ways, important distinctions remain. Direct banks leverage their lower costs to offer better interest rates and, often, lower fees.

Brick-and-mortar institutions offer a convenient array of options for deposits and other transactions including offering the option for face-to-face service at a bank branch when you need it. If you're on the fence about internet banks, this article may help you.

It outlines the main pros and cons of this part of the banking industry. As the commercialization of the internet evolved in the early s, traditional brick-and-mortar banks began looking for ways to deliver online services to their customers. Though limited at first, the success of these early efforts led many banks to expand their internet presence through improved websites featuring the ability to open new accountsdownload forms, and process loan applications.

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This led to the birth and rise of internet-only banks. These institutions offer online banking and other financial services without a network of branch offices. Security First and those that followed were able to offer higher interest rates on deposit accounts and reduced service fees all because of the lower costs due to a lack of overhead.

As the choice in virtual banks grew, so did customers' enthusiasm for banking online. Despite the rising virtual presence of traditional banks, online-only competitors still offer some clear advantages for consumers. The lack of significant infrastructure and overhead costs allow direct banks to pay higher interest rates or annual percentage yields APYs on savings.

While some direct banks with especially generous APYs offer only savings accounts, most of them offer other options including high-yield savings accounts, certificates of deposit CDsand no-penalty CDs for early withdrawal. Accounts at direct banks are more likely to carry no minimum balance or service fees. Traditional banks are investing heavily in improving their virtual presence and service, including launching apps and upgrading websites.

But overall, direct banks appear to retain an edge when it comes to the online banking experience. A Bain and Company survey of retail banking customers found traditional banks lagged behind direct banks in the areas that mattered most to customers, including the quality of the banking experience and the speed and simplicity of transactions.

The gap between the interest rates earned by accounts in traditional banks and internet-only banks. Banking with an online institution also has its share of drawbacks and inconveniences. A traditional bank provides the opportunity to get to know the staff at your local branch.

That can be an advantage if and when you need additional financial services, such as a loan, or when you have to make changes to your banking arrangements. A bank manager usually has some discretion in changing the terms of your account if your personal circumstances change, or in reversing a mandatory fee or service charge. In-person contact with a banking staffer isn't only about getting to know you and your finances.Skip Navigation. Markets Pre-Markets U. Ari Levy Wed, Dec 16th Jessica Bursztynsky Tue, Dec 15th Courtney Connley Tue, Dec 15th VIDEO Closing Bell.

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Digital banks in Singapore unlikely to affect traditional banks in the short term: Strategist.Online banking allows you to save time by managing accounts, paying bills, and more from your computer or cell phone. The range of tasks you can complete online is so extensive that it's possible to ditch traditional banks altogether and move to online-only banks. These institutions have no physical branches to visit and sometimes charge lower fees and offer better interest rates because they don't have the expenses associated with multiple locations.

This kind of banking offers many conveniences, but there still may be hiccups as you manage your money. Nearly everything you can do with an account at a traditional bank is possible through online banking. Online banking is also available from brick-and-mortar banks, which provide access to your accounts in person or online.

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Typical functions include online bill pay, mobile check deposits, checking bank balances, paying bills, transferring money between accounts, setting up automatic payments, and sending money to another person. While traditional brick-and-mortar banks allow you to complete some banking transactions online, some banks offer an exclusively-online experience, with no physical branches to visit. While you might have concerns about customer service or security, most consumers are quite satisfied with their online banking experience.

Some issues still exist with banks that operate exclusively online, however, and the following can help you weigh the pros and cons of online banking. There are several reasons why online banking is so popular. Opening an online bank account typically takes just a few minutes.

You can complete most or all of the steps online or with a short phone call. Some online banks allow you to get your earnings or other direct-deposited funds a few days early.

While you might be concerned about access to funds with an online account, you still have easy access as long as you use accounts that offer online bill pay or debit cards. You can use your card at an ATM, online merchant, or in-person retailer. Online banks have their disadvantages as well. With a brick-and-mortar bank, you may have some familiarity with the staff, and at a small credit union, the staff might even know you well. Problems are sometimes easier to solve in person. If an error occurs with your account, a face-to-face discussion may be the most effective way to make progress when things are confusing.

However, online banks often require that you call in.In this essay we will discuss about Internet Banking. After reading this essay you will learn about: 1. Meaning of Internet Banking 2. Objectives and Drivers of Internet Banking 3. Trends in India 4. Facilities Available 5.

Banking Industry

Emerging Challenges 6. Main Concerns 7.

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Strategies to be Adopted by Indian Banks. With the growth of internet and wireless communication technologies, telecommunications etc.

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Internet banking or e-banking is the latest in this series of technological wonders in the recent past which involves use of internet for delivery of banking products and services.

Even the Morgan Stanley Dean Witter Internet Research emphasised that web is more important for retail financial services than that for many other industries.

Internet banking or e-banking is changing the banking and its structure and is having major effects on banking relationships. Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts. In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch anywhere banking at any time. The net banking is, therefore, more of a norm rather than an exception in many developed countries because it is the cheapest way of providing banking services.

Under this system, online banking is possible where every bank customer is provided with a personal identification number PIN for making online transactions with the bank through internet connections. Internet banking or e-banking falls into four main categories, from Level 1—minimum functionality sites that offer only access to deposit account data—to level 4 sites highly sophisticated offering, enabling integrated sales of additional products and access to other financial services—such as investment and insurance.

The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking is a cost-effective delivery channel for the modernized financial institutions.

article internet banking

In this system, consumers are embracing many benefits of e-banking. Keeping objectives in mind, the internet banking facilities has been progressing at a rapid pace throughout the world. In India, initially a beginning was made in internet banking only in some big cities which was just in rudimentary stage. After getting initial success, the internet banking facility is gradually being expanded in all cities and towns to make the system popular. The deregulation of the banking industry along with emergence of new technologies are enabling the new competitors in the banking sector to enter the financial services market quite efficiently and quickly.

In order to support internet banking facilities another new concept of banking i. Initially introduced by the foreign banks, the same concept in new increasingly adopted by public sector banks and also the private sector banks. Under this concept of banking, bank customers who have an account with any select branch can easily operate his account from different designated branches on the bank spread throughout the country. Under this system, a customer can avail cash withdrawal, cash deposit, transfer of funds, inter-city and intra-city transactions, collection of draft and cheques etc.

Core banking concept has improved the standard of the banking services with the help of modern technology. In present times, most of the public sector banks have already adopted this concept and started extending these facilities to its customers gradually by including more and more of its important branches under this category. In order to make their bank account safe, one should follow certain security precautions.

Customer should never share personal information like PIN number, passwords etc.

article internet banking

It is important that documents that contain confidential information are safeguarded. PIN or password should be changed immediately and memorized before destroying the mailers.

Customers are also advised not to provide sensitive account-related information over unsecured e-mails or over the phone.Free Tours by Foot is pleased to present the only name-your-own-price New Orleans tours. Yes No Unsure Does this business offer classes or lessons. Yes No Unsure Does this business offer rentals.

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Essay on Internet Banking

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