Uses of Internet in Banking

Topics: Bank, Online banking, Cheque Pages: 2 (591 words) Published: January 19, 2011

Online banking is a technological advancement that has brought about such a change. The banking industry has adopted virtual banking to improve business process, infrastructure, and customer relationships. These changes have had a major impact on the banking business, but more transparently on the customers of online banking. The matrix measures for the improvements added by online banking can be evaluated on comparable levels of service, efficiency and cost satisfaction, for both the provider and consumer of this technology.E-banking has had a considerable impact on today's banking business. Banking activities such as; account inquiries, depositing or transferring funds and ordering checks, can now be done remotely, 24 hours a day and seven days a week


Banking through the internet (Online) provides customers with a variety of services that are either free or have a minimal fee . The advantages of online banking to customers can be summed up with five words; convenience, ubiquity, transaction speed, efficiency, and effectiveness. Online banking is more convenient and ubiquitous for consumers because the internet is open 24 hours, and can be accessed from anywhere in the world. Transactions are in most cases as fast as clicking buttons on one's computer screen, and often faster than ATM processing. Banking online is more efficient because bankers can access and manage multiple accounts through one online bank account.

Online customers are able to take advantage of simple features that enable them to check balances, transfer funds between multiple accounts, pay bills through the automated process of direct billing, and use direct deposit for faster processing of paychecks. Banking online also offers new sophisticated tools to manage assets, read stock quotes and rate alerts, apply for loans and to change or update account information through the use of online forms. Still, some traditional bankers are weary of...
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