Internet Banking
I. Internet or Online Banking
Internet banking is the act of conducting financial intermediation on the internet. It includes offering of information and selected services through the World Wide Web by banks and other financial service firm. For those who are quite new to the concept of online banking, this type of service offered by banks actually works the same way as traditional banking. The major difference lies in the convenience offered by online banking particularly when it comes to making payments, obtaining updated information of the account, or merging account statements. Rather than personally visiting the local bank, customer can now access their account and perform bank transactions using the computer. At the comfort and privacy of their own home, they can now be able to complete various bank transactions with just a click of the mouse.
II. Services offered by internet banking
Technology has considerably changed every aspect of people’s lives – how to communicate, how to research, even everyday tasks such as banking. Traditional banking and all it includes is slowly becoming a thing of the past. Bill payment, account alerts, and money transfers are a few services that are now offered through online banking. The services available online vary from bank to bank. Most of the general services are on all banking websites but the larger banks contain more control over the money. Bill payment is a service that allows paying the bills online whenever customer wants and to whatever account they have. People can pay almost anyone from friends to businesses and creditors. Through this feature can schedule payments in advance, set up recurring payments on regular bills, and even view payment history. Most importantly, service is free. There is no need to waste any time or money waiting in line at the post office to get stamps, making extra trips to the mailbox and ordering checks. Account alerts/reminders, can set the account up to send alerts and
Internet banking is the act of conducting financial intermediation on the internet. It includes offering of information and selected services through the World Wide Web by banks and other financial service firm. For those who are quite new to the concept of online banking, this type of service offered by banks actually works the same way as traditional banking. The major difference lies in the convenience offered by online banking particularly when it comes to making payments, obtaining updated information of the account, or merging account statements. Rather than personally visiting the local bank, customer can now access their account and perform bank transactions using the computer. At the comfort and privacy of their own home, they can now be able to complete various bank transactions with just a click of the mouse.
II. Services offered by internet banking
Technology has considerably changed every aspect of people’s lives – how to communicate, how to research, even everyday tasks such as banking. Traditional banking and all it includes is slowly becoming a thing of the past. Bill payment, account alerts, and money transfers are a few services that are now offered through online banking. The services available online vary from bank to bank. Most of the general services are on all banking websites but the larger banks contain more control over the money. Bill payment is a service that allows paying the bills online whenever customer wants and to whatever account they have. People can pay almost anyone from friends to businesses and creditors. Through this feature can schedule payments in advance, set up recurring payments on regular bills, and even view payment history. Most importantly, service is free. There is no need to waste any time or money waiting in line at the post office to get stamps, making extra trips to the mailbox and ordering checks. Account alerts/reminders, can set the account up to send alerts and