The enhancement of technology nowadays has helped so many companies in all different industries to cope up with the increasing demand of their clients. The use of internet, in particular, has revolutionized the way people deal with so many things on the Worldwide Web, from shopping, chatting with friends and family, to selling stuff. Because of this even the banking industry has also jumped into the bandwagon in hope to reach and serve more people. However, not all clients are so keen to try the internet banking because some of them do not know how to utilize it or others simply do not want to try it for fear that their bank account will be hacked. Others prefer the traditional way of banking because they are still technically and technologically behind. No matter what is the case, there are advantages and disadvantages for internet banking.

Internet banking has so many advantages; one of them is that it allows you to do banking transactions anywhere in the world 24/7, such as paying your bills and checking on your account, making it very convenient on your part. Your online bank practically never closes which give you flexibility and accessibility to your money anytime of the day. Another advantage of internet banking is that it is very quick, competent, and efficient. The use of internet executes the transaction in an unparalleled speed. Internet banking also gives you the capability to handle multiple bank accounts on one site. Most of these internet banking sites are compatible with software such as Quicken and Microsoft money which helps the faster facilitation of your money.

As you might know, everything has its pros and cons, so is internet banking. One of the main issues in internet banking is trust. More often than not, the clients may doubt that if their banking transaction went off effectively or if they have correctly pressed the right button. One of the best and simplest ways in order for you to erase that apprehension is to print your transaction and save it, so that in the event something went wrong you have your reference to present to the bank and to see if your transaction has indeed been successful.

Another drawback of internet banking is that setting up your account can take some time and sometimes getting the hang of it can be tricky. When you find it hard to familiarize with the online bank, it would be best to browse on it until you can find your way through the site and its function buttons. If you are having difficulty using the site, most of these online banks offer real time customer assistance through instant messaging, email or through the telephone.

The Online bank may require you to present identification with picture on it aside from the one form which you have already signed at one of their local offices. If you are married, either espouse may also need to sign the power of attorney if both of you intend to access the account online.

In order for you to utilize this service to its fullest, it is important that you understand the advantages and disadvantages for internet banking; otherwise you will find yourself lost in the world of wide web and worst your money might get lost with it.

By: Julian Davidson

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KALI asked:


effects to banking industry if there is no internet facility

Internet banking is becoming a larger part of any individual’s daily banking routine with the ease and convenience of this service allowing people to manage their finances all from the comfort of their own computer.

Online banking is the new face of the banking industry with bank customers now able to pay bills, check balances, manage credit cards and transfer funds online for free at their own convenience while banks utilize the online option as a cheap alternative to over-the-counter services.

Yet as a result of all this online information, new security measures are needed to protect users from fraud, scams and personal identity theft with internet banking offering unprecedented access to a person’s details.

The online banking economy industry means there is literally billions of dollars accessible online demanding a level of security of the highest standard to protect customers from hackers.

Online banking security has become a major priority for financial institutions worldwide with more customers using this portal as their principle choice of banking. However, coinciding with this is the increase in the number of bank account fraud and cases of hacked internet accounts, with the number of cases rising by almost one third every year.

So it is now more important than ever to take all necessary precautions to protect yourself when banking online by using security programs, passwords and adequate authentication techniques.

Additionally, there are simple monitoring and control program services will be able to keep the credit cardholder up to date of all spending activities that occur on a card, which can prove hugely beneficial for those who may have had their account details stolen.
There are a number of simple everyday steps that every online bank account holder can do in order to protect themselves online.
Internet Banking Security Checklist:
Keep all internet banking personal details private, such as your login. This is especially true for any calls that you may receive from people claiming to be from your banking institution, as legitimate bank employees will not contact in this manner nor ask for your personal details such as login. Keep your email inbox secure. Always look for the security symbols when shopping online. Check your statements for any transactions you don’t agree with. Alert your bank provider if you feel your internet account has been compromised. Install up to date security protection on your computer that will reject any programs that will attempt to hack into your internet account such as key loggers. Use a secure password that cannot be easily guessed such as your birth date or pet’s name. Regularly check over your credit file to ensure no unauthorized financial processes have been made such as credit card applications.

By: Glen Anthony Brown

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Jordan asked:


One of the questions I have for finance homework, I’m finding it quite difficult to find a decent answer over the internet.

Online banking completely changed the way we interact with banks and other financial institutions, to the way our fathers did. Online banking is a powerful “value added” tool to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment. As the Internet continues to expand exponentially, banks and other financial institutions have increased their use of the Internet to deliver products and to enhance financial services, or simply to improve communication with customers.

However, the arrival of online banking has presented both an opportunity and a challenge for the banking industry. While it’s true that the Internet has the “potential” for safe and secure financial transactions, safe online banking relies very much on individuals for making good choices and decisions that will help them avoid costly surprises.

Here are some safety tips for online banking:

Protect Privacy:

Password is the key in protecting privacy as it opens the gate to one’s online bank account. Therefore it is critical to secure this vital piece of information. Password should never be too personal such as birth date, phone number, or social security number. A secure password is the one that is unique, and a combination of impersonal letters and numbers. The longer it is the better. Also, one should change password every few months or so.

Use Anti-Virus and Firewall Protection:

Anti-virus and firewall protection keep the computer and its data safe and secure. Especially for online banking, anti-virus software and firewall protection is a must. Ensure to get the best protection that is available in the market.

Beware of suspicious E-mail/Phishing:

Stealing personal information online is called “phishing”. In this practice, crooks may send malicious emails asking for credit card info, PINs (personal identification numbers), or passwords. However, these emails often contain a link that leads to fake sites designed to get compromising personal information. Therefore, if an email is suspicious, it is always safe to check with the concerned financial institution. Legitimate emails from a legitimate online bank will typically follow the same standards each time, and will never ask for password, PIN, or credit card information.

Protecting credit and debit cards:

One needs to be very careful with important items like a credit or a debit card. While online shopping can be quick, easy, and rewarding but can also be dangerous at the same time. Therefore, it’s wise to shop only at trusted merchants’ websites. Also, ensure that the transaction occur in a secured environment. One should look for the padlock icon at the bottom of the browser window. Typically, website address, or URL, should begin with https:// on any pages where one enters sensitive information. Lastly, it’s advisable that, for online transaction one should buy only from merchants that request the 3-digit security code from the back of your concerned card. It just gives extra assurance that the card is physically in one’s own possession during the transaction.

Choose a legitimate bank:

Choosing a legitimate bank is very important. Legitimate online banks will usually detail their security standards on their official web site. One has to figure out exactly what s/he needs from a bank. And, make sure the selected banks offer the same, and then quickly evaluate one’s options and choose the best bank account – that suits one’s need.

FDIC Insured Bank:

FDIC is an acronym for the Federal Deposit Insurance Corporation. It is an independent agency which is backed by full faith and credit of the United States government. All FDIC insured banks meet high standards for financial strength and stability. FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. However, since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.

Accessing bank account from public network places:

Never leave a computer unattended once signed in to online banking. After completing the transactions sign out of online banking web site. Also, it is advisable to clear cache memory, and immediately close the browser. One should avoid sharing, disclosing, or providing bank card number, or password, to another party or website other than the bank or trusted merchants’ websites. Lastly, one should never save bank card number, or password, on a publicly accessed computer.

Conclusion:

Online banking can definitely be a convenient and a safe way to manage finances. However, no matter how secure the security system is, there will still be a hole in it. Therefore, necessary precautions have to be taken in order to ensure the safest experience. Also, never hesitate to get help from the financial institution, while at the same time one must also learn, and take advantage of the security features offered by the financial institutions.



By: iGOOnlineBanking

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