History & Future of Internet Banking
In today's fast changing world of technological progress, more and more people are turning to any option that makes their life run more smoothly and affords them more convenience in handling day to day activities. One such activity, managing their bank account, is made easier through the use of their computer and the internet. Known as internet or online banking, this has become a widespread and very popular way of handling banking duties. The concept of internet banking was formed back in the early 80's. Its actual use didn't come into play on a very widespread basis until the mid 90's when Presidential Savings Bank offered internet access to its banking services. Nowadays it is the exception to find a bank that does not offer online banking options to its customers. There are many banks, in fact, existing only on the internet.
Many types of people are drawn to the use of online banking. Some will use it for certain services, but they prefer to go to the physical location for other banking matters. Others use internet banking exclusively and never go to the actual brick and mortar bank. Banks could conduct their business much more cost efficiently if it was all done through the internet, but not all customers are willing to forego the person to person transactions that they have been used to for so long. They have not yet been able to put their trust in computers and the internet, especially when it comes to their money.
Use of internet banking can allow the customer to handle almost all their banking transactions online. They are able to access their account balances, past and present transactions, transfer funds from one account to another, pay bills, look up checks, reorder checks, stop payments, complete loan applications, and make contact through messaging with bank staff members. One of the most appealing parts of it all is being able to do these things 24 hours a day, seven days a week, and without leaving their homes. Customers will also realize a savings in time, effort, gasoline and fees for parking when they do their banking through the internet. They won't have to worry about making a frenzied dash to try to get to the bank before closing time.
Most banks in operation today have some degree of online banking services available to their customers. They have firewalls and security features on their sites that will guarantee complete privacy and that account information is visible only to the customer. Basically, the process of using internet banking is pretty much the same with most banks. The customer sets up access to their online account by either choosing or being assigned a username and password. Once the customer has logged in using their username and password, they will have access to their account information and will be able to see any transactions that have taken place as well as deposits, charges, and transactions that are in progress. This information can be printed off so that a written copy is available for records or in case proof is needed to verify something later on. When the customer is finished, he or she needs to be sure to log off properly so that their information is safe and can't be accessed by anyone else.
Internet banking has made it much more convenient for people to manage their money, and banks encourage its use - it's no longer something used by payday lenders only. As more and more people become increasingly familiar with the world of the internet and learn to place more trust in its security, the future of internet banking is looking brighter and brighter.