As technology advances so are the financial institutions operations. Today people can do their banking right from the office or in their homes. Applause to the technology developers who have made it possible to carry out online banking! It is today convenient to log on to the internet and initiate a transaction from the comfort of your home in any hour of the day. Isn't it amazing? Online banking has herald a technological cutting edge in the 21st Century.
The digital edge is not a myth as the legwarmers would perceive during those old days, but it has become a reality. There are no bank queues. Often clients are not kept in the contention of the laws that Graham forgot to mention, that the "other queue moves fast when you jump into another"
The days are gone when clients used to make long queues in banks lining for services with impatience. This has been molded into a click of a mouse and the bank service is self initiated. There are certainly no bank holidays as a client can transact a business, make or receive payments on the peak hour of the weekend.
Online banking offers more security than the conventional banking in the sense that no paper works that may scatter around and expose ones bank details. Similarly, other people cannot overhear conversations and get their details. With advancement in technology, it is easy to view statements.
With a click of a mouse, the customer can access details of the bank accounts, which include the account balances, the transactions initiated, as well as the dates of transactions. The customers can easily move cash between accounts. Making payments to clients such as suppliers is well tailored and fast to carry out. Cheque books and statements can be ordered easily.
The cost of effecting a transaction is one feature that customers look out for. The charges that are imposed for transactions in online banking are lower than those of the traditional banking. Convectional banking is often rendered expensive due to the logistics of operation.
It also requires that one travel to the bank to make their transactions. It's inefficient, time consuming and cumbersome. With the development of mobile banking, it is even more convenient. The incorporation of banking, internet and mobile phones has further customized online banking to the interests of the clients.
Although the online banking is faced with the challenge of insecurity due to the crop up of a new trade in fraudulent activities, the benefits are more than the challenges of insecurity and clients opt to take precautions. No in any time of history, has banking been made easy, friendly, convenient, and well tailored to the customer than in the online banking.
As people become occupied in other activities, time becomes a scarce resource and in order to beat this challenge, digital age has provided a solution for this through online banking. In essence, there are many benefits of online banking ranging from safety, convenience, and cost to flexibility.
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