Online Banking System

Online Banking System

Online banking

Online banking and internet banking are used synonymously in banking jargon, and is used for the process in which clientele carry out financial transactions using credit union or bank websites. There are a number of features, non-transactional and transactional, of online banking.

Transactional features include bill payments,b among others. Non-transactional features are mainly customer care and online statements besides others. The convenience provided and the efficiency to conduct financial matters are the major factors behind the popularity of online banking these days.

Few years back, not long ago, the idea of online banking was not very trusted by the masses because of the computer and security problems, but the technology and security overhaul during the recent past ensures, now, almost a safe and secure medium to conduct transaction supported by customer cares. But, still online banking has some disadvantages along with its advantages.

The advantages of online baking are many which make it popular even after some of the short-comings it entails. Online banking saves cost incurred by the traditional banking systems, like they do not require a place, which saves a big cost, to start its operations because they work virtually in cyber space.

And, as is any business the margin between cost and return is profit and is distributed between different agents, banks too work on the similar kind of thinking and the customer gets profited. The most common argument that goes in favor of online banking is that it is not restricted by national boundaries, and, services like Visa and Master-Card are very helpful when in comes to exchange between national currencies.

Nevertheless, internet is a requisite. Online banking offer you services such as online bill payments and automatic payments. Another major benefit of online banking is that it is available 24 X 7, and you can access them anytime as per your convenience.

Nonetheless, as has already mentioned before, online banking is not without disadvantages. Even though banks try to satisfy the customers with every possible service, sometimes you do not get what you really want and you have to visit the nearest branch for some specific kind of services.

These services may vary from one bank to the other. Security issues are responsible for the questioning by the bank when you decide to open an account in a bank and demand for online banking, which is time consuming.

Another demerit of online banking is that it does not involve banking personnel and when you are stuck somewhere without any kind of support the situation is frustrating. Online banking requires little computer knowledge and, thus, restricts its use. But, you can take help of those who do it. And, remembering passwords, for those who can not memorize it properly, could be troublesome.

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