One of the best things about technology
or the worst, depending on your point
of view) is the ease with which traditional
banking transactions can be conducted.
Internet banking, which appeared on
the scene as a new and untrustworthy
banking option has quickly become the
most accepted way of banking online.
In fact, it would not be an exaggeration
to say that most Americans today use
internet banking as opposed to traditional
banking. And some of the bigger banks,
no longer offer traditional banking
services, or charge those who continue
to bank traditionally.
It is quite easy to see why Internet
banking has caught on so well. In
the knowledge economy that we live
in, almost all transactions are web
enabled. When manufacturers, retailers
and even resellers offer their goods
and services online, and when buyers
are able to browse through, understand
and select products online, internet
banking was the next logical step.
Most retailers prefer customers ho
use internet banking options. In fact,
even computer manufacturers like Dell
Computers, offers a range of discounts
to customers who order and purchase
computers online using Internet banking.
Even from the perspective of an individual,
Internet banking makes a whole lot
of sense. First and foremost, there
is no need to take the time off and
drive to your bank branch and wait
in long, unending queues to be served.
You can do all of your banking transactions
online, with greater speed, convenience
and efficiency. Speed because you
can use internet banking to be served
immediately, without having to contend
with people before you. Convenience,
because Internet banking allows you
to transact at your convenience, fro
the confines of your home or office.
And efficiency because there are electronic
records of all transactions and the
chances of errors due to human intervention
is minimal. You no longer need to
visit each individual post office,
telephone company or grocer to pay
your bills. You can do it online with
Internet banking, without having to
fill out and mail checks.
But Internet banking also has its
flip side. There are and will continue
to be security concerns about banking
over the Internet. Of course most
banks have ensured that their Internet
Banking services are offered on secure,
encrypted sites. But scamsters always
ensure that they come up with more
and more innovative ways in which
they can try to break into your Internet
banking account. Phishing is just
one such attempt, where miscreants
try to steal your internet banking
username and password, and then log
in to your account to make withdrawals.
But then again, the error in this
case too is that of the trusting human
nature, rather than the Internet Banking
technology. In any case, all banks
that offer Internet banking (and there
are practically none that don’t!)
provide guidelines on internet banking
safety and common scams that you should
steer clear of.
When you weigh the positive aspects
of Internet banking, you will find
that it saves you time, money and
removes most of the pain points related
to traditional or conventional banking.
And in the world that we live in,
Internet banking is no longer a luxury.
It is a necessary way to transact
and do business.
