The World Wide Web has permeated virtually every aspect of modern life. You can do just about anything online, including your banking and financial transactions. However, is this wise? Just how comfortable are you conducting your banking business in cyberspace? After all, online banking has both advantages and disadvantages. Let us have a close look at it.
Online banking (OLB) is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union, or building society. Online banking is also referred as internet banking, e-banking, virtual banking and by other terms.
To access a financial institution’s online banking facility, a customer with internet access would need to register with the institution for the service, and set up some password (under various names) for customer verification. Online banking is now the widely used mode of fund transfers in the world. Though it is still gaining popularity in India, recent surveys show that 40% of people in the United States and 47% people in the United Kingdom use internet banking as their primary mode of transfer.
There are a host of functions which are very much convenient for consumers in the internet banking system.
(Read the full article from the July Issue of Safety Messenger Magazine 2015)