Online banking is a cost effective way of delivering financial services over the Internet through the bank's secure website.
Online banking, also known as Internet banking, Home banking or electronic banking is basically virtual banking which exists on the internet.It is becoming increasingly popular as it is a cheap way of providing banking services.
Advantages of online banking:
* Convenience - Online banks never close. They are open 24*7 and only a click away.
* Speed - They process and execute transactions quicker than traditional banks.
* Efficiency - You can access all your accounts from one secure site.
* Effective - Online banks offer various tools which help you to manage your assets more effectively.
* Additional services - Free bill payment,rebates on ATM surcharges, credit cards with low rates, free online checking and easy online applications for personal loans and mortgages to name a few.
* Accessibility - you can access your account from any location and at any time.
For most people the biggest hurdle to online banking is learning to trust it and to be sure whether it is secure.
The main concern of Internet banking is security, protection of customer's privacy and protection against fraud.
However a lot of people are choosing Online banking as their preferred method of banking as they appreciate the convenience.