what is it? advantages disadvantages Links
Online systems allow customers to plug into a host of banking services from a personal computer by connecting with the bank's computers over telephone wires. The convenience can be compelling. Not only is travel time reduced, but ATM machines, telephone banking or banking by mail are often unnecessary. And, technology continues to make online banking, once attempted only by computer enthusiasts, easier for the average consumer. Even that may not be easy enough, though. Many systems that offer greater financial control also require more work. Online bill payment is an example of an effort that requires setting up which leads to ultimate convenience. Banks use a variety of names for online banking services, such as PC banking, home banking, electronic banking or Internet banking. Regardless of the name, these systems offer certain advantages over traditional banking methods.
Regardless of the name, these systems offer certain advantages over traditional banking methods. Consumers can use their computers and a telephone modem to dial in from home or any site where they have access to a computer. The services are available seven days a week, 24 hours a day. Transactions are executed and confirmed quickly, although not instantaneously. Processing time is comparable to that of an ATM transaction. And the range of transactions available is fairly broad. Customers can do everything from simply checking on an account balance to applying for a mortgage.
The most obvious: Technophobes need not apply. You must be comfortable using a computer. Investment of time upfront can be formidable. The data entry is necessary before the numbers can be massaged and money managed successfully. Online bill payment is an example of an effort that requires setting up which leads to ultimate convenience. Switching software or banks can mean re-entry of data, although Internet-based systems are less impacted by this. But competition seems to be minimizing this problem. The personal finance management software Microsoft Money enables users of competing software to import data easily.
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