Money Just A Click Away

E-commerce is revolutionizing the way businesses work and the banking industry is not an exception to this

. Technological advancements in the banking sector have lead to a complete facelift for the entire industry. Computerization and web-integration of all services has transformed the core rationale of day-to-day banking. Internet banking or banking via the internet is one of the most remarkable developments in the banking sector, empowering customers to take control of their money as well as carry their bank-accounts with them the world over.

Gone are the days when one has to stand in a long spiraling queue for hours waiting for access to his own money. For ages, the whole idea of depositing money in the bank was to ensure that it was safe. This is not the case anymore. The whole objective has changed from safety, to utilizing ones finances according to their comfort and needs.

Internet banking has created a win-win situation for both customers as well as the bankers. Compared to the slow and time-consuming conventional banking process, internet banking has made the whole banking experience very convenient and hassle-free. Be it opening an account, making a transaction, applying for a loan, to even closing an account, everything is made simple and with minimum paper-work. At present, internet banking has become a fact of life for busy customers, who find it more of a necessity than a convenience to have round-the-clock access to their accounts. Hence, it can be said that Internet banking comes with a whole bundle of advantages, from saving time and money to creating a happy banking experience.

Banks have realized that offering internet services to customers in the new economy is fundamental for survival and thus, mandatory. Bankers see Internet banking as a strategic prospect that can reduce transaction costs, improve cross-selling opportunities, augment customer service as well as boost their customer base. With more and more people transacting online, these banks are able to cater to thousands of customers simultaneously as well as eliminate the manpower-costs involved in handling such volumes. Web sites that provide financial convergence for the customer will form a more loyal banking customer who is more likely to use the services offered on a regular basis. This concept has been introduced with the intention of generating higher revenue per loyal customer.

Nevertheless, internet banking can become an issue of concern in cases where security has been compromised. There have been several cases where customers have become victims of computer hacking, leading to unauthorized use of customer accounts. Banks have come up with several security measures to avoid such situations but it is always advisable for the customer to be cautious while transacting online.

Apart from this minor disadvantage, it can be said that Internet banking has made life much easier, and banking much quicker and pleasant for customers as well as bankers. A popular choice today for millions of banking customers, Internet banking ensures that your money is just a few clicks away.

by: Dev Kumar

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