Online Banking Services Have Revolutionized The Way We BankThe internet has truly revolutionized the way we carry out a number of tasks such as communicating, shopping and banking. Online Banking Services provide us the facility of paying a bill, transferring funds or even stopping payment on a check, in the comfort of our own home. A PC plugged into the internet is all that it takes to carry out these and other related tasks. Online banking allows you to carry out all types of banking transactions. Any transaction that you would otherwise have to do by visiting your bank and interacting with the teller is now possible over the internet. You can order a bank draft, open a fixed deposit account, view your account history and even apply for a bank loan by using your bank's secure website. These services are a boon for people who would otherwise have to reach the bank within the designated working hours. Banks provide these services around the clock and time is no longer a constraint. You can access your bank's website from anywhere in the world and at any time. These services are a natural outcome of years of computerization efforts by banks and financial institutions and the phenomenal growth in the use and reach of the internet. The customer was the final frontier in a manner of speaking when it came to computerization of various banking related activities. If we look at the history of banks, very briefly, computerization in banks started with the use of ledger posting machines (LPMs). The use of these machines was followed by standalone computers. The standalone computers gave way to integrated local area networks. Even up to this point, a customer had to go to the bank to carry out various jobs. It was only after this stage, that the internet was used as a means of allowing the customer to carry out banking transactions online. It was only after the late 1990's and the early 2000's that internet banking services matured and came of age. There are a few concerns in the area of internet banking. One of the major concerns is in the area of security relating to business transactions. Phishing scams are another area of concern. Phishing is a fraudulent attempt to acquire sensitive information such as your bank account's security pin code and your password. Banks routinely issue warnings about these phishing scams. There are certain steps we should take in order to reduce the security risks. Make sure that you are always using the latest web browser in order to carry out your transaction. Never carry out a banking transaction on a computer that is publicly accessible. A bank will never send you an email in which it asks you to login and enter your password. If you receive such an email, you can be sure it is a phishing scam. In spite of these areas of concerns, Internet banking is increasingly becoming accepted as a means of banking in the modern day and age. Online banking services are here to stay and we can only expect to have better, friendlier and more secure online services from banks and financial institutions. |