Finance Banking

Traditional Banking Vs Web Banking

Published at 01/13/2012 10:10:41

Introduction to web banking

Banking is the general term that everyone is aware of and also the benefits of the banking are known to everyone. The banking today has become very advance and there are lots of things that are changed with time. With the increase in the technology the banking has become more secure and faster process than older times. Now there are some new methods that are very helpful in making payments and receiving money. The new enhancement in the banking process in online banking or web banking is wondrous. This is the one new advancement in the banking process. This is the fastest way to send payments online and receive money too. This method is now being used much and this has completely changed the traditional way of banking.

History of web banking

The net banking or the web banking was initiated in late 80s. The modern web banking was first seen when the electronic signals were firstly used for the money transfer. With the help of monitor and a keyboard and some information about the basic networking process; netbanking is now a possibility. Additionally, it was possible with the help of some coding process with the use of phone lines. After there was increase in the technology and the internet era, there is also an increase in the banking processes online. The online banking or web banking gain main attention after 1994, when Stanford Federal Credit union started the first online banking process. This was the first time that real-time money transfer was possible and after this many banks incorporate this method in their banking.

Features and benefits of web banking

There are lots of benefits that web banking have. The main advantage of this system is that it has become really very easy to transfer money from one part of the world to another just by simple clicks. What you need to have a bank account with web banking facility and you just need to deposit enough money in the bank account. This method is much secured and there are no chances that your money is lost. There are other advantages of this method and the most common advantage that people generally use is that with the help of online banking. This is the method that you use while online shopping and while paying your expenses through debt or credit card. The debt cards and credit cards usage while buying use online method of transfer of money. It means that every time you use these things for buying you also use web banking. Also for receiving payments this online banking is helpful. You can directly receive money from anywhere in the world.

Difference between traditional and web banking

There is a lot of difference between traditional and web banking. Web banking is very fast and easy and more secured. However, traditional banking does not have any such properties. The work that traditional banks do is mostly very slow and there are lots of problems while transaction and depositing of money. People need to stand in queues for long time which is not seen in online banking or web banking.


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