Finance Banking

Online Banking And Credit

Introduction

Online Banking is the service provided by banks to pay bills and perform any financial transaction through the internet. You can check your credit card limit and balance through online banking. Because of the advancement in technology and the internet, that is improving day by day, we can now operate everything from home. Everything is no further than just a click of the mouse. Communication and shopping had already become convenient but now banking can also be done very easily and quickly.

History

Online Banking started in the time of dial up modems and slow internet connections. Few people use the same technology today. Back then, online banking was known as home banking and people were supposed to pay to get that service. After paying, the bank would send a floppy disc in which the program was already installed. Through that floppy, the bank would allow you to get into the bank system and access your account .This happened in late 80s but in the mid 90s, internet became common in every other house and then banks started making their own websites for their customer’s convenience. At first only the basic information was available on the website but with time, all the banks started giving their services for free. Today, everyone can access their accounts through the website which the bank provides them.

Features

Internet is the way into the future. Through online banking you can shop without leaving the comfort of your home. It is important to have your bank account information easily accessible as there are many things that you need on a daily basis. So the question is: what can you do through your online banking account? A better question is: what can’t you do with an online banking account? First, it gives you access to the bank account. Having a 24/7 admittance to your account makes managing your money and expenses easy. You will be able to see your transactions in real time. By monitoring your transactions, you are able to ensure that all the purchases were done by you. You can even access multiple accounts that you have. Online banking payment option can help you to pay bills to anyone, for example, you can pay your credit card company or can even pay your phone bill online. You can eliminate the need of paper statements by receiving them online. These statements are now becoming the alternative of paper statements. Facilities such as loans, savings, credit cards, everything is available on online banking

Tips and comments

As with anything online, there is always a possibility of risk: hackers and spammers are spread all over the internet. An antivirus should be installed to get rid of these problems. Passing out passwords of your account to any random page should not be done because that is where the work of hackers begins. Online banking is growing day by day and so are the chances of hacking. For that, each bank provides security to its customers that can protect them from any hacking. There are security software's that can provide protection to login data that the customer enters to access his/her account.

By Sidra Rana, published at 01/07/2012
   Rating: 4/5 (10 votes)
Online Banking And Credit. 4 of 5 based on 10 votes.

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