Advantages of Internet Banking

Online banking is rapidly growing to become a routine part of banking. In 2009 the U.S. Gartner Group surveyed 3,988 adults and 47 percent of the respondents in the U.S. said they engage in Internet banking; 30 percent in the UK. The ability to electronically manage finances on the web has renovated the entire banking industry and as the Internet has evolved to become the norm, more and more people are looking to the advantages banking on the web offers.

Internet banking continues to grow in use as more banks encourage their customers to set up an Internet account. The banking industry is striving to increase security of their systems and make online banking more customer-friendly. As the industry steadily works towards improvements, people are beginning to become accustomed to the idea of online banking and are more willing to give it a try.

While online banking is not for everyone, in many respects, the practice of conducting finances online has become the norm. Those that do embrace the idea find they enjoy the following benefits:

• Convenience and accessibility

Internet banking affords people to do their banking any time of the day or night. No need to limit yourself to conduct your transactions during “bankers’ hours”, today you can bank 24 hours a day, seven days a week. Customers can access their banking statements online at any time and track deposits and payments as they are processes.

In addition to monitoring transactions, many banks have relationships with businesses and you can set up automatic bill pay; this alleviates having to write paper checks and you can designate what time of the month you want the payment to be disbursed, then track when it occurs.

• Speed of processing

Internet banking makes financial transaction move very quickly and clearances occur rapidly. The speed of electronic processing is far quicker than manual processing. With automated deposits and bill pay, you can be sure your banking transactions are timely and won’t get lost in the mail or misplaced in an office somewhere.

• Better control of finances

Online access to your bank accounts enables you to keep a tighter control of finances. If your accounts are lower than you’d like and/or you want to transfer monies, you can do this any time you want. Additionally you can monitor your account more vigilantly for fraud because you can log on and check as often as you’d like, creating a higher chance of detecting any fraudulent activity as opposed to waiting for monthly statements. If something does not seem right you can take immediate action and contact your bank to stop the fraud.

• Ease of transfers

All of your account information is located in a consolidated place right on your computer. Log into your account and easily transfer money or make adjustments you see fit. With Internet banking there is no need to physically travel to your bank to move money amongst accounts, you can do this all online.

• Sign up for account alerts

One of the drawbacks of online banking is the fact its online and hackers love to target financial accounts. However to mitigate this issue, many banks offer their customers an option to receive account alerts emailed in a timely fashion. If any unusual or suspicious activity is detected, a notification is emailed.

Chances are Internet banking is going to continue to grow in popularity. Older methods of conducting businesses are consistently being shifted to the web and banking is no exception. While everything has some sort of drawback, in the case of online banking, there are many benefits that can offset those apprehensions.