At present, almost all recognized banks will have a presence in the internet and among them, many would have fully functional web portals which allow its customers to access accounts without needing to be present physically in the bank. These web portals are built according to the highest security standards and in most instances, if the customer does not act carelessly, the security of banking online would be rather strong.
When considering why online banking did became so popular for it to be considered as a social norm, one of the most popular notions would be its convenience. When thinking about it, online banking relieves the person from the necessity to travel to the bank, filling up a form, waiting in a queue and return back home and replaces with several clicks of a button. It not only saves time but would also save money to a great extent.
At the same time, the online banking has grown over the years to offer more and more services to its customers and at the moment, except for withdrawing money, the online banking portals offer almost all other services as if you are present in the bank. These services include, checking of balances, transferring funds, opening of accounts, bill payment, placing standing orders, investment in the financial markets as well as ordering check books and credit cards. While the internet offers these services, they make sure that it cost nothing to the customer in most internet based transactions.
Another important asset in using online banking is its ability to update the customer regarding the transaction history and allow the customer to keep track of their funds at all times. Furthermore, it will issue eStatements which removes the necessity to receive paper based bank statements which can sometimes be lost or else get displaced due to various reasons.
Lastly, another important aspect in online banking which made it ever so popular is the ability to link up several accounts in the same bank and access them using only a single online account. This has made transactions rather simple and avoids the necessity to remember multiple account numbers.
When considering these services offered by online banking, the reasons for its popularity is evident and when considering the ever changing technology and services offered each day, it doesn’t seem that it will go down in popularity by a single bit for many years to come.