The Impact of Internet Banking

Now that our banks give us access to our accounts over the Internet, we benefit from a variety of advantages to simply checking our balance over the phone. However, there are also some additional security considerations.

Convenience Factors

Before online banking became common, customers had to call the bank and navigate through an automated and sometimes tedious system to check balances or transfer funds. Now we can access all of those functions with a few clicks of the mouse.

Financial Management

Online banking allows consumers to easily view upcoming transactions so we can better predict our cash flow and sign up for additional services much more easily (or cancel current services).

Accessibility

If you're traveling in a foreign country, you may have difficulty in accessing your bank over the phone. As long as you have Internet access, however, you can easily access your account.

Online Safety

However, online bank accounts are commonly only gated with a password. If that password is not strong enough, someone else can access your online account.

Verification

Scam emails can also trick you into navigating to a fake bank website that steals your password and user name when you enter them.

References

• Online banking overview
• Comparison article