The Importance of eBanking & Online Services

The Importance of eBanking & Online Services thumbnail
Online banking is done on secure websites.

Ebanking lets users perform most of their banking transactions from the comfort of home or on the go from a cell phone. Banking online is a popular service offered by almost all banks and financial institutions.

  1. History

    • Online banking started in the 1980s, but didn't become popular until the 1990s when most large banks began offering online services and eBanking. Consumers initially voiced safety concerns with banking online, but banks were able to offer secure services and invested time and money to do so because online banking is cost effective for the bank.

    Features

    • Banks offer a variety of services. Typical online banking allows a user to check balances, transfer funds between accounts, pay bills and change personal information. Some banks also allow the customer to open and close accounts online, buy stocks and order checks.

    Popularity

    • By October 2010, a third of bank customers were managing all of their finances online, according to an Intuit survey. In that same survey, consumers said that the option to conduct all their financial tasks in one place was the biggest advantage of eBanking.

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References

  • Photo Credit secure online transaction image by patrimonio designs from Fotolia.com

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