Online banking began in the 1980s and it was introduced by Citibank, Chase Manhattan, Chemical and Manufacturers Hanover and it was first offered as home banking services. When the internet expanded, the term “online banking” became popular and everything that follows after that was history as we know it. Today online banking has revolutionized financial transactions across oceans and continents and where once security checks and clearing houses were necessary before receiving your money, now it can be done in seconds!
That’s because all of the security checks and clearing houses have been consolidated in one huge database and the computer scans through the data to make sure that you are indeed getting your money and no illegal bypassing was made. It’s a nifty trick created by brilliant minds, isn’t it?! These are the perks we get with modern technology.
Let’s look at online banking more deeply and understand how we benefit from it!
The best thing about online banking is that you don’t have to physically at the bank or ATM to do transactions. You can pay your bills, shop, buy, sell, transfer money, book tickets and reservations in advanced, lease, donate and do just about anything that involves electronic cash online! Now that’s control our parents never had the pleasure of having in their days and it gets better. You can even open and close bank accounts online!
About 2 decades ago these things were quite difficult to do even when the internet was already around; imagine what these major financial institutions will plan for the future? I’m pretty sure convenience will be an everyday thing for those generations.
Perhaps what frustrates people most is the service availability of physical banks in their locality. Well, you may say that the ATM will make up for all those non-banking hours, but in reality the ATM is also only limited to a number of things that the designers intended it to do. It can’t do magic. But the internet can! That’s why when physical banks closes at 3:00pm their virtual alternatives go on forever, thus solving yet another problem that you once had to deal with.
Comfort & Security
The future is now. These days you can check your bank account through your laptop, netbook, tablet and even your smartphone! And because your account is protected by a user ID and password, no one can steal it – physically that is – we can’t talk about safety, security and comfort without discussing online hacking and data intrusion. But thank goodness banking and financial institutions are spending a substantial amount of money and other resources to combat data breaching. So you can rest assured that your information and money is safe.
Extended Online Banking Features
Aside from the basic benefits that you get from online banking, you also get a variety of great features that perhaps some, you’ve never even heard before. The rules have drastically changed over the last 2 decades of banking and finance than in all the thousands of years since the concept of banks started that you can barely recognize it today. Here are some of the best online banking features:
1. Easy Account Creation
2. Electronic Statements
3. Automatic Bill Payments
4. Mobile Check Deposits
5. Online Stock Market Investment Options
6. Auto Loans
7. Real Estate Loans/Mortgages
8. Business Capital Loans
9. Other Types of Loans
10. Secure Message Alerts
11. Report & Management Tools
12. Desktop Software Integration
13. Locate Banks and ATMs on the Map
14. Receive Updates, Freebies and other Promotions
Cashless Banking: The Future of Online Banking
The European Union, as early as 2014, has been considering implementing a region-wide cashless banking option among member nations. Estimates suggests that this could be a reality by 2018 – 2025 depending on the European Commission’s ruling on the matter, but if they will rule in favor of it, then this will be the coolest thing to ever happen in banking and finance history since online banking! So, expect more awesome online banking benefits soon!