Banking transactions

1. Technology has advanced extensively as the Internet has become a part of our daily life. Companies are also looking for ways to utilize this opportunities to reach and meet the dynamic needs of the teeming customers. The Banking system is not left behind as it seeks to adopt the internet for online banking transactions. It has inherent advantages and disadvantages. These are evaluated in terms of their effects on the company or the customer. Online banking is extremely convenient for the customers: it offers such a fantastic service that customers who use it always want to continue.

It allows people to pay bills and make banking transactions at any time of the day. The banking hall does not close as the Internet is always there: so the customers are assured of 24hr-7days-a-week service that cannot be interrupted by unwarranted external forces. It also allows customers access to their accounts from anywhere in the world. Besides, it is extremely fast. With internet banking, customers can make transactions as fast as their system can withstand! It is effective and highly efficient banking system that gives one the opportunity to operate several bank accounts at the same time.

The account is also very easy to open. Internet banking has low cost- there is low overhead cost associated with electronic transactions. Monies spent for issuing tellers, getting and maintaining locations and security agents are no longer necessary. It gives room for these banks then to have special deals like higher interest rates, unlimited free internet transactions, no fees for checking accounts. With this, customer satisfaction and service is improved. There are disadvantages: it is difficult to deposit money into an account unless the customer has direct deposit.

For those who do not have, service of a traditional bank becomes necessary and this lengthens the procedure. Automatic teller machines cost customers a lot because most banks do not have their own machines. Transaction is automated and impersonal unlike in traditional banks where we got to individuals and interact with them while we transact. This luxury no longer exists with internet banking 2. Just like there are fears with other areas of life and human relationships, online banking has its own share of this.

Most people do not trust what they do so that they may fear whether transactions are right or not. This is addressed by encouraging customers to preview their transactions before they eventually transact. They should also print their transactions. These will guarantee that their transactions are safe and right. They also fear that the process may be cumbersome and difficult to adapt to. This is not distant fear. This will be addressed by creating short and customer friendly online tutorial sessions for beginners.

For as many as are intimidated by the concept of online banking, these simple easy-step guide will be useful to lead them through every transaction they may chose to make online. There is also the fear of safety of money. There are very few cases of internet banking fraud. Customers will be informed about the tight security system the bank operates which not only protects the company from intruders but also safeguards the account details of the customers. This is also confirmed by the 128-Bit SSL Encryption of the website, the bank is federal insured and it follows proper customer identification protocol.

3. Electronic fingerprint has become an important part of social and national security. It is only become more useful when adopted in the banking industry. To convince customers, I want them to realize that security is of paramount importance to the bank. And the opportunity of this identification system is welcome. I will encourage customer to participate in the test because it is a definite and guaranteed security tool because no two individual shares same finger prints, even twins don’t!