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Saturday, September 24, 2011

What Is the Edge of Internet Banking Over the Traditional Banking?

What Is the Edge of Internet Banking Over the Traditional Banking?

We have seen a lot of companies offering a variety of customer services ranging from personal up to but not limited to phone transaction. With the growth of commercialized internet and electronic transactions, a lot of companies are beginning to take advantage of this method to provide customer service. More and more industries around the world have decided to add one service option to accommodate their internet savvy customers and that is online service. With this, the banking industry has decided to offer a sort of internet portal for their customers to perform some basic transactions like account transfers, balance inquiries, bill payments and stop payment requests. Online banking is one way to perform transactions with your bank through its secure site. This can be very useful for a customer who doesn't have the time to make it within the regular banking hours since it enables them to perform banking activities via the internet.

I'm sure that a lot of people have at least heard of online banking but not quite a few of them has tried. A lot would think the process is too complicated. Some would feel more comfortable dealing with a real person about their money and to most, it's the trust factor that's stopping them to perform bank activities online. Of course, we cannot take that away from them. Clearly, there are a lot of advantages or shall I say comfort that online banking can provide than traditional banking. Let me discuss a few of them.

While traditional banking follows a regular business hours, online banking is available 24/7. No matter where you are in the world, you can perform a lot of bank activities with just your PC or laptop anytime of the day. Instead of adjusting your own personal schedule to go to the bank, you can access your account online from the comfort of your home so long as you have internet access. Otherwise, customer service via the telephone is normally provided around the clock.

Online banking is fast and convenient. Transactions made through the internet are a lot faster as compared to doing it with an ATM machine or waiting for a bank teller to accommodate your concern. Traditional banking can be relatively slow especially if you encounter a line of persons waiting to be assisted. Online banking offers a secured portal that uses the latest technology to secure your information and make your experience faster and hassle-free. It also offers a comprehensive set of features like managing investments, loan calculators and tools for functional budgeting and forecasting.

Better rates are also one significant effect of online banking. Without the actual infrastructure and a lot of office equipments to pay, interest rates are paid at a higher cost on savings and lower on other loans. This leaves more money left to pay depositors and still maintain a profit. Some accounts can even be opened with no minimum deposits or service fees.

With just internet access, online banking can be performed with the use of your mobile phone. New phone features are continually being enhanced to further expand and improve this capability on smart phones and other mobile devices. Imagine doing bank transactions in your mobile phone? With traditional banking, more information are required in order for you to set up an account as compared to online banking that only requires you once to fill in your information and subsequently retains these information for future use. Moreover, a lot of internet savvy customers prefer to input data online and/or downloading forms for mail. If problem occurred, you can just call or email the bank directly.

Lastly, online banking is environment-friendly. Take note that transactions made through the internet are paperless, reduce traffic and free of pollution. It also does not require the use of offices and some office equipments that are hazardous to the environment, directly or indirectly.

Since both online and traditional banking has its advantage and disadvantages, it is not necessary that you have to choose one over the other. To some, online banking makes banking transaction easier and more convenient. Nevertheless, others still prefer to make transactions about their money with a real person. It is I think more of an advantage to do online banking and enjoy its conveniences and savings while maintaining an branch account in your area for customer service and personal relationships.

Checking accounts are not the only ones that use routing number on check. Visit routing number on check website to check out how to locate routing numbers for any bank account type.

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By Orlando H Goldstein

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