Every industry has its own language. In film making, you’ll be bombarded with terms such as “rushes” and “dolly.” In engineering, words like “stochastic” and “aging” will make you go “huh?” And don’t even get started with the medical jargon or your nose will start to bleed. The banking industry is no different. Banks use its own set of words that some may find a little difficult to grasp unless they are used to making transactions. If you are one of these people, you would really do yourself a favor if you start learning the words that make the world of banking spin, what they mean and how they work.

If you want to know more about banking, you’ve come to the right place. This section of the site will explain the many concepts that a person making transactions online should know. What is foreign exchange? What is insurance? What banking fees should you be aware of? What is the difference between a line of credit and a credit card? How can you sign up for a savings account? How do you protect your money against various fees and service charges that your bank collects from you? These are just some of the questions that should be answered to understand fully how online banking works.

Knowing what these ideas mean is not enough. Interest rates and the value of currencies change every day. If you want to keep track of the value of the money you deposit into an account or the amount you earn or lose, it is important that you keep yourself updated with the latest in banking. This section also provides information about these.

Being equipped with the proper information and knowledge about the various products and services that your bank offers will help you a lot in making transactions, protecting your money and doing business wisely.

By: Aila Sanchez

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Banking around the clock is no longer a remote possibility. But the banks don’t have to keep their branches open 24 hours a day to provide this service. This is one of the biggest advantages of Internet banking.

One doesn’t have to go to the bank’s branch to request a financial statement. You can download it from your online bank account, which shows you up-to-the-minute updated figures.

Another advantage of Internet banking is that it is cost-effective. Thousands of customers can be dealt with at once. There is no need to have too many clerks and cashiers. The administrative work gets reduced drastically with Internet banking. Expenditures on paper slips, forms and even bank stationery have gone down, which helps raise the profit margin of the bank by a surprisingly large number.

As far as customers are concerned, their account information is available round the clock, regardless of their location. They can reschedule their future payments from their bank account while sitting thousands of miles away. They can electronically transfer money from their bank accounts or receive money in their bank accounts within seconds.

You can apply for a loan without visiting the local bank branch and get one easily. You can buy or sell stocks and other securities by using your bank accounts. Even new accounts can be opened; old accounts can be closed without doing tedious paperwork. Especially with the increasing acceptability of digital signatures around the world, Internet banking has made life much easier and banking much faster and more pleasant, for customers as well as bankers.

By: Marcus Peterson

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With the ease of online banking today, many people choose to do their banking from home. One bonus is that you can continue banking with the same financial institution, though you can do so from your home computer. With 24-hour access to account information and anytime transactions, banking has become much more convenient.

There are many benefits to online banking. You can avoid fees sometimes charged for teller transactions or check writing. Also, online banking options often include better deals on checking accounts, often with lower service fees and no monthly charges. It is easy to pay bills electronically, with funds taken directly from your account-check-free. And banking software, such as Quicken, enables you to download banking information from your account into a budget spreadsheet.

Most banks in America now offer online banking options. Some banks offer online banking in conjunction with online trading, allowing you to use one institution for a variety of financial needs. There are some institutions that specialize only in online banking and do not have any physical branches. These require online or phone transactions and the use of other banks’ ATMs.

This is one downfall of virtual banking. You may have to pay a fee for using a machine at another banking institution, and sometimes a fee from your own bank as well. Some banking institutions will waive ATM fees, as they know this can be a deterrent to potential customers. If you are an ATM user, make sure you research this before selecting a bank.

Another likely problem is making deposits. Direct-deposit options for paychecks are convenient; however, if you receive other checks you will need to deposit them yourself. With online banking, you may have to mail your deposit or make an electronic transfer from another bank account. This creates a longer lapse before you can access these funds.

Despite these issues, online banking appeals to many customers. Virtual banking allows you to take care of bills even while traveling. You can access your account whenever it is convenient to you, not just during banking hours. With this convenience, there is little excuse anymore for bounced checks.

By: Jeff Lakie

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There are a number of differences between the financial needs of an individual and those of a company, and having access to specialist business banking facilities is absolutely essential in the current economic climate. For a business to grow and perform well in the long term, it is important to be able to rely on long term stability from their bank, and to be confident that any savings or borrowing are flexible enough to support your goals.

With a specialist business bank like the few Commercial Banks looking after your needs, your company will be able to take advantage of a full range of services and access to a long term relationship that promotes stability and investment in the future.

Relationships are extremely important in business, and for any business whether large or small, the ability to develop a consistent partnership with their bank is important, as this will pay dividends in the long term growth potential that a company can expect.

Business banking is very complex, and is a two way process that requires great attention to detail from all parties. Having a stable financial basis from which to manage funds on a day to day basis is essential to promote growth and profits.

With the support and advice available from a specialist business relationship manager at your bank, you will be able to get access to a range of business banking services and products that will support your goals because they are tailor made for use by companies.

By: Alistair Leckie

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Believe it or not online banking has existed globally in some form since the early Eighties, in particular with the Videotex system. Unfortunately it eventually turned out to be a major flop, apart from in France. Luckily, almost three decades on, online security has dramatically increased allowing online banking to flourish.

The most notable security advancement is the implementation of SSL security, which stores all secure data remotely and can apply scripts to it, for example checking current balance. The encrypted information is then sent securely back to the user. Users can check the webpage and data they are sending is secured by ensuring there is a padlock symbol displayed in their browser.

Online banking has really only taken off in the last decade, when the first internet only banks started, including Egg, First-e and the Smile. Smile was the first full internet bank account, now owned by the co-operative is award winning and known for its corporate social responsibility.

Now a days online banking is just as strong as ever. All the major high-street banks also offer a special internet account or at least the option of online banking. The attraction of an online bank account is mainly ease and speed of access, paperless accounting and primarily more competitive interest rates available.

Due to the nature of online banking and the potential for illicit activities to take place, online banking has constantly been a target by thieves and cyber criminals. The security precautions employed by banks are considered the strongest in the world, therefore canny hackers tend to prefer targeting less aware customers.

A common attempt to obtain bank account information is to create look a like websites, impersonating the genuine bank websites, known as phishing. This technique can easily deceive experienced web users who would not consider themselves at high risk of being caught out. Once a customer opens the website they believe to be the banks, they often enter their personal details such as usernames, pin numbers or passwords. Your confidential details are then sent directly to the criminals who would attempt to use your details themselves.

Banks and security corporations are in an ongoing struggle to protect their customers and their funds from external threats. The latest innovation aimed at increasing online safety is the introduction of security tokens, a physical device that an authorized user of computer services is given to aid in authentication

So what is the future of online banking? Well the simple answer is as secure as your money is, exceptionally. With increasingly complicated security algorithms and authentication systems being developed, external threats are diminishing. Additionally new approaches of online banking are emerging, in particular mobile banking, definitely a technology we will become accustomed to and probably not live without over the forthcoming decade. If you are pursuing a career which will be as secure as your money, why not look into banking jobs, in particular online banking jobs?

By: Charles Newman

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Home banking refers to a facility in which you can have a virtual banking branch where you can supervise and be in control of your funds. You can enjoy this service round the clock, on every day of week absolutely free. The major advantage of this is that you do not have to even move out of your home to avail this service.

What Services Are Available?

Let us talk of some services that you can get from home banking. You can know your balance and available balance anytime you wish. This difference depends on what type of account you have. For example, if you have a savings account or money market account, then the minimum necessary balance in the account is the difference.

This also lets you get the details of the transactions made during a particular time. Not only can you transfer the money between the accounts but you also can schedule the transfers. You can also get the details of transactions made in the past.

Some other information that you get at your fingertips with the help of home banking is a chance to stop payment for any particular check, credit score viewing, recorder check and viewing mortgage balance. To start using home banking services first you have to set up your account. Signing up process includes setting security measures also.



Importance Of Security Measures

One may wonder why all this stress is given on the security measures. The answer to this question is that although the possibility of theft is very rare yet there are people with mean intentions that may try to dishonestly gain from you if you are not alert enough. That is why the process is made difficult enough and discourages the malicious people to break into it.

However, to make the task easier for you there is an option called remember this computer. If you select this option computer will not ask the same security question every time you login. It will remember the answers but in any case it doesn’t remember your account number, random code and access code. You have to enter this information every time you use home banking service.

However, the security cookie used by the computer for remembering this information survives only for a definite period. After its expiry, you need to re- feed this information into the computer. However, keep in mind that you should use this option only on your personal computer where no other person has an access. Never use it if others also use the same computer as yours.

By: Al Falaq Arsendatama

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Online banking has virtually become the normal way of banking for the younger generations of bank users. So has the debit card fast become an important part of a new generation.

Writing checks and paying bills are not the most fun a private citizen can have but knowing the process will be completed with no real reason for concern is a wonderful thing most people take for granted. Just another sign your bank is doing its job carefully and properly. However online banking makes that process so much easier for you. If you have forgotten to write the amount of a check in the registry you wont have to wait for the arrival of the bank statement in the mail to get your registry up to date. And it is far simpler to keep your checking account registry up to date and to the penny when you utilize online banking.

Some of the useful ways online banking helps you with your banking needs is the fact you can check the status of any loan you have in your name. Not only can you check the status of your account on a daily basis you can also utilize the bill paying online tools. As with most of the new technology if you never use it you wont know what you are missing. Once you delve into the ease and convenience of online banking and see the many uses you will have for it you will be amazed.

Keeping costs low while providing impeccable services to the public is the name of the game in any business. Staying current with the technology available is another smart business move. Online banking meshes the two and becomes a simple way to bank. Since websites are relatively simple to maintain the banking institute must agree the benefits of offering this service to customers far outweighs any expenses incurred.

Online banking is fast becoming the wave of the future so don’t delay your attempt at surfing the web and creating a user name and password. These are secure websites so there is no reason to fear your information falling into the wrong hands. Online banking is as simple as clicking on your favorite website or playing the latest version of solitaire.

By: Jeff Lakie

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With the increasing popularity of the internet, more and more industries are seeking ways to utilize this popular medium in an effort to keep up with the changing technological preferences of their customers. These days you can do just about anything online from grocery shopping to making a free phone call to a friend in Tokyo through your PC. The possibilities of the internet are seemingly endless and the banking industry has decided that it will not be left behind. While most people have at least heard of online banking, the majority of them have probably not tried it yet. Maybe it’s because we find more comfort in working with real people and real paper when it comes to money matters rather than performing transactions in the seemingly impersonal universe of the World Wide Web. Whatever the case may be, there are both advantages and disadvantages to online banking. This article will outline these advantages and disadvantages so you can either feel justified in your fears or see online banking as a safe way to quickly and efficiently manage your finances.

Let’s begin with the advantages of online banking.

First, online banking is convenient. It allows you to perform transactions, pay bills and check balances 24 hours a day, 7 days a week. The bank virtually never closes because it is as accessible as your PC or laptop computer. No matter where you are in the country or in the world, you can visit your online bank and handle money matters. You can even schedule to pay several payees ahead of time rather than keeping up with paper bills or trying to remember when to visit a payee’s web site to make an online payment. Your bank will automatically send the payments on your behalf in the amounts and on the dates you specify.

Second, online banking is fast, efficient and effective. Through the internet, transactions are typically performed and executed at a faster rate than ATM’s. In addition, online banks give you the ability to handle several bank accounts (checking, savings, CDs, IRAs, etc.) from one site. The majority of banking sites are also compatible with programs like Quicken and Microsoft Money, so as to allow for more effective management of assets.

Just as with anything else, there are disadvantages to online banking.

The main issue for most people is that of trust. They may wonder if their transaction went through successfully or if they clicked on the correct button. The best way to overcome this uneasiness is to make a habit of printing the transaction receipt. Keep this receipt until your bank statement or online account view confirms that you have successfully executed the transaction.

Online banking sites can also take a while to start up and can be difficult to learn at first. Some banks require customers to provide some form of photo identification in addition to signing a form at one of their branches. Spouses may also have to sign a power of attorney if you both plan to access and handle your accounts together online. In addition to all of this, it may take a while to learn how to use your banking site. Most if not all banks will offer an online banking tutorial. Some even offer live customer support for online banking via chat, email, or phone.

Clearly, online banking has both advantages and disadvantages. It simplifies life for some people and for them it is frankly a better way to bank. For others it may be a little more complex and downright intimidating. In light of these two perceptions, more and more banks are offering online banking as a viable option for their customers.

By: Michael Russell

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How Internet Banking Works

Internet banking works much like traditional banking. The primary difference is you are accessing your account and information, making payments and reconciling statements using your computer rather than paper or the phone to complete transactions. Instead of going down to your local branch office when you bank online you can accomplish multiple tasks at once with the click of a button.

Online banking is rapidly becoming more and more popular as consumers recognize the advantages online banking has to offer. For one most banks charge fewer fees if you take advantage of their online banking services. You can also stop receiving paper statements if you like in many cases and conduct 95% of your business over the Web when you take advantage of Internet banking.

What Internet Banks Do

What to Internet Banks do? The same things traditional banks do. They hold onto our money and lend it out to others respectively. The manage loans and help us keep track of our finances. Chances are if you own a bank account at a traditional bank they offer some type of Internet banking or online services. The next time you stop into your branch office you should ask them about online banking. You may find once you start you have no desire to go back to traditional banking.

For those that have a hard time keeping track of paper statements, Internet banking is a life saver. Internet banking is also advantageous for frequent travelers that need to keep a close eye on their finances from abroad.

By: Frank Owen

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The world is changing at a staggering rate and technology is considered to be the key driver for these changes around us (Papers4you.com, 2006). An analysis of technology and its uses show that it has permeated in almost every aspect of our life. According to Tero et al (2004) many activities are handled electronically due the acceptance of information technology at home as well as at workplace. Internet can be seen as a truly global phenomenon that has made time and distance irrelevant to many transactions. According to Heikki et al. (2002), the transformation from the traditional banking towards e-banking has been a ‘leap’ change.

The evolution of electronic banking started from the use of automatic teller machines (ATM) and has passed through telephone banking, direct bill payment, electronic fund transfer and the revolutionary online banking (Alter, 2002). The future of electronic banking according to some is the acceptance of WAP enabled banking and interactive-TV banking (Petrus & Nelson, 2006). But it has been forecasted that among all the categories, online banking is the future of electronic financial transactions. The rise in the e-commerce and the use of internet in its facilitation along with the enhanced online security of transactions and sensitive information has been the core reasons for the penetration of online banking in everyday life (Papers4you.com, 2006). According to the latest official figures from the Office of National Statistics (ONS, 2006) indicate that subscriptions to the internet has grown more than 50% from 15 million in 2000 to 35 million in 2005 in the UK. It has also been estimated that 60% of the population in the UK use internet in their daily lives.

The fundamental shift towards the involvement of the customer in the financial service provision with the help of technology especially internet has helped in reduce costs of financial institutions as well as helped client to use the service at anytime and from virtually anywhere with access to an internet connection. According to theorists (Walfried et al., 2005) customer evaluation of the electronic services is influenced by attributions of success and failure in inter personal service situations. The use of electronic banking has removed the banking personnel that facilitate the transactions and has placed additional responsibilities on the customers to transact with the service. Although the use of E-banking is provided for the benefit of the customers but these changes require increased work or involvement on the part of customers. These and other factors might be seen as lesser service provided in terms of customer service. But these assumptions would be wrong if the customer knows the value of using the electronic service.

Thus it can be concluded that a fit between task i.e. the banking; technology i.e. the user interface and its reliability; and individuals i.e. the customers and their knowledge about using the service, is the key to successful E-banking services (Zigurs & Buckland, 1998).

References:

Alter, S. (2002), “Information Systems” 4th Edition, Prentice Hall

Heikki Karjaluoto, Minna Mattila, Tapio Pento (2002), “Factors underlying attitude formation towards online banking in Finland”, International Journal of Bank Marketing; Volume: 20 Issue: 6; 2002 Research paper

ONS (2005), “Office of National Statistics”, http://www.statistics.gov.uk

Papers For You (2006) “C/B/93. Dissertation. Will online business replace the traditional business in the banking industry in UK?”, Available from http://www.coursework4you.co.uk/sprtfina35.htm [17/06/2006]

Papers For You (2006) “P/F/174. Dissertation. Adoption of Online Banking”, Available from http://www.coursework4you.co.uk/sprtfina35.htm [18/06/2006]

Petrus Guriting, Nelson Oly Ndubisi (2006), “Borneo online banking: evaluating customer perceptions and behavioural intention”, Management Research News; Volume: 29 Issue: 1/2; 2006 Conceptual Paper

Tero Pikkarainen, Kari Pikkarainen, Heikki Karjaluoto, Seppo Pahnila (2004), “Consumer acceptance of online banking: an extension of the technology acceptance model”, Internet Research; Volume: 14 Issue: 3; 2004 Research paper

Walfried M. Lassar, Chris Manolis, Sharon S. Lassar (2005), “The relationship between consumer innovativeness, personal characteristics, and online banking adoption”, International Journal of Bank Marketing; Volume: 23 Issue: 2; 2005 Research paper

Zigurs, I. & Buckland, B. (1998), “A Theory of Task/Technology Fit and Group Support Systems Effectiveness”, MIS Quarterly, Sep98, Vol. 22 Issue 3, p313-334, 22p

By: Verena Veneeva

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