Online Banking Essays

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Online Banking


The World Wide Web has changed our culture in so many ways. People are able to do so many activities over the World Wide Web, it is unbelievable. You can pursue a degree through online universities, communicate with users around the world, purchase goods and services online, and yes, you can bank and pay your bills online. This new technology has enabled us to make payments, maintain a checking/debit card account, balance transfers, all via the web. You can maintain your entire financial portfolio through online banks that provide this feature. There are online banks that can provide interactivity between popular financial management software programs, such as Quicken and Microsoft Money. When using
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These services used to range from free to fifteen dollars per month.
Disadvantages of online banking include the amount of time it takes to create and authorize your account. In most cases, you will be required to visit the local branch to sign verification papers and provide authentic identification. I must say I disagree with the article calling this a disadvantage. It is certainly not convenient, but I would not call it a disadvantage. The learning curve is listed as a disadvantage. Online banking sites can be very difficult to navigate, especially for new users.
Finally, and probably the most obvious, is the issue of trust you have in your online banking facility. How secure is the transmission of my private information? How can I be sure the transaction went through? Who else will have access to my information? This trust issue and skepticism of security is by far the biggest concern of potential online banking consumers. The Ponemon Institute is dedicated to studying ethical information management practices and research. The institute conducted a survey this year entitled Privacy Trust Survey for Online Banking with 2,300 participants. In the institute's research, it is found that eighty two percent of banking consumers say identity theft is their main concern. The next two biggest concerns are telemarketing abuse and unauthorized
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