Online Banking Project

3550 Words Mar 31st, 2012 15 Pages
1.0 INTRODUCTION

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.
We all know about internet banking and most of us use it quite often as well, but few of us actually understand about the history of internet banking and how it all came out. Knowing the history of internet banking can be incredibly useful, especially since it will allow us to have more respect for the little things that we take for granted.
Computers
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Many consumers today are turning to the ease and convenience of Internet banking to take care of their financial needs. With the new levels of access made possible by the Internet, people can now check the status of their finances with the click of a button.

The history of Internet banking has evolved from simply allowing customers to check balances online, to now being able to trade stocks and bonds from the comfort of their own home!

1.3.2 WHY USE ONLINE BANKING?
Online banking services have grown from simply allowing customers to check balances, to trading assets. Today, banks like ING Direct are functioning entirely online, with no brick and mortar building. With the costs saved by requiring fewer employees and the lack of facility expenses, these virtual banks can often offer higher interest rates than their traditional counterparts. Internet banking gives you the power to control your finances completely. You are no longer tied down to managing your money during the hours the bank is open. If you want to transfer a balance after business hours, you can! If you have access to the Internet and have a number of recurring monthly bills, then you should use Internet banking to make your life easier.

1.3.3 FEATURES OF ONLINE BANKING
Today, online banking services are quite varied. One of the best features of online banking is putting the user in control. The user controls all bill paying, transfers, and investments from

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