Online banking, also referred to as online banking, has changed the way in which banking customers are conducted all over the world. Banking transactions can be executed anytime everywhere. One can check account balances, apply for time deposits, and avail other banking services while sitting both at home and at workplace. Unlike before where people were required to jostle for time for you to visit a bank, now they simply need a computer to carry out their regular banking transactions.

Internet banking in addition has given an impetus to e-commerce. The banking industry in colaboration with the government, are creating a couple of regulations and laws that curb online fraudulent practices. Moreover, utmost confidentiality is maintained in deciding and allocating pin codes and login ids of internet banking and instruments like debit and credit cards. Banks have made it mandatory for customers to take relevant safety measures to safeguard their online bank accounts. As an example, it’s compulsory for the customers to change their login precisely fortnightly or monthly basis. All these initiatives together have instilled faith and confidence in people to transact over the internet.

People are now increasingly undertaking online buying and selling transactions predominantly in the aspects of services. For example, online booking of movie tickets is a common feature. During special days like Valentine’s and Diwali, cards and bouquets’ websites witness maximum visitors load wanting to send online greetings and create bouquet delivery at a particular address beforehand. This all continues to be possible due to secure and fast internet banking.

To produce online banking safer, you can also take measures, like installing an anti-virus plus a firewall, to secure your personal computer from hacking. The reason being hackers generally believe it is simpler to access your own family computer rather than breaching a highly-secured banking computer.

Online banking has been around since the 1980s nevertheless it only gained momentum inside the 1990s. The banking customers initially began using online services for easy transactions like bank account balances and electronic funds transfer. To encourage more participation, banks initially provided the assistance free of charge as well as conducted training programs to help people concerning how to use online banking. In India, ICICI bank was the first institution to produce it under the name of ‘Infinity.’

Online banking also provided respite to banks because it has reduced the daily load of customers visiting them for smaller and simpler transactions like issue of bank statements.

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