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The internet has r e v o l u t i o n i z e d banking
andpersonal finance inmany ways and mostbank customers are familiar with online
orinternet banking services. Surprisingly however, many people even though equipped
with internet on. Whatever the reason may be that you have not yet embraced
your banks internet banking service, here are some compelling reasons to do so.
Bank at your convenience Nowadays, we are all so busy in our work lives, that
there often isn’t the time to visit the bank. With internet banking, you can
carry out most of your routine banking transactions at your convenience. As you
are not bound by the banks’ opening and closing hours and don’t have to
physically visit the bank, if you have internet access, you can check your
account balances, and manage your various accounts with a few simple clicks
from your laptop or computer, your I-pad, or even your cell phone. With this
service you can plan to pay your bills on line and on time.Most households have
routine bills to pay each month such as telephone, internet, cable television and
so on. The process of writing a cheque and sending it to the same company every
month can be inconvenient; with your online bill payment facility, you can
schedule your payments easily and save yourself valuable time.

Some service providers in environments where online banking
is widely used are able to offer better terms such as slightly higher interest
rates on savings accounts and lower service charges. This is because internet
banking is cheaper to maintain than the traditional bricks and mortar with
attendant high overheads. As with any service there are tradeoffs and it is
important to be aware of some of the pitfalls of internet banking.

Learning difficulties?

Some people avoid using internet banking services because
they find it difficult to understand, particularly some members of the older
generation who may struggle with technology issues and find it difficult to
adapt. The signing on process is usually quite simple; you are expected to
provide some form of identification, to complete a form and forward it to your
bank. Thereafter all you have to do is to simply visit the banks website and log
on to your account after establishing some security measures including a username
and password. Bank websites can sometimes be difficult to navigate at first and
some users might find them confusing and abandon them from the outset. Getting
acquainted with the banking sites softwaremay require some time and effort for
you to get comfortable. Banks must upgrade their websites periodically or may
even change them entirely, by adding new features to enhance the site. This
naturally leads to some down time as the changes are being implemented. Most
bank websites do give some guidance by providing some basic tutorials to walk
you through theprocess. Security concerns In spite of its growing popularity,
there are still many people who feel unable to trust the system. Even though
internet banking sites are usually heavily encrypted, one cannot rule out the
fact that from time to time even in the largest global banks, sophisticated “hackers”
may gain access In addition to the security that your bank will provide; it is
useful for you have. some security software on your computer to reduce the
chance of your account information being compromised. The personal touch Internet
banking can be somewhat impersonal and not everyone is ready to give up the
bank tellers’ window, or forfeit the bank manager’s smile. Some people prefer
to relate to a human being and are uncomfortable dealing with a machine. With a
brick-and-mortar bank, you are likely to have some familiarity with the bank
staff. If you are the kind of person that needs enjoy the personal touch then
you may never feel completely comfortable with virtual banking. However for
your most basic transactions such as bill paying and small transfers it still makes
sense to handle such transactions on line and then go into your b r a n c h for
the m o r e significant matters. Some institutions have developed a seamless customer
friendly service. For others sadly, you may experience appalling service,
ranging from a website that is difficult to navigate, frequent server downtime
and so on, much like the variations in customer service from bank to bank. Clearly, the whole concept of internet or online banking has its pros
and cons. If unlimited access to your bank accounts and convenience is high up on your list of banking priorities, then internet banking is ideal for you; for those who have
signed on, banking online helps them organize and manage their financial lives efficiently. For others
however, it continues to be
intimidating and complex. The truth is that the internet provides us with endless opportunities in our personal finances and it is important not to be left behind. Embrace internet banking now.