Just a few years ago, the concept of Internet banking seemed dubious – security concerns and computer glitches put most people off. But with the continued success of flagship companies like Cahoot, Egg, and Smile, more and more of us are choosing to conduct business over the Net. Sophisticated technology means your data is well protected, and an online account offers several advantages over traditional banking.
1. Anytime, Anywhere
The convenience of being able to log in and transact at any time of the day or night could be a welcome alternative to visiting the bank on your lunch break. No queues and no national holiday mean customers have even more control over their finances. Plus, your account information is clearly displayed – no more digging through mountains of old statements to find the information you need.
2. Get Higher
Since online banks don’t have branch fees, they can pass the savings on to customers and offer better interest rates on your money. Not only do they offer much higher interest rates on your checking account, but they also offer loans with very low APRs that can save you money in the long run.
3. Safe And Reliable
Some experts even consider Internet banking to be safer than traditional methods – there are no slips of paper with sensitive information lying around, and there is no risk of your transactions being intercepted by other bank customers. Make sure the site is secure when doing business online, never send passwords or account information in emails, and log out when you’ve finished your session.
There have been a few cases of computer mishaps in the past where customers’ personal information was exposed, but these were relatively minor incidents, and as Internet banking becomes more popular, systems are likely to become more secure than ever.
People are unlikely to enjoy Internet banking. You need to make sure that your computer’s security system is sound and that you can keep your session confidential. Some people may miss the personal contact of their local branch, and most will opt for a combination of Internet banking, phone banking and branch visits. As Internet banking becomes more prevalent, it’s likely that most of us will do at least some of our business online, and for you, switching to the new banks could be well worth it.