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The main purpose that banks are fulfilling since their inception is to keep 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 to do the same thing. The only difference is in the mode of transaction.
Online banking has been around for many years. In fact, it was introduced in the 1980s and has come a long way since then. Internet banking transactions have seen a tremendous growth in the last decade. Several laws have also been introduced in this area.
Although it started in the 1980s, it was only in the mid-nineties when Internet banking really took hold. Round-the-clock availability and ease of transaction attract customers to internet banking. Studies estimate that internet banking still has a long way to go. There are many banks whose customers prefer to do banking through traditional methods. Figures released by the FDIC show that only 40% of banks in the US offer internet banking facilities worth mentioning. Everyone else may have an online presence but not enough online transactions to justify their presence on the Internet.
Some customers have been known to turn to Internet banking because of dissatisfaction with standard procedures and practices. The complete absence of human interaction appeals to some people. Some customers turn to internet banking facilities for security reasons. This is mainly due to customers being confident of the banks’ ability to keep transactions safe and secure.
Most online transactions are conducted using the Internet Explorer interface. Internet Explorer has been around for over ten years now.
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