Convenience and Features of Online Banking

As recently as the 1980’s, when ATM’s were scarce and the internet wasn’t exactly user-friendly – or even available - to a majority of consumers, most people were extremely familiar with the lobby of their local bank. They went there to make deposits, apply for loans, withdraw cash or check their account balances. The most "convenient" bank was the one in town with the largest number of tellers available during lunch hour so that waiting in line to deposit a paycheck wouldn’t necessitate skipping a meal. With the expansion of the internet and the technological improvements in on-line security, banking can now be done in the comfort of your own home; conveniently, quickly, and – most importantly – safely!



Online banking has been widely available since the 1990’s and has gradually expanded so that most common financial transactions can now be conducted via the internet. Download account statements in convenient PDF form, check balances, transfer money between accounts or between banks, or search for specific transactions; all these actions are typically available with online banking applications. Most banks now offer a bill-paying service as part of their available online service, which means customers no longer need to write paper checks. Some even provide integration with popular financial software by offering compatible downloads.



Online banking is convenient and flexible; all these services are available 24 hours a day – even weekends and holidays. Some banks offer online banking to both personal and business account customers, and will even tie the 2 together so that a single customer can access both their business and personal accounts from a single online banking log-in and transfer funds as needed between them.



As convenient and flexible as online banking has become, the vast majority of banks have retained their physical branches and offer convenient access to ATM machines when customers need cash. A few banks have tried to go exclusively online without any physical branches all, but this has met with varying levels of success. The majority of customers still like the option of walking into a building and talking with a real live teller when the need arises!