Banking Industry Taking On New Dimension
December 26th, 2007 | 
Author: In the electronic age, banking is taking on a new dimension in how people conduct financial transactions. Gone are the days of having to visit the local bank and wait in lines during inconvenient hours to make deposits or withdrawals in accounts, or even open a new account. While the future of banking still revolves around the traditional system, online transactions are making visits to the local bank unnecessary.
Being able to do everything on the home computer that used to require a trip to the bank is making banking much more convenient for customers. It was not that long ago that bank customers were demanding better hours as most institutions were only open during what was termed “banker’s hours†typically only during the day and never on weekends. Banks responded by expanding their hours and some are open during the evening and weekends, recognizing that many people could not take off from work to conduct their banking business.
As the use of the internet exploded, people who were shopping regularly on the internet, wanted to be able to check their account balances without having to call the bank and internet banking saw its beginnings. From there, it seemed a natural progression to be able to conduct business online as well as simply see how much money remained, and another huge step was taken for customers’ financial freedom.
Confidence In Security Spurs Growth
As security systems were improved and online banking became more popular, more people began using the system to conduct their business, available 24-hours a day, seven days a week. Customers would seldom have to visit their local branch to conduct their banking business and soon internet-only banks began to spring up across the country. With their beginnings, a customer located anywhere in the world, could open an account through the internet and conduct all their business online.
Many traditional banks have also made opening an account through the internet possible and now customers have the option of starting a second or even third account with the same bank, transferring money from an existing account to fund the new one. The idea of banking being a stodgy occupation has changed dramatically in just a few years, and with different financial services offered through online banking, people are visiting less and less, except for the occasional visit to open some accounts not yet available online.
Many banking services now include stock portfolio management as well as certificates of deposits, which most banks require a person visit to establish. However, once the accounts are set up, many transactions can be done online.
Posted in Banking
December 4th, 2008 8:21 am
Payday loans are clearly not the reason for the economic Crisis they are keep on blaming the payday loans but this is not issue at all, in America. It’s been said that December 2007 is the “official” point where economists mark the beginning of our current recession. According to the National Bureau of Economic Research (NBER) group, December 2007 peaked activity and the U.S. economy has been declining ever since. NBER defines recession as “a significant decline in economic activity during this period spread across the economy, lasting more than a few months, are normally visible in production, employment, real income, and other indicators like the banking institution are already have been affected ” The government, academics and private sector also fall under the same conclusion and judgment on the matter. The rate extent of employment, incomes, industrial output and sales data, are the different structures that support this calculation. That December, employment and incomes peaked. A month later industrial output peaked followed by the sales peak in June. Democrats said this was not a surprise and called for an economic stimulus package. Senate Majority Leader Harry Reid stated publicly, He said the recovery package must create better-paying jobs in the U.S., cut middle class taxes and restore confidence to stabilize the market. So, really think about this. Why would anyone want to wipe out the payday loan industry in a time where we need anything we can to repair the economy, to reduce the unemployment rate, and restore economic cash flow? Indisputably, banks and credit unions are going to have to get used to it. Payday loans and cash advances are going to be here for quite a long time. Click here to read more on Payday Loans.
December 17th, 2008 4:22 pm
One bank account for groceries, eating out, leisure shopping, emergency funds(cars), and two savings accounts– One you set a benchmark of, lets say, 1,900 dollars, and every time it overflows over that amount you shave off the extra and set it in the other saving’s account. when the 2nd savings account reaches your it’s pre-established benchmark, you empty it and invest it’s contents in bonds with high interests rate. Or some other interest gaining investment asset.
I’d like to do this with multiple bank accounts, easily organized and managed online. Are we there yet?
April 7th, 2009 11:23 am
April 28th, 2009 3:10 am
June 21st, 2009 6:34 pm
On the other hand you will never have a 100% security.
When choosing your bank for online banking, try to find a medium sized bank. Why? It is probably not really worth a hack/phishing attack (because of relative low amount of customers), but has the money to invest in latest security technology.
July 16th, 2009 11:53 am
August 28th, 2009 2:15 pm
but you should not forget about bank account reconciliations regularly…even you’ve an account in best bank in the world…
November 3rd, 2009 1:45 pm
November 21st, 2009 5:59 pm
January 26th, 2010 7:56 am
February 2nd, 2010 8:40 am
March 10th, 2010 1:28 am
March 10th, 2010 1:05 pm