Banking


The Internet banking model was originally built with a view to merely replace identified brick-&-mortar services and provide an online means of reaching out to the bank. This model was not mature enough for the market as these Internet banking solutions served as mere aggregating mechanisms. Slowly new features like inter-bank local payments, international remittances, communication through secure e-mail with dedicated relationship managers from the bank and exposure of account relationships through online channels were added. Banks then started to use the model as a ‘differentiating’ factor.

Today, the banking business is driven by one mantra – virtually all types and kinds of banking services to be made extendable across channels, including the Internet. With the growth of Internet banking being driven even harder by the retail boom, banks can increasingly rely on new-generation electronic banking solutions built on open architecture, with robust security features, that provide true relationship banking functionality as well as be scalable and flexible to meet the changing demands of the retail customer.

A good example is Singapore which has one of the highest Internet penetration rates worldwide. All major Singaporean banks provide Internet banking platforms and many also provide host-tohost

capabilities to link up to companies’ backoffice operations for file transfers. The authorities in Singapore have been proactive in recognizing the role of the Internet as a delivery channel and have strongly promoted Internet banking.

This paper looks at what Internet banking has been so far and delves into what the future ahead could be like. It also highlights the importance of having solution vendors who move in sync with the market, focusing on building beyond their core competencies.

The Next Wave in Internet Banking

 



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Online banking completely changed the way we interact with banks and other financial institutions, to the way our fathers did. Online banking is a powerful “value added” tool to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment. As the Internet continues to expand exponentially, banks and other financial institutions have increased their use of the Internet to deliver products and to enhance financial services, or simply to improve communication with customers.

However, the arrival of online banking has presented both an opportunity and a challenge for the banking industry. While it’s true that the Internet has the “potential” for safe and secure financial transactions, safe online banking relies very much on individuals for making good choices and decisions that will help them avoid costly surprises.

Here are some safety tips for online banking:

Protect Privacy:

Password is the key in protecting privacy as it opens the gate to one’s online bank account. Therefore it is critical to secure this vital piece of information. Password should never be too personal such as birth date, phone number, or social security number. A secure password is the one that is unique, and a combination of impersonal letters and numbers. The longer it is the better. Also, one should change password every few months or so.

Use Anti-Virus and Firewall Protection:

Anti-virus and firewall protection keep the computer and its data safe and secure. Especially for online banking, anti-virus software and firewall protection is a must. Ensure to get the best protection that is available in the market.

Beware of suspicious E-mail/Phishing:

Stealing personal information online is called “phishing”. In this practice, crooks may send malicious emails asking for credit card info, PINs (personal identification numbers), or passwords. However, these emails often contain a link that leads to fake sites designed to get compromising personal information. Therefore, if an email is suspicious, it is always safe to check with the concerned financial institution. Legitimate emails from a legitimate online bank will typically follow the same standards each time, and will never ask for password, PIN, or credit card information.

Protecting credit and debit cards:

One needs to be very careful with important items like a credit or a debit card. While online shopping can be quick, easy, and rewarding but can also be dangerous at the same time. Therefore, it’s wise to shop only at trusted merchants’ websites. Also, ensure that the transaction occur in a secured environment. One should look for the padlock icon at the bottom of the browser window. Typically, website address, or URL, should begin with https:// on any pages where one enters sensitive information. Lastly, it’s advisable that, for online transaction one should buy only from merchants that request the 3-digit security code from the back of your concerned card. It just gives extra assurance that the card is physically in one’s own possession during the transaction.

Choose a legitimate bank:

Choosing a legitimate bank is very important. Legitimate online banks will usually detail their security standards on their official web site. One has to figure out exactly what s/he needs from a bank. And, make sure the selected banks offer the same, and then quickly evaluate one’s options and choose the best bank account – that suits one’s need.

FDIC Insured Bank:

FDIC is an acronym for the Federal Deposit Insurance Corporation. It is an independent agency which is backed by full faith and credit of the United States government. All FDIC insured banks meet high standards for financial strength and stability. FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. However, since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.

Accessing bank account from public network places:

Never leave a computer unattended once signed in to online banking. After completing the transactions sign out of online banking web site. Also, it is advisable to clear cache memory, and immediately close the browser. One should avoid sharing, disclosing, or providing bank card number, or password, to another party or website other than the bank or trusted merchants’ websites. Lastly, one should never save bank card number, or password, on a publicly accessed computer.

Conclusion:

Online banking can definitely be a convenient and a safe way to manage finances. However, no matter how secure the security system is, there will still be a hole in it. Therefore, necessary precautions have to be taken in order to ensure the safest experience. Also, never hesitate to get help from the financial institution, while at the same time one must also learn, and take advantage of the security features offered by the financial institutions.



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Are you one of many, who thinks their deposits in nationalised banks are safe, read………….

Generally the persons, who deposit in banks, think if the money is deposited in nationalised banks, their deposits are safe. Because the nationalised banks are owned by government and government will pay them the deposits. But actually it is not so.

Indians have deposited Rs. 9,85,000 Crore in different banks. In last 5 years deposits have shoot up more than 100 %. When share market was going up, the private and co-operative banks were paying about 0.5 % or so more than the nationalised banks and people were putting their money with non-nationalised banks. But now they have lost the trust and they withdraw deposits from other banks and are putting them in nationalised banks, thinking they are doing the right move. But deposits up to Rs. 1 lac per account is insured with any bank – nationalised or private or co-operative banks.

There is a RBI subsidiary company – Deposit Insurance & Credit Guarantee Corporation of India (DICGCI). When we open an account in any bank, the bank pays to DICGCI Rs. 100 as a premium for insurance of Rs. 1 Lac. So if the bank goes insolvent, we may get Rs. 1 Lac maximum. If we want to cover the deposits of more than 1 Lac, we have to purchase a policy separately and we have to pay the premium regularly. Other option is that open more accounts in different banks and do not deposit more than Rs. 90,000 in each account, as the 1 Lac limit is with interest accrued on your deposits. If the account is held in joint name(s), then the first account holder only gets the sum. For joint account the coverage limit remain 1 Lac ( as the insurance is per account).

Central Government provide this shied since 1962. The limit was increased to 1 Lac in 1993. In the last 15 years, there is no change in the limit. Now the depositors demand the limit should be at least 5 Lacs. Since 1969 (after nationalisation of Banks), no bank has gone insolvent, it doesn’t assure that it will never happen. During the period 31 banks turned financially weak but were merged with other banks to protect depositor’s interest. Since last 5 years, banks are giving loans liberally. Loans are given to persons who are not capable of repaying the loan which any time may force banks to bankrupt.

More to note :

Whatever you deposit in Bank’s safe deposit locker in not safe in anyway. In Delhi, safe locker deposit of a bank was looted and no one was paid as the banks provide safe deposit locker facilities under a contract with the customers. According to the Deposit Insurance Act, the deposit insurance scheme is applicable only in the case of winding up, liquidation or amalgamation, etc, of a registered insured bank. As such, theft, robbery and other damages are beyond the purview of the scheme.Now you know you and your deposits are not insured. DICGCI even may not pay the insured 1Lac. (For your reference, deposits with Lehman Brothers were insured and insurance companies had to pay 60,000 Crore US $ to the depositors. But instead of paying the insurance companies have gone to court. And if the court orders to pay then many these companies will be ruined. )

To read more articles, visit our blog.

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Most of us need to transact with the banking institutions to handle our finances. While some of us have the expertise and time to stand physically at the bank and seek information, some of us do not want to waste time by ensuring our physical presence at the bank premises. This is where the online banking services come into the picture.

Financial life is not as easy to run as one think from the far shores. Until you get wet and drowned in the deep waters, you do not have the real experience of the depth of water. You can get drowned or you can even cross the high tides to reach other side of the shore. This is exactly what is felt by many individuals and companies who make use of the modern day banking services.

A few of us are able to make the best use of the Online banking services while some of us are not “fortunate” enough to make any use (leave the best use). This is the reason why some of us land up losing our hard-earned money due to phishing or spam mails.

The segment of Online Banking services in a developing (almost developed) country like India is on an all-time high. The investors, normal customers and entrepreneurs are all enjoying present state of the Indian economy at its optimum best. This is mainly because of the online services ever since they were launched by the Indian banks and financial institutions.

With the Online Banking services, a banking customer can issue an e-draft, make balance inquiry, order and even download account statement and even transfer funds on the same working day. This all has been made possible with these services and now the customer does not require to be physically present to execute his banking tasks.

A modern day banking customer, making use of the Online banking services, must be vigilant enough to identify the authentic and phishing mails. One should not forget the fact that no bank in the world would seek your personal information, User ID or password or other critical information, which can result in data sabotage or theft. one must not forget to confirm the credentials of a mail, which is doubted by him to be forge in its very nature, from the respective bank authorities.

Bank websites, these days, offer protection by offering encryption and even virtual keyboard. These facilities let the banking customer to transact in a far more safe and secured manner, without putting his or his data’s confidentiality at the stake. It is highly advisable that a prospective online banking services’ user must understand the pros and cons of such usage and takes all possible steps to ensure his own safety.

The segments of Online Banking services and fixed term deposit have been wide popularity these days with the introduction of customer-friendly policies by the Indian banking institutions.

Banks such as the State Bank of India, Punjab National Bank and HDFC have been pioneers in themselves. These most-trusted banks have been able to win the trust of their customers, over a long period of time, purely on the basis of customer-friendly services without any hassles. Thus, it can be easily said that the Online banking services have helped the Indian banking customer by offering him easy ways to be his own banker. With favourable policies of the Indian government, RBI and banks, the present is bright as always and the future also seems bright just as its past. It’s high time for the bankers to make an easy way for its customers else they will be doing business with themselves.



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With the internet in our midst, people are given the convenience of doing a variety of financial transactions online whether at home, in the office or even while on the go. This advanced and phenomenal technological innovation has indeed made life easier for many people including professionals, businessmen, housewives and students. However, this does not necessarily lead to the end of the existence of the brick-and-mortar banks. The standard banks will always be there as there are still consumers who opt to transact in a real bank where they feel most secure and comfortable.

 

The traditional banks and banks that have gone online have their respective advantages and disadvantages. It’s really up to the consumer to choose which type of banking service to use. What matters is you know your financial needs, you keep an open mind on the latest trends in the banking industry and learn about them if possible. You may be loyal to your standard bank but who knows, you may also need to use the online banking service one day for an urgent transaction when you’re pressed for time or unable to go out for health reasons. 

 

Standard banking

Conventional banks are those that still use the paper and pen in dealing with different financial transactions. The reality today, though, is that many have gone online as well introducing internet-only products to compete with the purely online banks. While these traditional banks cater mostly to the old customers, experts say they should also keep up with the trend and cater to the younger, internet-savvy customers if they wish to attract more clients.

Security and personal touch are major considerations for people opting to use the traditional banks. Most of them would say having human contact makes them feel comfortable when banking. Some feel secure when they deposit cash via a real teller.

Online banking

Banking on the internet is very much the same as when you do transactions in a real bank. The only difference is that you’re using a computer instead of a paper or phone in accessing your account and information, making payments and reconciling statements. There’s no need to go to a local branch office as you can accomplish various financial tasks in the convenience of your home or office in a few clicks.

One major advantage of internet banking is its being cost effective. Some banks charge lesser fees if you use their online banking services. Also, since you don’t need to commute or drive to a local branch, you save on money and gas. Additionally, banks are able to offer more products and services as they don’t have the overhead expenses such as the need to pay tellers.

For busy people such as frequent travelers, professionals and businessmen, the online banking option is very ideal. As these people need to keep track of their finances and other urgent matters even while in other places or abroad, they can still gain access to their accounts via the internet. 

Online banking is projected to expand by 55 percent to 72 million households by 2011, according to a report by Forrester Research. The target users are the so-called Generation Y or those born in the late 1970s.

And so, with these two options available to consumers today, it’s easy to make a choice where banking is concerned and perhaps even better if you use both.



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Starting one’s own business can be the fulfillment of the American Dream. But it’s also a risk that should be carefully calculated. According to the Small Business Administration (SBA), more than 50 percent of new businesses fail in the first five years. The SBA cites reasons such as lack of experience, insufficient capital and poor credit arrangements as some of the problems that plague new business owners.

Starting a new business requires sound preparation and homework. In addition to creating a strong business plan, new business owners need to give serious thought to finding a bank which can service their small business needs. While many entrepreneurs will invest personal money for their business, a business loan of some kind may also be needed. There may be SBA or other government-guaranteed loans the entrepreneur may consider. However, to access any kind of small business financing, one needs a solid business plan, good credit rating, and collateral to present to a bank.

Whatever the financial needs, it’s important to recognize that one of the most important relationships a small business owner will develop is with his or her bank. Having the appropriate capital is a key element to a successful business. Therefore, this is one relationship for which an entrepreneur must give time and examination.

One place to begin is with other business owners. What banks do they recommend? Why? What types of services make them stand out from the others? Entrepreneurs should also consider the bank’s specialties and determine which ones specializes in small businesses. A commercial realtor would not be utilized in the personal purchase of a home; and similarly, business owners should not select a bank focused solely on personal business needs. Rather, business owners should seek a bank which works actively with businesses. At the top of the list should be favorable interest rates and knowledge of the unique needs of a small business. It’s not a bad idea to look at an average of at least ten banks.

Business banks offer special features such as night depositories, online business banking services, business checking, and commercial loans and lines of credit. It goes without saying that the bank should also be FDIC insured, which ensures deposits of up to $100,000 are covered by the government.

Some may be tempted to completely overlook a smaller or regional bank during their interview process. However, one should keep in mind that a small or medium-size bank may take the time to consider and provide a fledgling business with the cash needed to run the business. In some cases start-ups may find it’s these banks that are more flexible and willing to offer credit. Some larger banks must maintain a more rigid philosophy in their lending practices, making it difficult for a new business owner to obtain financial support.

While the bank will be interested in obtaining a clear financial picture of a potential borrower, the borrower should also be prepared to examine the financial health of the bank. In developing an important relationship such as this, both parties need a realistic bottom-line look at the numbers. A small business owner should have a feel for his or her bank’s primary source of revenue, as well as exposure to residential and commercial mortgages. In turn, the borrower should be prepared to present the bank with numbers on available assets and any personal or business debt. In today’s market, banks are wisely tightening their belts and using caution when it comes to lending money. It is imperative entrepreneurs show their ability to pay loans and manage funds responsibly.

After a decision has been made and a business account established with a particular bank, it’s a good idea to become acquainted with the bank’s staff. Using a commercial transaction window regularly allows business owners to become familiar with the managers. Taking the time to remember names and faces will help bank staff remember you. A positive business relationship with a bank is a win-win prospect for both parties. And it’s key to helping businesses overcome the certain challenges encountered on the road to success.

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How to find Banks Related articles : http://finance-info.synthasite.com

Commercial banking was first introduced in the US in the late 1700′s and early 1800′s. They were set up with a profit motive and were usually structured as a joint stock company. In the beginning, only a few commercial banks gained charter from their respective states. The emergence of commercial banks in the US has resulted in the economic growth of the nation as these banks contribute a great deal to the treasury.http://finance-info.synthasite.com

Commercial banks vary greatly in size from the “money center” banks that offer a wide range of traditional and non-traditional services, including international lending to various regions. In the US, the number of small financial banks continues to decline while the number of bigger ones continues to grow.

Commercial banks receive huge revenues from various sources. Their assets and liabilities are typically managed in a way that the revenue is maximized and liquidity is maintained. However, the fluctuation in the rates of interest all over the world makes it unpredictable for commercial banks to estimate their revenue.http://finance-info.synthasite.com

Commercial banks make a great deal of revenue by tracing their revenue sources to many different functions. Modern banking includes functions such as foreign exchange, payment of interest and granting of loans. Commercial banks also offer various other functions such as opening savings account, safe deposit boxes and trust services.

The apex bank of the country regulates the rates of interest charged by a commercial bank. Although most commercial banks control a tremendous quantum of wealth, it is only allowed to hold on to a fraction of it. The rest has to be sent out for circulation in the economy.

In the US, there are many commercial banks and the functions of these banks are critical to the nation’s economy. The activities of these banks in certain functions such as the interest rate are monitored by the apex bank to ensure transparency and secure the overall interests of the tax-paying citizen.http://finance-info.synthasite.com

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Do you still queue up in the bank to pay your credit card bills or patiently wait for your bank statement to arrive in the mail?  Welcome to the internet age.  Online banking has now become an alternative to going to the bank physically to transact business.  It uses today’s advanced computer technology to give users the option of doing away with the time-consuming and paper-based aspects of conventional banking in order to better manage finances more efficiently and easily.

With internet banking, you can monitor and perform banking transactions online, whenever and wherever you want as long as there is internet access.  It lets you bank with maximum convenience, ease and security through the latest technology and it is for free.

Online banking offers a varied array of convenient and secure features for customer banking needs.  Suffice it to say, you can do almost everything you need to do from the comfort of your home or office.  Moreover, internet banking has been enhanced with even more customer-friendly improvements to make online banking much easier and safer.

Bills Payment – There is no need to line up at payment centers to meet your payment due dates.  Pay your utility and credit card bills online at your convenience.  You can also set up scheduled payments for recurring transactions.  You get to receive an online payment confirmation number for reference.  This service also allows you to view pending and past payments.  You can add payees as well as delete payees you have created.

Account Details – Keep track and manage your accounts anytime, anywhere.  View balances and updated transactions of your savings and checking accounts credit card statements, time deposits and loan accounts.  Peruse your previous transactions.  Export your transactions into a selected range of personal financial management software packages.  You can even print your account statements.

Electronic Statements – With electronic statement, there is no more waiting for the mail.  You can receive your bank statement through email or view online all day any day.  Access past statements for easy reference.  Some banks even offer interactive electronic statements with check images and notices and search for specifics such as check numbers and amounts.

Fund Transfers – Transfer funds between your accounts within the bank or just as easily to other accounts in other local or foreign banks.  For transfer to other accounts, an online activation code is used to ensure that funds are transferred only to registered payees.  You can also request for demand drafts.  Set up scheduled transfers to accounts within your bank.  Define the amount, affectivity and frequency of your payments.

Banking Alerts – Receive email alerts notifying you of important bank and credit card movements.  If your balance falls below the minimum requirement or a posted check caused large withdrawal from your account; an alert will be sent for your review. 

Banking Services – Book time deposit and provide instructions online.  Order new checkbooks.  Request for stop payments on checks.  View posted check images online.  Obtain quotes for investment products.  Purchase bank draft.  Request to open new accounts.  Enquire about the latest interest and foreign rates.  Pay taxes online.

Online Security – Banks use the latest and most secure technology.  SSL encryption codes protect online bank transactions.  Users are also given Security Device that generates a unique code to ensure bank transactions enjoy a high level of security.  Other online security features include computer firewall protection, user ID and password authentication with code encryption and digital certificates.



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The fastest, most convenient way to access one’s bank account information, online banking has gained widespread acceptance for its ease, accessibility and security. From a home computer, users can log onto their bank account and initiate transactions 24 hours a day, seven days a week.

Benefits of Online Banking

There are numerous reasons online banking has gained its reputation as the new way to bank. First, it’s convenient. An account holder may access their information at anytime and from any computer connected to the Internet. Next, users can save the time and gas involved with driving to their local brick-and-mortar bank. Most importantly, online banking is increasingly secure. High regulation standards help in providing privacy and protection of account information.

With online banking, account holders also have access to a wide range of services. For instance, online banks offer their customers the ability to quickly review account information. Customers can view a summary for savings and checking or other accounts in one convenient location. Online banking also offers detailed account information, including payment histories, balances, and due dates on loans. Users may transfer monies between accounts, or in some cases, to other institutions where an account is held. Payments can be made on loans and customers may even calculate how much they can afford to borrow with an online loan calculator. Especially attractive, online banking allows customers to pay their bills, such as utilities and other obligations, from their home computer.

The bill pay feature has allowed customers to forego paying bills with checks, stamps, envelopes, and hassle. Customers can make payments to nearly anyone who would normally receive payment by way of a check. Both one-time and recurring payments can be set up with an online bank’s bill pay service. Once a bill is received, users simply log onto their computer and schedules payment for any day of their choice. Payments are made on time, making bill paying easier than ever.

A very practical service for some online banking accounts is the option which allows banking access to family members or other persons specified by the account holder. This feature allows joint owners of accounts full or limited access to specific transactions, such as account balance inquiries, transfers, bill payments, and more. For instance, an account holder might give access to a son or daughter at college to allow transfers in specified amounts into a specific account. It’s also useful for those who have someone sharing a repayment in a bill – giving them payment access to the bill pay service.

Another feature, online banking alerts, is sent to an email or cell phone via text message. Set up by a user based on preference, alerts provide instant information regarding an account balance or other transaction. For example, balance limit alerts are received when a balance goes above or below an amount the user has specified. Transaction alerts are received if a direct deposit is received, when a check clears, a withdrawal is made, or a purchase is made with a credit card. Alerts can also be set up to communicate bill payments that have been made.

With the phenomenal growth of online banking, banks continue to develop effective security features, creating peace of mind for customers and a wall of protection against identity theft. Users should always opt in for the additional security features offered by their bank. These programs may prompt a security question, such as a mother’s maiden name, if it does not recognize the computer from which a user is accessing the account. Customers should also look for “https” in the URL as well as a locked padlock icon in the lower corner of the screen. Most importantly, personal identification numbers (PINs) that use a combination of random numbers and letters will be much harder for a hacker to break through.

Another security feature of online banking is that it can be monitored nearly in real time. For those who think online banking is risky, a recent study by a major research firm found that the average days it takes to detect fraud for online account holders is 18 days. For those who monitor accounts from their monthly statements, it took an average of 114 days before fraud was discovered. It’s hard to deny that online banking is fast becoming the more secure way to handling and protecting finances.



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Your bank at the end of your mobile phone?

 

That might be a nightmare for some, but for most people it will allow them to stay in touch with their financial affairs like never before.

 

Imagine the scenario of being out shopping and eyeing those special shoes, or that gadget that you must have, and thinking, do I have enough money to treat myself.

 

Well, you have a few choices. Walk away, promising to check your bank account when you get to the nearest ATM; don’t buy the goods; or, you can now text your bank and get a balance on your mobile phone.

 

As people become more mobile and more used to internet banking, this type of service is being offered by an increasing number of institutions, giving people a sense of immediacy about their banking affairs that they’ve never had before.

 

And it’s not only balance requests that the mobile phone service can offer, it can also be used to pay bills, make transfers, request itemized lists and make password changes. In short, it’s internet banking via a mobile phone.   

 

The service is also being finessed all the time, with the result that you can locate your bank’s nearest ATM, or branch; receive a text once a given threshold has been reached (say last £100 in account, go carefully); or, receive flash warnings if say someone was making an unauthorized withdrawal from your account. 

 

The potential is massive, but so is the potential for abuse warn the experts. Internet banking has certainly been a liberating experience for most bank users (especially the younger generation say the researchers), but it also has been very liberating for online thieves who have become adept at separating people from their money.

 

The trouble with modern day banking is that if you acquire someone’s account details by nefarious means, you can access their account very quickly and before any action is taken, be off with their money, or order goods. And the cyber criminals are adept at ways pf working around whatever security measure the banks might take. So, whilst in theory online banking will introduce ever more liberating features and services, the downside is of course the constant threat of online crime.

 

But, the consumer can offset the risk by making sure that their bank, or financial institution, takes a lot of the responsibility for online crimes.

 

 

Of course, if the consumer is negligent, then they possibly deserve to bear some of the cost themselves, but if the actual banking system is penetrated by criminals, then the institution should hold their hands up and accept their share of the blame. But things are never that straightforward of course.

 

So, when it comes to banking on your mobile phone, make sure that you read the fine print and find out who is responsible in the event of monetary thefts. You basically need the same guarantees as with your existing bank accounts. If you can’t get these, then you should think twice about conducting your banking affairs via your mobile phone.

 

And just think what would happen if your mobile phone was lost, or stolen. You should have a way of being able to report its loss immediately, meaning that your phone and mobile banking methods can be barred straight away, avoiding any losses.

 

This is helped by the fact that mobile banking should not need the storage of lots of personal information on the handset. In fact, your phone should store less information than is commonly found on a receipt issued by an ATM.

 

So, if you are confident that you are not exposing yourself to internet crime, and that if you are not negligent, you are not liable for the losses should you be hacked, then the next thing to consider is costs. Although banks might claim they offer free mobile banking, make sure this is the case long term (and not just introductionary offers) and make sure that your actual mobile costs aren’t increased using mobile banking (web browsing can seriously increase your download activity so make sure you do not breach your limits).

 

Another consideration is technique; how do you communicate with your bank via your mobile phone? You have three basic choices. Firstly, text messaging  which is possibly the easiest method, but not the most sophisticated. Secondly, using a web browser which allows you to access your account as you would from your desktop computer and gives you a similar level of service, allowing you to do most things when mobile, as you would when based at home, or in the office. The downside of course is that web browsing depends on your mobile’s ability to give you a good connection and display enough of the website to be able to do what you require for online banking.

 

And thirdly, by downloading software from your bank. A bank application download is a good compromise between the simpler text messaging and the more complicated web-browsing, but, as mentioned earlier, ensure that the information stored on your phone does not make it easy for the online thieves.

 

Banking is set to take off and if you wish to stay young at heart, bear in mind that it’s the younger generation (those aged between 18 and 25), that are fully embracing mobile banking. Just remember to watch out for those people that also use online banking to part you from you money.

This article was written by eCommerce Associates for Bank — Accounts and our Finance Blog



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