Online Banking Essay

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REPORT –BANKING ONLINE SAFELY Name – Mohamed Ruwaiz Haja Najimudeen Student ID number – NAMRI32 Tutor’s name – Mr.Dhammika EXECUTIVE SUMMARY The Internet and telephone banking market is one that is experiencing a period of dramatic change, both in terms of users and product. This time of change is expected to continue in the future, making for some exciting times in the Industry. Internet banking has been the major success story in the industry. A number of new functions have become available to Internet banking for consumers, Such as applying for a loan or extension of an overdraft. In the past, customers had to visit a bank branch to ask the bank manager for a loan, but now this can be done online. As…show more content…
If you operate a small business, online banking offers advantages like accessing funds 24 hours a day or saving time by making fewer trips to the bank. At the same time, online banking presents potential disadvantages. Security • While banks typically offer secure web pages to conduct your business transactions, this doesn’t guarantee complete safety. All websites, even secure ones, may be susceptible to Internet criminals who try to hack into your account and gain access to your business’s private financial information. Site Disruption • A technical glitch could cause the bank’s website to go offline for a period of time, possibly resulting in problems for you and your business. For example, you may need immediate funds after normal banking hours to make a payment or emergency business purchase. Routine site maintenance also occurs, although this normally takes place during off-peak hours. Site…show more content…
If you’re a longtime small business owner who is used to doing banking in person or even by telephone, this hurdle might be difficult to surmount. Accessibility • If your business is located in a rural or remote area, your Internet options could be limited. Depending on your type of business, this can make conducting transactions difficult. For example, if you operate a home-based business and you don’t have access to a high-speed cable connection, you may have to use a slower dial-up service. As a result, your business banking may take more time, or you might even experience times where you can’t get online. (Chris Joseph) Best Online Banking Features to Simplify Your Life Does money management stress you out? If so, rather than gritting your teeth from month to month, what if you could effortlessly alleviate some of that stress for good? Online banking offers a lot of benefits that can help to simplify the headaches of money. (Lee, 2015) Let’s dive right in and see how online banking can make your life easier. Easy Account
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