When midnight struck and calendars were flipped from December 31, 1999, there was great concern about whether or not banking systems and computers would make the transition to the new century. Thoughts of widespread use of
online banking were definitely few and far between. Today, just 8 short years later, online banking is used, in some form, by the majority of bank customers in America. Online banking options are necessary for banks to grow and compete. Not to mention, there are lots of reasons to love online banking. Here are 8 of my favorites!
1. ACCESSIBILITY - Online banking can take place, literally, anywhere. An internet connection and compatible device are all that's needed to take care of banking business. Increasingly, mobile banking is available for cell phones and PDAs. That, literally, makes online banking available anytime and anywhere in the world!
2. STORAGE - Most banks quit returning cancelled checks to customers years ago. Since then, customers have only had to store check copies and/or
duplicate check carbons. Online banking makes storage issues easier to handle for customers. Additionally, the
Check 21 Act makes storage easier for banks to handle also. Obviously, digital storage takes less physical space. With online banking, customers can let their banks take care of keeping all but the most recent records.
3. SECURITY - In spite of the threat and prevalence of
ID Theft, online banking is basically secure. Customer confidence in the capability and implementation of security measures by banks has grown to the point that it is considered somewhat automatic. We assume that, once a technology is widely available, some level of security is built into it. No technology can be 100% secure. More times than not, however, online banking is.
4. SCHEDULING - Online banking means that customers can schedule bank business to be conducted when they are occupied with other things. It means that money can be deposited and transferred on a certain date automatically. That scheduling can mean the end of late payments and overdraft fees.
5. CONVENIENCE - Online banking means that "bankers hours" no longer apply! Bank web sites are available 24/7 so that bank business can be conducted on the customers timetable. No more wondering about lobby hours and waiting in long drive through lanes!
6. EFFICIENCY - Online banking is more efficient for banks and for customers. It reduces the amount of paper and the amount of time necessary for transactions to be completed.
7. COMPATIBILITY - The prevalence of financial software has turned many bank customers into amateur money managers. Information from online banking transactions is compatible with the most popular financial programs (
MS Money and
Quicken) and it can be downloaded directly from the banking web sites to personal computers.
8. COMPETITION - Online banking is one of the ways that banks are able to compete with each other. A well-designed, user friendly online banking system can distinguish one bank from another. For customers that desire online banking as a part of their banking experience, this competition leads to the best, most cost-efficient online banking systems available.
If you are already utilizing online banking, you understand there are plenty of reasons to love it. If not, try it today and pick your favorite reason to love it to!
