Most of the large banks now offer fully secure and functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for instance, you may be able to view your account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, this has helped to increase the Importance of Online Banking Services. Banks view online banking as a powerful value added tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment. This advantage of online banking has increased the Importance of Online Banking Services in today's world.
Advantages of Online Banking Services are :-
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- Convenience: Online banking sites never close; they are available 24 hours a day, seven days a week, and are only a mouse click away.
- Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
- Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
- Ubiquity: If you are out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business.