E- Banking Simplified with a glimpse of future.

Jerome Cedicci, Robin Trehan

When it comes to the future of banking, there is an assortment of predictions. The majority of individuals envision consumers with imbedded chip implants. Consumers have the ability to swipe with their hands or arms over a designated reader as they handle bank transactions with these implants.  This is the new way of doing banking, as the ATM machine becomes a distant memory. The customer simply walks into the store, swipes and views his balance instantaneously. 

Several individuals believe the paper dollar and coin will become extinct. Everything is expected to be electronic in a society without paper.  E-banking allows bank customers to simply access banking information via the access of the Internet. Whether home or in the workplace, customers can access the banking information 24 hours a day, seven days a week.

Executed between two parties, such as business to business or business to consumer, e-commerce is an electronic financial business activity. E-banking, which is bank to business or bank to consumer, has actually been around since the 1990s. The popular features of e-banking are funds transfers, automatic payment options, electronic bill pay, view account balances, account history accessibility and schedule future transfers.

Virtual banking is another alternative to traditional banking. Virtual account customers do not have to endure the inconvenience of stepping foot into a building or an actual financial institution. Customers have the option of mailing their deposits or even setting up direct deposit.  E-bank customers enjoy the advantages, such as 24-hour, seven days a week access to their bank accounts. The passé method of standing in line and filling out tedious paperwork seems like forever for many bank institutes.  Bankers do not have to concern themselves with the thankless task of speaking on telephones to a customer service representative to find out banking history, wait for a bank statement in the mail that could easily get lost and wind up in the possession of a prying neighbor.  A secure site is accessible to the online banking consumer.

As in everything in life, there are disadvantages. It can be arduous to navigate and learn online banking, although many companies try very hard to utilize navigation around their site user friendly.  In addition, many consumers are also concerned about viruses and privacy issues that can cause glitches in the e-banking system, which can cause delays and mass confusion.

Nevertheless, there are constant improvements in online banking, such as the bill pay option. This allows customers to set up accounts online as they schedule their bills to be paid at various times to different companies such as telephone companies, cable television, insurance and mortgage payments. The funds come directly out of the bank account and allocated to the company of choice.

The statistics do not lie as there are more and more people who doing only e- banking. Look into www.ingdirect.com and look at their rates, it will amaze you and make your banking a novel experience.

Jerome Cedicci and Robin Trehan can be reached at www.creditcapitalfunding.com