There are a variety of ways in which people conduct their personal business with online banking (or internet banking) with their preferred financial institution; either face-to-face, via telephone, or, increasingly more popular, by Online Banking.
Online Banking is a way in which you can operate your accounts from the comfort of your own home over a personal computer attached to the internet banking interface of your bank. By visiting a secure website provided by your financial institution, it is possible to perform many of the transactions that are normally done at your local branch. Transferring money, paying bills, ordering cheque or credit books, checking balances and ordering statements ? all of these plus many other facilities are normally provided by an Online Banking service. Customers can also access areas that will inform them of the latest products offered by their financial institution. Apart from physically withdrawing and depositing cash there is little that cannot be performed over the web.
One of the major perceived drawbacks of managing your finances in this manner is whether the internet offers your accounts enough security from fraudulent third parties. All companies who offer this service via the web have to ensure their systems are rigorous enough to withstand any attempted breaches of security. Although instances of fraudulent activity in this area are low compared to more traditional alternative methods, there is a general mistrust of technology within the general public. However, there are a huge number of customers who regularly use this medium for their most personal business. Companies allow their customers to view more than one account at a time, giving them a whole picture of the current state of their financial position.
The websites offer their customers the chance to alter regular payments such as Standing Orders and Direct Debits, as well as saving all the data of any payments they wish to make. The customer's home page can normally be customised to their own requirements, to the extent that personal names can be given to each account for ease of recognition. All companies can also be contacted with queries via e-mail and will normally respond within twenty-four hours.