Online Banking
Stephanie Masternak Research Paper #1 Eco 101 – 62 Online Banking In The United States World wide, about 200 million global citizens are connected to the Internet. ... Now, after nearly a decade and a half of evolution we have online banking. Online banking is the process of doing all of your banking over the computer. ... Electronic banking emerged in prototype form in 1975 and was introduced by some major banks. ... In 1996 there had only been a 1% penetration rate of online banking into the U. ... 5 million households contain Americans banking online. A banking expert was once overheard saying, “ banking is critical to a healthy economy, banks are not”. ... The Internet banking market enables financial institutions to effectively deliver full service banking and bill payment capabilities to the customer. ... Of course, if you want to pay by paper checks, online banks can accommodate you too. ... Their cost will be lower when they provide a single electronic banking service via the World Wide Web. ... As stated above in the listed features of online banking we find online billing. This is also called electronic presentment and is becoming the next significant area of online commerce. ... Vendors hesitated to commit resources to online billing until a critical mass of customers would use it. ... The greatest impact for banking customers will be the ability to obtain credit online and sign for loans or mortgages easily. ... All of this is done with the click of a mouse, no more 9-5, no more banking holidays. Security is easily the most common fear when it comes to banking online. In most cases banking online is more secure than going to a real world bank.