麻豆原创

E/ Online banking industry comprises companies/ firms or banks that operate and conduct financial businesses and transactions via online medium for their customers. It is also called as internet banking and customers basically use the bank's website to do their financial transactions as the banks websites are secure and safe and protected by a strong and heavy firewall that cannot be breached. In order to access their personal account and do their personal transactions, banks give their customers a safe and unique credentials to log in the website after entering a password. Most of the websites of the banks are operated by themselves, such as retail banks, credit union or virtual banks. Of late, since the advantages and advancements in the information technology started to appear globally, the banking industry took the maximum utilization out of it and built themselves a safe, secure and strong platform.

Online banking is also referred to as internet banking. Customers are able to use a secure website to conduct their financial business and transactions. These websites can be operated by a retail bank, virtual bank or credit union. Globally, more banks are migrating and adapting to the digital medium since two decades. The best and the most advantageous factor being that these large national banks have a physical presence as well as an online banking site ever since the technology became one among every industry's growth dependency. The online banking is also referred to as the brick-to-click banks and they are offering many customers according to their preference the convenience of online banking over traditional banking as it provides up to date, quick payments and transfers and round the clock access to account information, and also the online banking sites often offer features such as account aggregation or accounting software.

It is a relatively new method of managing finances for most of the consumers worldwide and in a good way, they have adapted to avail of this highly convenient service. Banks and information technology companies are relentlessly providing continuous and new sets of functionality to the channel that are helping the customers to adapt to the latest confidential and convenience facilities of banking systems. In addition, mobile banking also offers a convenient channel for transactional activity today, with the advent of smartphone and smartphone apps providing consumers with another access point.听

Internet/Online Banking Trends

The global online banking industry has been increasingly growing with a massive revenue record and also with the vast expansion across different demographics, and it has been playing an increasingly important role in recent years in the way finances are managed and transacted. The online banking industry is majorly driven by widespread internet penetration in the developing countries and developing economies, as the disposable incomes, better financial budgeting and managing funds by better investments are all signs of maturity in the developing countries working class and in turn they are changing consumer habits with the way banking and financial transactions are conducted in the last two decades. One other major force is the growing number of e-commerce sector which has been at an aggressive expansion mode with sharp and shrewd marketing and advertising campaigning to attract newer consumer base, therefore by making online transactions to increase rapidly and allowing banking industry to adapt to the changing behavior and spending pattern of the customers.

Due to a massive outburst of customers migrating to online medium, majority of them have been demanding a greater degree of transparency and flexibility in their banking requirements as requests and demands basically range from better security from fraudsters and hackers and also better options to make the whole online banking experience to be conducted with ease and simplicity. By 2015, almost 3 billion internet users across the globe are expected to be spread across all continents, thereby marking a 1 billion increase in the four years till 2015. It is forecast that e-commerce sales are expected to flourish between $700 billion - $950 billion by the end of 2013.

Major Banks Adopted Online Banking

Major online banking industry players include Bank of America Corporation, Barclays Bank PLC, Citigroup Inc, HSBC Holdings PLC, ING Groep N.V., JPMorgan Chase & Co., Lloyds Banking Group PLC, U.S. Bancorp, Wells Fargo & Company, and Yodlee, Inc.听