Overview: Internet and World Wide Web – Influences on Banking

The Internet and the World Wide Web have had a significant impact on the banking industry, shifting banking towards a more digital model.

The World Wide Web (WWW) is a system of interconnected web pages that allow users to access information over the Internet. It is made up of public web pages that are linked together by hyperlinks. Users can click on these hyperlinks to access information in various formats, such as text, images, audio, and video. The WWW is one of many applications built on top of the internet, making it easier for people to share, communicate, and get information. It also allowed people to share their work and thoughts through social networking sites, blogs, and video sharing. Customers of banks use the World Wide Web to communicate with their banks. The WWW is still changing today, with search engines becoming more advanced at processing information.

The concept of Internet banking has evolved alongside the development of the World Wide Web. Internet banking, also known as online banking or web banking, refers to the use of Internet-based platforms to access banking services and conduct financial transactions. Banks nowadays are very familiar with using the internet as a channel for communication that gives them access to customers who are located not only within the boundaries of a country but also beyond that. Customers can access their accounts from anywhere in the world, 24/7, using a computer or smartphone.

Information technology developments in the banking sector have sped up communication and transactions for customers. The Internet is a key part of information and communications technology (ICT), which also includes other technologies like cloud computing, artificial intelligence, and the Internet of Things. It is vital to extend this banking feature to clients to maximize the advantages for both clients and service providers. Internet technology is providing various benefits to customers in terms of convenience and cost of transactions. Bank customers can get access to their accounts and other products & services offered by the bank. These services can be availed by using the website of the bank.

 Internet  Banking has reduced the cumbersome paperwork to a minimum level and now the customer can perform various kinds of transactions by sitting at his home.  It is the type of service through which bank customers can request information and carry out most retail banking services such as balance reporting, inter-account transfers,  bill-payment,  etc., via telecommunication network without leaving their home/organization. ATMs, Tele-Banking, Internet Banking, Credit Cards, and Debit Cards have emerged as effective delivery channels for traditional banking products. Customers can access a variety of banking services through the Internet, including deposits, transfers, bill payments, and SB, CD, and CC account balances.  

Internet technology holds the potential to change banks and the banking industry fundamentally.  The widespread availability of Internet banking is expected to affect the Internet banking is expected to affect the mixture of financial services produced by banks, how banks produce these services, and the resulting financial performances of these banks.  Internet banking allows for the secure transfer of funds, especially between accounts at the same bank. Customers can also track transactions in real time. E-Finance or Electronic financial services are used and delivered via computerized networks, devices, and telecommunications.

Related posts: