By Jay Moncliff

Historically banks were institutions that held your money under lock and key. Times are changing, with the internet redefining the banking sector over the last five years. Don’t be confused as it continues to develop, the many names it goes by all mean the same thing electronic, online and PC banking are all just synonyms traditional banking services provided through a secure internet portal.

Traditional banks have monitored the popularity and growth of the internet, and realising customers wanted greater control of their affairs, have created their own internet banking web sites. Customers now have the freedom to securely perform their banking 24 hours a day 7 days a week, where they can pay bills and set up recurring savings or payments, monitor check clearances and perform other tasks like transfers and balance enquiries through an internet connection. The banks also benefit from a lesser need for staff due to the migration to internet banking where customers serve themselves.

The purest form on online banking is the virtual bank, where the only place they exist is in cyberspace. These banks, and all other internet banking continue to grow in popularity because they are convenient, saving customers time and money. To help the growth and assist customers to make the change, many traditional banks offer minimal fee or completely free transfers to help customers migrate to their online banking service. Others will also enable you to set up online banking by simply transferring your funds by check.

Internet banking has revolutionalized banking with immediate global access to your bank accounts using a secure internet connection. Paying bills, transferring funds and just plain monitoring your account are all possible with minimal stress whether you are ravelling, holidaying or working anywhere in the world.

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