Internet Banking – The Origin and Advantages

Banking has been the most important phenomenon that has hit the planet since the industrial revolution. Banking has been going on in one form or another for many millions of years. In the past thousands of years people made assets not by  and selling goods but by bartering or exchanging items of interest to both parties. This meant that items were given value and exchanged accordingly. When currency came into existence the need for banks was seen more. This was because when people made profits and generated an income they could not store all the cash in their respective homes. Keeping too much money at home was not a wise decision since security then was not as good as it is now and money could be stolen anytime. Banks emerged due to this aspect of security and have evolved now to such an extent that banking is done mainly through the internet these days with more and more banks operating online and making transaction much more convenient, transparent due to this.

Banking online began in earnest only a few years ago when business owners and big heads of corporations needed to transfer money quickly and safely between themselves and other business owners. Before these applications of online banking, this phenomenon was probably used between countries to transact enormous amounts of money between them. Only now has internet banking emerged dominant to such an extent that almost any person in the developed and reasonably developed nations has heard of it. Well, what are the benefits of this online banking that make it so popular?

Online banking brings with it the power of being mobile. You can now access your bank account and make payments or transfer much needed money at the click of a mouse in the comfort of your car while you are on the road or you could think of settling the accounts of the company you own while you are twenty thousand feet above the earth on an airplane. This is what makes internet banking special since it has combined the power of the internet which is being mobile and connected at all times to the convenience of banking. Not only has the internet revolutionized the way people bank, it has also completely changed the way banking operations are performed. Earlier banks needed to employ thousands of people just to take care of their auditing operations but nowadays with the emergence of database systems which operate using the real time updating power of the internet, the banking sector no longer needs to depend on mass manpower to operate its services. All the core banking services are handled by computers these days which are massive and operate many thousands of servers which keep track of the purchases made by people at stores using credit cards and other cards.

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