Archive for April, 2010
History of Online Banking
April 12th, 2010 | Author: admin
Ross Bainbridge asked:
The concept of online banking as we know it today dates back to the early 1980s, when it was first envisioned and experimented with. However, it was only in 1995 (on October 6, to be exact) that Presidential Savings Bank first announced the facility for regular client use. The idea was quickly snapped up by other banks like Wells Fargo, Chase Manhattan and Security First Network Bank. Today, quite a few banks operate solely via the Internet and have no ‘four-walls’ entity at all.
In the beginning, its inventors had predicted that it would be only a matter of time before online banking completely replaced the conventional kind. Facts now prove that this was an overoptimistic assessment – many customers still harbor an inherent distrust in the process. Others have opted not to use many of the offered facilities because of bitter experience with online frauds, and inability to use online banking services.
Be that as it may, it is estimated that a total of 55 million families in America will be active users of online banking by the year 2010. Despite the fact that many American banks still do not offer this facility to customers, this may turn out to be an accurate prediction. The number of online banking customers has been increasing at an exponential rate.
Initially, the main attraction is the elimination of tiresome bureaucratic red tape in registering for an account, and the endless paperwork involved in regular banking. The speed with which this process happens online, as well as the other services possible by these means, has translated into a literal boom in the banking industry over the last five years. Nor are there any signs of the boom letting up – in historical terms, online banking has just begun.
Caffeinated Content
The concept of online banking as we know it today dates back to the early 1980s, when it was first envisioned and experimented with. However, it was only in 1995 (on October 6, to be exact) that Presidential Savings Bank first announced the facility for regular client use. The idea was quickly snapped up by other banks like Wells Fargo, Chase Manhattan and Security First Network Bank. Today, quite a few banks operate solely via the Internet and have no ‘four-walls’ entity at all.
In the beginning, its inventors had predicted that it would be only a matter of time before online banking completely replaced the conventional kind. Facts now prove that this was an overoptimistic assessment – many customers still harbor an inherent distrust in the process. Others have opted not to use many of the offered facilities because of bitter experience with online frauds, and inability to use online banking services.
Be that as it may, it is estimated that a total of 55 million families in America will be active users of online banking by the year 2010. Despite the fact that many American banks still do not offer this facility to customers, this may turn out to be an accurate prediction. The number of online banking customers has been increasing at an exponential rate.
Initially, the main attraction is the elimination of tiresome bureaucratic red tape in registering for an account, and the endless paperwork involved in regular banking. The speed with which this process happens online, as well as the other services possible by these means, has translated into a literal boom in the banking industry over the last five years. Nor are there any signs of the boom letting up – in historical terms, online banking has just begun.
Caffeinated Content
Posted in Banking Online | 
Tags: Banking Industry, Bureaucratic Red Tape, Main Attraction | 1 Comment »
Banking In Cyberspace – Online Banking On The Up Since 2001
April 10th, 2010 | Author: admin
Adam Singleton asked:
As increasing numbers of people turn to the internet to carry out their everyday activities, banks and building societies have been offering many British financial consumers the option of carrying out their banking online in increasing numbers. In line with this trend, APACS – the UK payments association – has just released five-year growth statistics for telephone, online banking and e-commerce, from 2001 to 2006.
The statistics show that the number of adults in the UK making use of online banking facilities has increased by 174 per cent in total, from 6.2 million in 2001 to 17 million in 2006. However, the biggest increase in online banking usage has by far been in the over-55s category, which shows a 350 per cent rise since five years ago.
Sandra Quinn, director of communications at APACS, commented:
“Our research shows that more and more people are turning to the internet rather than the phone to manage their finances. While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group, they have come to embrace the ease and efficiency that online banking offers.”
Many leading banks and building societies in the UK now allow existing and prospective customers to apply for a current account or savings account in the UK online. In fact, online banking has developed to such an extent that some financial institutions even let customers open savings accounts that are managed exclusively over the internet.
The rise in online banking has also meant an increase in the amount of financial information and advice that’s available to British consumers over the internet. This means that banking customers have been better equipped to choose the online bank account that best suits their personal circumstances.
Furthermore, the APACS survey found a 157 per cent increase in the number of people shopping online, with a corresponding 186 per cent rise in the number of purchases per online shopper – from 8.4 in 2001 to 24 last year. According to the research, online banking users are typically more likely to make more purchases online per year, than non-internet bankers. Statistically speaking, that means online bankers make 29.2 purchases per year, while non-internet bankers purchase only 16.4 goods annually.
But despite the burgeoning number of people that are transferring their everyday financial activities to the sphere of the internet, intimidating reports of online fraud still have many feeling cautious about banking in cyberspace. However, Sandra Quinn’s advice on the matter indicates that there are many simple things that online bankers and shoppers can do to protect themselves against internet crime. She comments:
“By following simple tips such as making sure your computer has up-to-date anti-virus software and a personal firewall installed, you can minimise your chances of being a victim of online fraud.”
Create a video blog
As increasing numbers of people turn to the internet to carry out their everyday activities, banks and building societies have been offering many British financial consumers the option of carrying out their banking online in increasing numbers. In line with this trend, APACS – the UK payments association – has just released five-year growth statistics for telephone, online banking and e-commerce, from 2001 to 2006.
The statistics show that the number of adults in the UK making use of online banking facilities has increased by 174 per cent in total, from 6.2 million in 2001 to 17 million in 2006. However, the biggest increase in online banking usage has by far been in the over-55s category, which shows a 350 per cent rise since five years ago.
Sandra Quinn, director of communications at APACS, commented:
“Our research shows that more and more people are turning to the internet rather than the phone to manage their finances. While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group, they have come to embrace the ease and efficiency that online banking offers.”
Many leading banks and building societies in the UK now allow existing and prospective customers to apply for a current account or savings account in the UK online. In fact, online banking has developed to such an extent that some financial institutions even let customers open savings accounts that are managed exclusively over the internet.
The rise in online banking has also meant an increase in the amount of financial information and advice that’s available to British consumers over the internet. This means that banking customers have been better equipped to choose the online bank account that best suits their personal circumstances.
Furthermore, the APACS survey found a 157 per cent increase in the number of people shopping online, with a corresponding 186 per cent rise in the number of purchases per online shopper – from 8.4 in 2001 to 24 last year. According to the research, online banking users are typically more likely to make more purchases online per year, than non-internet bankers. Statistically speaking, that means online bankers make 29.2 purchases per year, while non-internet bankers purchase only 16.4 goods annually.
But despite the burgeoning number of people that are transferring their everyday financial activities to the sphere of the internet, intimidating reports of online fraud still have many feeling cautious about banking in cyberspace. However, Sandra Quinn’s advice on the matter indicates that there are many simple things that online bankers and shoppers can do to protect themselves against internet crime. She comments:
“By following simple tips such as making sure your computer has up-to-date anti-virus software and a personal firewall installed, you can minimise your chances of being a victim of online fraud.”
Create a video blog
Staying Safe While Banking Online
April 9th, 2010 | Author: admin
Phil Reusch asked:
If you choose to bank online, there is a certain vulnerability that you are potentially putting on yourself. With this potential security issue that is caused, you need to take proper steps to make sure that you are banking online safely. For many there aren’t any issues they personally ever face with banking online, but it could happen to you if you aren’t careful.
The most common mistake is clicking on email links and trying to log into the account. You will get an email from your bank saying there is a problem with your account and to log in by clicking the link. You are taken to a page that looks exactly like your bank log in page and give away you name and password to a third party. It’s a scheme designed to make you give away your private data. Always manually type in your banks domain and don’t use the email link.
Another issue faced is something called a keylogger. A keylogger can actually see the keystrokes that you type into your computer. It can capture your login name and password for your bank and other sites you use on the internet. Keep and up to date virus and malware scans on your computer. Run these before logging into your account just to be sure.
For advanced users, try using virtual machines and live cds. These are normally versions of Linux that are temporary. They allow someone to run a fresh operating system with no chance of any malicious software on the machine. Do your banking from this will ensure that there can’t be a security problem from your computer.
Banking online does offer convenience but can also have some security issues. If you don’t fall for some of the common schemes and don’t have malware issues, you should have more protection.
Create a video blog…instantly.
If you choose to bank online, there is a certain vulnerability that you are potentially putting on yourself. With this potential security issue that is caused, you need to take proper steps to make sure that you are banking online safely. For many there aren’t any issues they personally ever face with banking online, but it could happen to you if you aren’t careful.
The most common mistake is clicking on email links and trying to log into the account. You will get an email from your bank saying there is a problem with your account and to log in by clicking the link. You are taken to a page that looks exactly like your bank log in page and give away you name and password to a third party. It’s a scheme designed to make you give away your private data. Always manually type in your banks domain and don’t use the email link.
Another issue faced is something called a keylogger. A keylogger can actually see the keystrokes that you type into your computer. It can capture your login name and password for your bank and other sites you use on the internet. Keep and up to date virus and malware scans on your computer. Run these before logging into your account just to be sure.
For advanced users, try using virtual machines and live cds. These are normally versions of Linux that are temporary. They allow someone to run a fresh operating system with no chance of any malicious software on the machine. Do your banking from this will ensure that there can’t be a security problem from your computer.
Banking online does offer convenience but can also have some security issues. If you don’t fall for some of the common schemes and don’t have malware issues, you should have more protection.
Create a video blog…instantly.