Online Banking Mon, 06 Dec 2010 15:37:59 +0000 en-US hourly 1 What Online Banking Does for You Wed, 03 Nov 2010 23:08:12 +0000 Continue reading ]]>

It’s estimated that somewhere around a third of people in the United States currently use online banking tools. That number is expected to grow, and in many places around the world adoption of online banking systems is actually much more saturated than it is here. One of the reasons that some folks are slow to adopt to this new technology may be that they’re not entirely familiar with its benefits. The fact of the matter is, however, that there are many ways that online banking makes your live more convenient that are worth exploring.

Here are just a few of the things that using an online banking service does for you:

  • 24-hour, at-home access to your financial information. There was a time not that long ago when you could only find out what the balance was in your checking account by visiting the bank between 9 AM and 5 PM. ATM cards changed that phenomenon, giving you 24-hour access to your financial information. However, you still had to drive to an ATM to do it. With online banking, the info you need is just a few clicks away.
  • Rapid bill payment. Most online banking systems offer some kind of bill payment option. You can pay your bills electronically, which means the payments are applied more quickly. You can also set them up to be automatically debited from your checking account, saving you the time and trouble of remembering to pay the bill.
  • Detailed records for tax purposes. If you itemize your taxes or if you have a business, online banking can be tremendously helpful. In some cases, an online banking system can even interface with your accounting or tax software, giving you the full power of your financial records in an integrated way.
  • Reliable records access. When you have online banking, you don’t have to worry about digging up your statement from a year ago. You simply log into your account and search or browse for the time period in question.
  • Cost savings. Many banks now charge a fee for visiting a teller, and the same holds true for ATMs. With online banking, there are rarely fees involved in accessing your account.
]]> 0
Top Countries for Online Banking Wed, 27 Oct 2010 23:06:27 +0000 Continue reading ]]>

Here in the United States, we pride ourselves on being rather tech-savvy. After all, in many ways we’re responsible for the advent of the Information Age, and Americans are more and more adopting newer and newer tech. From smartphones to smart houses, we’re all about relying on technology to perform our daily tasks. One of those tasks is online banking.

Online banking has been around for a long time now, with many folks using services like Prodigy as far back as 1993 to handle their finances online. Even before the web gained in popularity and exploded with content, online banking was being utilized.

Still, the U.S. isn’t the country with the highest rates of adoption for online banking services. Several countries actually do much better than the United States when it comes to user4s who access online banking sites. The data, which comes from ComScore’s Data Mine, lists these countries as some of the others in the top 10, along with the U.S.:

  • Canada. The top position goes to Canada, with 65 percent of banking customers using online banking services. In some ways, this should not be a surprise in that it is one of the most spread-out industrial countries in the world. Remote banking just makes sense up North.
  • Sweden. The number four spot goes to Sweden, with usage rates of about 54 percent. This is lower than what you might expect, given the sheer amount of worldwide banking that occurs in that relatively small country.
  • New Zealand. This is the one of two countries in the top 10 list that aren’t located in the Northern Hemisphere. Utilization here was at right around 50 percent. Australia’s neighbor is gaining a quick reputation as a center of affluence and technology, and so it’s no surprise that they made number six in the list. (Australia came in at number 10 with 44 percent using online banking services.)
  • Spain. Spain sits at number eight on the list, with the United States between it and New Zealand. Spain has about 46 percent utilization, which represents real social progress as just a few years ago many Spanish consumers were rather put off by the Internet.
]]> 0
Online Banking Grows in Popularity Wed, 20 Oct 2010 23:12:21 +0000 Continue reading ]]> A couple of decades ago, the most advanced technology used by most folks in terms of their banking was the use of an Automated Teller Machine. The fact of the matter is that the Information Age has impacted the realm of banking and financial services just as significantly, if not more so, than many other industries. According to a study recently released from Intuit Financial Services, more than a third of all Americans are using online banking to manage their finances. This represents a significant rate of growth, as it is up around six percent from just one year ago. Online banking is catching on, and its catching on in a big way.

A financial institution selling point

One of the things revealed in this study is that customers look for online banking options as a part of their financial institution choice process. More than half of the customers in the survey said that they would switch banks if there was one available that offered them better money management capabilities. The proof is in the actual numbers, as half of those that responded also said they switched banks recently. Of those, a third switched because their bank didn’t offer enough in the way of online banking solutions.

One-stop shopping

Another revealing point came from this survey, as well. More than 80 percent of people said that the ability to pay their bills and manage their finances in one place via an online banking system is the most important feature of their bank. About half of them also wanted tax preparation tools from their financial institution, as well.

Banking on the go

Mobile banking has changed in recent years from voice-based telephone banking systems to online banking systems that support smartphones. About 20 percent of respondents in the survey said they use their mobile device for banking purposes, and many more said that they would like to be able to do so.

The fact of the matter is that we’re living in a transitional time. Old ways of doing business are falling by the wayside, and like other industries the banking community needs to keep pace with those changes or they’ll find themselves sadly behind the curve.

]]> 0
Is Online Banking Right for You? Wed, 13 Oct 2010 00:01:04 +0000 Continue reading ]]> Like most financial questions, the issue of online banking doesn’t come with a one-size-fits-all answer. Online banking is a tremendous boon to some folks, while it’s become something of a nightmare for others. If you currently are considering opening an online banking account, there are a number of factors you need to take a look at when it comes to your options:

  • Online banking can be tremendously convenient. Unlike the bank down the street, an online bank will never close. It’s open all day every day, and access to that bank is just a click of the mouse away.
  • Deposits can be a hassle. You can usually get your paycheck deposited into your account, no matter whether you have online banking or not. The problem comes with depositing checks or cash. Unless you use online banking with a local bank, you’re going to have to mail the check to the bank, and probably pay for a money order if you want to deposit cash.
  • Online banking transactions can be quicker. In many cases, an online banking site will execute and confirm your transactions as fast as or even faster than what would happen if you used an ATM.
  • Online banking offers more tools. From things like having stock quotes to being able to download your statements into a personal financial program like Quicken, you’re more likely to find these kinds of add-on resources with online banking than you are with conventional banking.
  • There’s a learning curve for online banking. It can be difficult to navigate some of the sites out there. You’ll need to spend some time reading tutorials and such in order to get up to speed.
  • A local bank with an online banking option is often the best bet. This allows you all of the advantages of online banking as well as the advantages of having a local branch if you need it. You can go to the branch to make deposits, or you can get some help from the staff at your local bank to help you learn how to use the online tools.
]]> 0
What Can You Really Do with Online Banking? Wed, 06 Oct 2010 15:26:23 +0000 Continue reading ]]> Since even before the World Wide Web became hugely popular and a staple of everyone’s daily information diet, people have been using the Internet to handle their financial transactions. One of the early national Internet service providers, Prodigy, had systems implemented with a number of different banks whereby subscribers to the service could access their financial accounts via online banking. While the exact form of online banking has changed over the years from provider-based solutions to web-based solutions, the fact remains the same: you can save quite a bit in the way of time and money by doing your banking online.

What, exactly, can you accomplish with online banking? Here are a handful of things worth considering:

  • Paying bills becomes a breeze. Many online banking systems allow you to pay your bills directly. In most cases, you set up your regular payees, such as your mortgage company, the lender that holds your car loan or even your daughter’s orthodontist bill, and then you can just pay them directly from you checking account. You don’t need stamps, you don’t have to dig out an address (except for the first time) and you don’t have to write a bunch of checks.
  • You save some money. Usually, you can save a little bit of money on things like stamps and envelopes if you do online banking. To be sure, we’re only talking about a few bucks a month. While this isn’t a reason to use online banking in and of itself, it certainly doesn’t hurt.
  • You may be able to export your account info to an accounting program. Many folks today use Quicken or another accounting program to track their spending and keep their checkbook update. Many online banking programs interface with Quicken or other accounting packages.
  • Online banking lets you keep track of your account in real time. You can log in to your online banking account to see charges from your debit card almost immediately, in most cases. This gives you a greater degree of control over your accounts, and lets you keep better overall tabs on things.
]]> 0
Hello world! Mon, 13 Sep 2010 15:05:49 +0000 Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

]]> 0