The global banking system have been tremendously impacted by the power of the internet. To make you understand the impact of internet on banking, you would ask yourself, when last did you visited your bank and spoke to one of their staff, one to one? Your answers might be, some days ago or even weeks. That is the power of the internet.
The internet has affected and changed the way we bank and as such made thing easier and convenient. It has affected every aspect of the banking operations including how banking customers access different banking services. The days of endlessly standing in queue to speak to a banking staff or get access to a particular banking product are over as a result of this amazing transformation.
This article outlines such areas in which the power of internet has helped transformed the global banking system immensely.
This is obviously the biggest impact the internet made on the global banking system. Previously, transferring money to someone, or making a scheduled payment involves going to a local branch of your bank to fill the teller for the transfer or sign an instruction authorizing that. It is no longer the case today, as you virtually do all banking transactions such as making payment, scheduling payment, transferring money to someone, checking your account balance and requesting for an ATM card without even leaving bedroom. This process is very easy, convenient, fast, and most importantly secure.
The deployment of Automated Teller Machine otherwise known as the ATM machines have made 24 hour banking possible. You can walk to any ATM machine location and withdraw cash at any time. You no longer have to wait for the bank to open before you can get some cash to solve those pressing problems. You can also buy gift cards, pay for utilities and transfer money to someone with the ATM.
Another big impact the internet has made on banking is globalization. Before the advent of the internet, we have few cities around the world which are regarded as financial centers or hubs. These cities are mainly New York and London. But today that has changed, banks in Nigeria, Brazil, and Slovenia have all joined the fray. Banks around the world now enjoy global presence and are able to transact from anywhere conveniently and securely.
24 hour Access
Online banking services and the deployment of ATM machines have enables 24 hour banking. What this means is that you can carry out any banking transaction anytime and anywhere without having to go to your local branch or wait for the bank to open.
The impact of internet on global banking is tremendous and this trend is poised to continue and what we are celebrating today might be obsolete in few years as internet continues to revolutionize.