Online Banking Services

Modern technology has made great strides and one of them is the Internet. Today we can do banking transactions online using secure modes of transmission that can protect sensitive financial data from hackers. This extra layer of protection is credited with the growing acceptance by the public of Internet banking. Prior to this was mobile banking, which allowed people to transfer funds, inquire outstanding balances or order new chequebooks using their cell phones. There has been a quantum leap with regards to perfecting this technology such that it is now even possible to open virtual bank accounts in a virtual bank. The Internet today has a lot of these banks with nothing to show more than a fabulous website.

However, some global banks with tremendous brand appeal have put up their own websites to compete with these smaller banks in attracting new clients via the Internet. One of their marketing strategies is attractive interest rate for long-term fund deposits. For the global banks, having an Internet presence is a great way for them to complement their actual local presence. This means easy accessibility for all account holders anywhere in the world at any given time. An unanswered question is what happens to deposits if these Internet banks go bust? Well, the deposits are also covered by deposit insurance similar to a real deposit in a real bank so this should put depositors' worries to rest. Putting up a virtual bank also requires a banking license from the concerned regulatory bodies of government.