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Advantages of electronic banking
Background study about online banking
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1. Pay Your Bills Online You can use online banking to pay your bills. This will eliminate the need for stamps and protect yourself from the check being lost in the mail. Most banks will have a section in which you set up payees. You will need to fill out the information once, and then you can simply choose that profile every time you pay a bill online.
View Your Transactions Online banking allows you to access your account history and transactions from anywhere. This is the quickest way to check and see if a transaction has cleared your account. This can help you to find out the amount of a transaction after you have lost your receipt. It also allows you to find out about unauthorized transactions more quickly. This can help you to resolve
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They should also not remove the security controls from the phone often called 'jail breaking' or 'rooting'. They should always look to restrict access that apps ask for when being installed to only what the app really needs.
Change your password regularly and ensure it's a strong one
This might sound cliched but, it is important to keep your account safe and helps you maintain confidentiality. And needless to say, don't share your details with anyone. Your bank will never ask for your confidential information via phone or email. If you have written your banking passwords in a notepad or a dairy, make sure it remains confidential.
Further, be sure to choose strong and long passwords.
3. Banking online or by phone allows you to make banking transactions such as transferring money, paying a bill, checking your balance or setting up a regular payment on your bank or building society's secure website. Online banking is accessible via a computer/tablet or a mobile phone. Also known as internet banking. Traditional banks were THE original banks, the financial depository institutions first to offer checkable deposits. Traditional banks invariably have the word "bank" in their names and are charted by either the Comptroller of the Currency or one of the fifty state corporation
Parents should ask the salesman/saleswoman before giving the phone to their kids. Parental control would block teens from inappropriate websites and prevent them from downloading false applications. Parental control could also help parents from spending thousands on in app buying, for example a busy mother gave her six-year-old son her phone to play Fruit Ninja so he would keep busy while she cooks dinner. A few months later a letter from Apple telling the parents that they owe ten thousand to the app company, turn out their son was purchasing new swords to cut fruit. Parental control could help prevent little accidents and also it could help save the photogenic teen from giving out their location on vacation. Parents just need to come up with a four-digit password so the child would not be able to turn off parental
Customers that use BofA’s mobile banking are provided an unprecedented convenience so that they can do their banking on the move. Through their mobile web browser, banking customers would be able to heck account balances and transaction information, pay bills, transfer money, locate an ATM or banking center, and get mobile alerts. BofA also planned to expand their mobile banking efforts though to SMS. BofA has the ability to provide mobile banking services to all of their users, whether they have a smartphone or a regular
...ferred because it produces meaningful information about each data point and where it falls within its normal distribution, plus provides a crude indicator of outliers. (Ben Etzkorn 2011).
Having applications right on your phone, more services online and more locations make this possible. The technology that is used for better banking also includes cyber security of your information, global banking infrastructures. Banks have to be able to relay banking info across the world and make sure that information stays safe. Ensure that costumers information stays safe both domestic and globally is a huge barrier in the banking technology. Techs teams are designated to creating the online banking technology for Bank of America to use in order for safe banking procedures.
As is obvious, it brings forth several benefits to the table, which include but are not limited to improving visibility and tracking, reducing cost and duplication, enhancing the quality of services, detecting faulty configurations, correcting flaws, increasing security, decreasing risks and offering faster restoration of services.
Unfortunately this makes it easier for hackers to go inside databases and steal information for their own reasons. This information, once it is stolen by an identity thief or hacker, is used by the person who stole it for their own choosing.
to figure out how they work and the history behind them before we start to use
Gralla, Preston. "Smartphone Apps: Is Your Privacy Protected?" Computerworld. N.p., 7 July 2011. Web. 22 Apr. 2014.
It obliges genuine end-client activity; if clients are not collaborating with the site, the uninvolved monitors will have no information to process. It offers no capacity to monitor issues that happen outside of the system, for example, DNS issues, system issues, and firewall and switch blackouts.
For both personal and professional needs, a computer is of great help in taking care of financial matters. One way that computers help is in paying bills. Almost all bills, such as electric and telephone bills for the home, credit card payments, and installments on a car can be paid using a computer. Of course, one needs Internet access for this. Another financial convenience offered by computers is paying for purchases. In a similar way to paying bills, purchases can be ordered and paid for using the Internet and a credit card number. Then the item purchased can be delivered directly to your front door. Finally, a student at university, or someone who has graduated from high school, can take care of banking by computer over the Internet. In this case, one can transfer money from one bank account to another without going to the bank, sending a fax, or even making a telephone call. (155)
Because of all of the features and the use of multiple avenues of connection from 4G and Wi-Fi, to near field communications, it is becoming more and more important to have tighter security measures in place on smartphones. It has been reported that hackers have developed technology that costs approximately $1000.00 and is the size of a laptop that mimics a legitimate cellphone tower and is able to hack into your smart phone and not only steal data but infect your phone with programs allowing them to control the features of your phone. Many people download applications for their phone never paying attention to all of the permissions that they give the application. From seeing everyone in your contact list, your photos, your media, your location history, and your text messages, to what Wi-Fi you access. It is quite disturbing to know that someone has access to all of this information and even has the ability to turn your camera and microphone on and off at their leisure. Things as innocent as photographs shared on social media can provide information for criminals to use. Smartphones can tag your photographs with metadata that can include things such location,
Electronic Banking or E-Banking also known as Virtual Banking uses electronic technology and computer in place of cheques and other paper transactions. E-Banking are initiated through devices like cards or codes that let the user access their account. Many financial institutions like banks use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. Some use other types of debit cards that require your signature or a scan. Virtual banking, which does not involve any physical movemnt exists in the form of ATMs, phone banking, home banking, and Internet banking. A virtual bank is a bank which does not need any branch that involves the provision of fully automated banking services.
Also, as mentioned above it provides the advantage of convenience such as that data can be sent electronically so the register does not have to be taken to the office by person, this also saves time.
The advancement of technology especially the internet has changed the way how organizations conduct their business. Nowadays, the revolution of internet been more apparent than in the banking and financial services industry. Previously, the only way to conduct banking transactions is thru traditional banks which is in the form of brick-and-mortar services. However, with the evolution of internet, customers could conduct a wide range of banking services electronically, anytime and at anywhere by just using online banking or electronic banking. Electronic banking also known as internet banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive
Bank net India (2006) conducted “An online survey on 316 ATM users” survey is limited to India to get insight into users‟ perceptions. It is concluded from the survey that the most use (56%) of ATM services is for bill payments and pre-paid mobile recharge where 64% respondents feel comfortable with depositing cash/cheque through ATM but they have to wait in long queues and find no money left in the machine