Future of Online Banking – It’s Bright and Bold

Gone are the times when we were supposed to be physically present in a financial institution or bank and stand in long never ending queues in order to deposit money, withdraw funds, or conduct money transfer from one account on to the other. Today, the banking scenario has undergone a sea change due to several recent technological advancements. Debit cards, credit cards, internet shopping, online banking and several other features have revolutionized the world of consumerism and banking and the future of online banking is expected to be studded with many more surprising inventions.There are several advantages disadvantages of online banking. You can pay your utility bills and credit card bills automatically, check your account balance, make electronic money transfer from one account to another, keep a track of all your previous transactions through the online bank account statements, apply for fresh loans as well as manage your previous loan accounts, and trade in bonds, securities, stocks as well as in Forex, using your internet banking account. You can also conduct business banking online right from the comfort of your home or sitting at your desk in your office, without taking the pains to travel to the bank. Online banking has indeed made life quite simple and financial transactions much more hassle free.Although internet banking offers quick and round the clock access to your funds, from any part of the world, it also entails certain risks and unless solid security measures are taken both by the bank as well as by the individual to protect the privacy of their free online banking account information, prying eyes can breach into your privacy and misuse the funds in your account. Measures such as your unique personal identification number, your online banking login name and secret password, SSL data encryption, digital signature security systems, etc help in minimizing frauds, theft, misuse of funds and other risks associated with online banking. At his end, the person operating his free online banking account can also use certain measures such as the use of Mozilla Firefox, or other secure web browsers; using virtual private networks services and protecting your system with a good antivirus, firewall or anti-spyware tool in order to help in preventing frauds and identity theft. Moreover, for people who are not well adept at using the internet, online banking may seem to be an arduous and cumbersome task. In order to continue unhindered with the online banking trends, banks constantly strive to improve the navigation system through their web pages and make their website much more user friendly for their online clients.Online banking has opened a gateway for overseas banking and has made it possible for people to open new foreign offshore accounts, manage their accounts, send or receive funds and reap the benefits of high tax returns and tax haven without being physically present in the offshore bank.With so many uses and applications of internet banking, the future of online banking is quite optimistic. Online banking trends are definitely expected to be on a rise and the number of people opting for free online banking account is expected to grow, provided security measures are made even better.

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