ONLINE BANKING

ONLINE BANKING  


In the olden days, people need to go to bank for every banking transaction. Sometimes they may find that the banks are closed or the banking hours are not suitable for then or the location isn’t convenient for them. To avoid these difficulties, there is one solution, ONLINE BANKING.

With the development of technology and the internet particularly, you don’t have to visit the bank personally, you can use internet banking. Online banking is defined as banking transaction though the internet. You can access your bank account via internet by registering yourself with you bank for online banking.

Origin of Online banking

The advent of the Internet and the popularity of personal computers presented both an opportunity and a challenge for the banking industry. For years, financial institutions have used powerful computer networks to automate millions of daily transactions; today, often the only paper record is the customer's receipt at the point of sale. Now that its customers are connected to the Internet via personal computers, banks envision similar economic advantages by adapting those same internal electronic processes to home use. Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment

This new concept of banking means a self service attitude of banking. In online banking the customer is the sole financial controller of his own finance and life. The customer performs his own banking transactions by using the internet. We can book tickets of railways, buses, airlines to any place in the world, we can shop anything and everything with online banking and also make payments online. All banking transactions can be carried out with online banking. This online service is provided by almost all the banks, 24 hours a day and 7 days a week. This service gives the customer the freedom of timings you can pay your bills or even make purchases at any point of time and any day at your convenience.

Brick-to-click bank: Today, most large national banks, many regional banks and even smaller banks and credit unions offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking. Those that do are sometimes referred to as "brick-to-click" banks, both to distinguish them from brick-and-mortar banks that have yet to offer online banking, as well as from online or "virtual" banks that have no physical branches or tellers whatsoever. The challenge for the banking industry has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all, banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure. Most of the large banks now offer fully secure, fully functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for instance, you may be able to view your account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, fully functional online banking likely will become as commonplace as automated teller machines

Advantages of online banking  

Convenience: online banking sites never closes. They are available 24hour a day, seven days a week and they are only a mouse click away.

Ubiquity: if your are out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of the business 24/7.

Transaction speed: online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.

Efficiency: you can access and manage all of your bank accounts, including IRAs, CDs, even securities from one secure site.

Effectiveness: many online banking sites now offer sophisticated tools, including account aggregation, stocks quotes, rates alerts and portfolio managing programs to help you manage all of your assets more efficiently. Most are also compatible with money managing programs such as Microsoft money.

higher perecentag of online banking

Disadvantages of online banking.
Start-up may take time: In order to register for your bank online program, you will probably have to provide ID and sign a form at Bank branch.

Learning curve: banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorial in order to become comfortable in your virtual lobby.

Bank sites changes: even the largest bank periodically upgrades their online programs, adding new features in unfamiliar places. In some cases you many have to re-enter account information.

The trust thing: for many people, the biggest hurdle to online banking is learning to trust it. Did my transaction go through? Did I push the transfer button once or twice?

Security: even with the tops of the line of security online banks offer, the risk of course an increased risk of identity theft or fraud when you personal data is accessible online.

BEST BET: ALWAYS PRINT THE TRANSACTION RECIEPT NAD KEEP IT WITH YOU BANK RECORDS UNTIL IT SHOWS ON YOUR PERSONAL SITES OR YOR BANK STATEMENT.

Advantages and disavanatges for the bank
online banking can benefit with less staft and now building charges, however, they would need to invest heavily in the way their security is manged  on the website. on of such online banking  is EGG, it is based in the uk and was launched in 1998 and has now become one of the world online bank.
I personally do not use online banking. neither do any of my families. maybe due to security resons. But i am looking forward in using online banking when am older.

E-governement

Is also known as Elctronic-governement. This refers to the use of information technology to exchange information and services with citizens, businesses, health an other arms of government. E-government describes the use of technologies to facilitate the operation of government and the disbursement of government information and services. E-government deals heavily with Internet and non-internet applications to aid in governments. Before E-government was introduced, taxes and other bills were paid through licenses. The primarily delivery models are Government-citizens or government to customers, government to business, government to government and government to employee

The main focus for all government services is DirectGov. Direct Gov is the UK government digital services for people in the United Kingdom, providing a single point of access to public sector information and services. Direct gov which was formed in 2004 has over 300,000visit a month to over 10,000,000 and it involves 18 government departments. Such as

Education and learning
Environment and green living Health
Well being
Employment
Money tax and benefits etc.

E-government is gone online because the government considered it cheaper than employing people and paying wages, also you will find there are computers in every public library. This allows a much larger amount of viewers to this site.

Advantage of E-government
The main advantage of an e-government is that it improves the efficiency of the current system. That in turn saves money and tie.
Moving away from a heavily paper based system to an electronic system would reduce the need for manpower. Thus, this would allow the process to be handled by lesser employees and therefore reduce operation cost.
The society is moving towards the mobile connections. The ability of an e-government service to be accessible to citizens irrespective of location throughout the country brings the next and potentially biggest benefit of an e-government service.
Online transactions are faster than face-to-face transactions. Paper processing is automated, reducing time and the risk of clerical errors. This allows state agencies to focus on providing better service for the customer.
Environmentalists might argue that E government is a good idea because it means that they don't have to waste paper in order to get information they can just let the person go online and give it that way.
Not all decisions are made between 8 a.m. and 5 p.m. during a weekday. If you are looking for a house, you may want information about an area during a weekend. E-government gives you 24-hour access to this and other information
Broadens public participation

Disadvantages of E-government


Web site cost: building a maintaining governmental websites can require a lot of time and money. Apart from the technical cost, there are also important human resources cost: any existing or new staff working on the web must be trained both on technical and communicational aspect.

Publishing information of legal values or granting access to information databases through a website can pose a security danger to the government organisation as malicious users (hackers) can break into a website via internet.

E Government does have its draw backs for example in the future citizens might be told to communicate with their Government via the internet and this would mean that a lot of information that the citizens have given online could be exploited which means a lot of peoples information will be in the hands of the Government and this would mean that people have no personal privacy which is not a good thing and I am sure that a lot of people would be reluctant to give there information online.

 I personally don't use any of these  website services  neither do my parents. they prefer paying through a local shop.But my borough council  website provides  provides information relating relating to Tunbridgewells borough. which includes
Telephone payment
council taxes
mortagages

E-education

Online education has revolutionised the way education works in school. Today, internet is often used instead of a library. The World Wide Web has a major effect on education and it’s likely to stay long and develop further more. Teachers can now set homework assignments on the internet and students can complete the task at home on their computers, Such as my maths.Online education doesn’t require student to visit an actual classroom and listen to an instructor face to face.Online education is truly about student convenience. Students can check in, work assignment and turn them in when their schedules permit.

There are many websites that allows children to revise their work example of these includes
BBC website
My maths
You-tube
Excel
VLE (Virtual learning environment)
Online forums

One of the most popular education services is the one offered by mymaths and BBC bite size. This is effectively a large database of knowledge applicable for students studying GCSES and A-levels.

BBC website: this site is a great revision website for student of all ages from KS2 all the way to KS4. Bite size in invaluable because it is easily accessible from home or school and it has such wide publicity. Revision is made easier in the site as it provides student with what they need to revise, and then test them on it. As well as being able to read information online, you are also able to listen to different topic, (very good for audio learners) this gives a more personal experience when using the website. BBC bite size gives GCSE student the ability to top test themselves on their different subjects as well as revise previous work. One advantages of bite size is that when a student is seriously sick and missed so many classes, they can catch up on whole topics, therefore preventing them from falling behind. Coming to UK in 2008 and stating school in 2008, I found it very difficult to understand the teachers, but after been introduced to BBC bite size, thing became easier for me as I began to understand thing more.

My maths:  is a subscription websites for schools across the world. My maths is used in 70 countries and around 4million student every years uses it. My maths offers a fully interaction online solutions for all ages and abilities. And it can be enjoyed 24hours weather from school or home. My maths works is by getting logging provided by the school this allows teacher to monitor your progress. My maths works through traffic light system, which is a clear indicator on how well you did in a subject. There are interactive lessons games and worksheet which are linked to a powerful assessment and also management system that allows you to teach in fun and dynamic way while tracking progress effectively.  Students and teachers have access to the results via the website; it also specifies what subjects need to be worked on, how many times it has been tried and when it was last attempted. with mymaths,Teachers can set specific lessons and homework’s for a wide range of topics.

YOU-TUBE: you tube is a collection of videos uploaded by members for sharing and watching by other member. Over the year, you-tube has attracted millions of viewers. Although this site uploads videos for personal use, many use it as an educational tool. The video ranges from teaching science, solving maths and learning how to draw and paint. You tube is not just academic, it can also be use by skilled students such as: dancing, cooking and hairdressing. However, these video are done by the user and the information given isn’t always correct.

Advantages
Very good for visual learners and audio learners
You tube also allows user to post comment and review videos meaning that others can look at the rating to enable them know what video to watch.
Have many clips in one topic, you can pick from anyone

Disadvantages
Sometime videos are not high standard
Works on download base, so for people with dial up connection and broadband limits it can become rather expensive.
Can have viruses attached to some videos.

Online forums

Online forums such as “student rooms” are seen as a free online education website this is a text based website. Here, student can interact with other student s through asking question and discussing it. One advantages of this is that you see other people view and opinion and the disadvantages is that other peoples view can be wrong and the information provided may not be 100% true or reliable. Many see this as another useful tool to revision.

Advantages of online education
Students can learn at their own pace
Work on assignment and turn them in when their schedules permits
The fact online education is free, students can research their homework’s and teacher can also use this to help students
Can give people who are unable to afford learning resources such as text book the opportunities to access education for free.
Cost: online education doesn’t require that you relocate to a new place or that you can forgo full time work.

Disadvantages of online education
May provide information of a poor standard and may be irrelevant, so its important that the site you are learning is reliable.
There is no face to face communication this is why so many people choose not to use online education.
Student can cheat through online education by also copying and pasting when giving course works

I personally use my maths frequently. As I am doing mathematics and statistics a-level, my maths have helped me a lot to understand what I didn’t get in class, as it goes through it slow. With my maths, I work at my pace and I can go back to it easily and revise that particular topic until I become an expert on it. Though online education is important and very helpful, but it’s also very difficult for me to concentrate sometime.

Commerce: is a transaction that occurs over the internet. The buying and selling of goods over the internet would be an example of E-commerce. An electronic shopper is called e-costumers. E-commerce has become very important in our world today. According to the U.S Census Bureau, 2008 third quarter ecommerce spending totalled $34.4billion. On average, sales on the internet have been there are certain websites that you can buy their products online such as Amazon, Sainsbury and Bhs etc. It’s also critical to make a safe online transaction, to allow the site to be secured, ensure you can see the https on the web address.

 

Characteristics of commerce.
The payment has to be done online. This can be done through the use of cards. Either debit or credit cards.
The online service is a 24/7 which is an advantage as you can shop and pay whenever you want to.
After shopping online, there is a always a delivery option, its either you chose the standard which might take time to arrive and pay less, or chose the express option which arrives earlier and pay more.

Advantages of E-commerce.
Can be more convenient- shopping in comfort of your home.
Save money- cheaper items online (Huge offers available to costumers).Can be delivered at same day.
No queuing therefore saves time.
Its 24/7, so you can shop anytime.
House delivery- convince .
Saves fuel.

Disadvantages
Payment for postages and delivery.
You cannot touch the product yourself and information may be limited.
No visual contact, therefore you might not know if the sellers are reliable.
Some software may contain virus.

ONLINE BANKING: allows customers to conduct financial transaction on a secure website operated by their retail or Virtual bank, Credit union or building society. The purpose of this is to make the movement of funds more convenient and less costly. Online banking is becoming much more common. You can pay your bills online and access a record of your checking account transaction online. Online banking is a great feature and most banks offer it. It makes everything you do with finance a bit easier. You can access the information anywhere that you have access to internet.

Advantages of online Banking.
Transfer money instantly: online banking allows you o transfer money between accounts much quickly. It’s more convenient than using the automated phone service, and can save you a trip to the bank.

Pay your bills online: You can pay your bills online. This will eliminate the needs of stamps and protect you from check being lost in mail. Most banks will have a section in which you set up payees. You will need to fill out the information, and then you can simply choose that profile every time you pay online.

Viewing your transaction: online banking allows you to access your account history and transaction form 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 transaction quickly and helps you resolves the issue more quickly.

No queuing: it allows you to perform transactions, pay bills and check balances 24 hours a day, 7 days a week. The bank virtually never closes because it is as accessible as your PC or laptop computer.

Disadvantages of online banking
It’s very easy to make mistakes, but difficult to correct.

Another issue for people is trust. They may wonder if their transaction went through successfully or if they clicked on the correct button.

Security: even with the tops of the line of security systems online banks offer, there is of curse an increased risk for identity theft or fraud when your personal data is accessible online.

A lack of print documentation.

It’s anonymous/no reaction form another human being and you might run into bad customer services.

ONLINE SHOPPING:E commerce with shopping comes with both advantages and disadvantages. The massive serge in retail stores transferring to online transactional businesses means more people are shopping online.

Advantages of shopping online

Incredible convenience: online shopper can choose anytime of the day or night to get on the website and shop. This is very useful for people that are home-bound or simply in times of inclement weather.Price comparison: when you visit a shop, you most likely to have a settle for whatever price the seller has placed on a particular item, but with online shopping, you have the ability to compare prices from hundreds of different sellers.

Infinite choices: there is variety of goods to choose from. Plus of you don’t see what you want in one store online, you simply move to the next one.

Cheaper running coat: for the manager it’s cheaper to run an online shop as there is no running fee. Also you don’t have to pay for employee.

Verification sites: verification on online shops means that there is safety when purchasing from that store, this reassure customers when parting with their deals.

Reviews: you are able to see other people’s views and opinions on the product and hot they rate it before purchase

trust main issue online

DISAVANTAGES OF SHOPPING ONLINE
You can’t try things on: if you are buying a clothing item, you don’t have the ability to feel the material, try it on and see how it’s made.

You can’t talk to someone immediately: if you have a question about what you are looking at, you probably will have to wait at least 24hrs to get a question answered. However, many sites now have instant chats enabled to take care of issues.

Waiting time- there can be long periods of waiting time for your product and you don’t receive it instantly.

EBAY
E-bay is another type of e-commerce. It’s a world online marketplace: a place for buyers and seller to come together and buy or sell goods. It was founded in 1995 and has grown so successful to be one of multiple billion dollar business in the world

Disadvantages of e-bay online services

Quality of goods: sometimes the seller sells damaged, fake or faulty good to the buyer.

Trust: some people pay money and will not receive goods. Or late delivery by the seller. Scams- some people online can rip-off people into believing they are buying designer items or concert tickets, however the product are often counterfeit and fake

 Advantages

You have a number of sellers to do business with. Since many sellers are selling the same products or similar products, you have the option to choose who you want to do business with.

Reviews: one of great benefit of shopping on eBay is the feedback given to buyers and sellers. If you purchase an item from someone who has high feedback rating, you can pretty count on the fact that you will be given great service that was given to the sellers past customers.

It’s very easy to use and shop or search around

Good deals: when bidding on auction sites you can receive items for under their price cost.