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DEFINITION OF ONLINE BANKING

Online banking, which also goes by the name internet banking, has undoubtedly changed the banking industry. A decade ago, the thought of going to the bank for simple transactions wore many people out. At the time, they did not have much choice but to make the commute. But with the introduction of online banking, this is no longer the case. You can avoid those long queues at banking halls and get transactions done from the comfort of your home.

Definition

Thus, begs the question, what does online banking involve? The easiest way to describe it would be the ability to access your bank account using electronic devices. That means that you can view your account and make transactions from your phone or other such devices. Not only is it easy, but in most cases, it is free. The icing on the cake is that you do not need to call on the bank for most transactions. If you are lucky, you can use an app for all this, depending on the financial institution you use.

In most cases, though, you can avoid the queues. Most institutions allow you to check your accounts and statements, cancel standing orders and direct debits, pay your bills, and other such activities. It is a quick way to go paperless, as long as you have an arrangement with the bank. Also, you can keep an eye on your investments while on the go.

Uses

What can you do? What transactions can you carry out? While this form of banking has eased operations, you cannot do everything from your phone. Sometimes, you have to make that trip to the banking hall.

THE FIRST ONLINE BANKING SERVICES BY REGIONS

Online banking has fast become a sensation in the finance industry. If you want to check your account balance, all you need is your phone or another electronic device. Gone are the days when you had to queue to make your mortgage payments. Nowadays, you can monitor your investments as you grab a coffee and catch up with friends. This convenience has changed the way people view bank transactions. And it is only set to get better with time. Before looking at what the future holds, it helps to look at how all this began. When did online banking start, and which banks were the first to jump onto the trend? Well, here is a brief breakdown on the same to help you understand who did what and when.

The United Kingdom

As things stand, this region is home to millions of online banking users. However, this was not always the case. Online banking did not exist for the better part of the twentieth century. Before it came about, people knew that bank procedures called for pen and paper, no matter how small. And boy, were the processes tiring! So when Nottingham Building Society introduced the Homelink service in 1982, it was quite a gamechanger. It was unheard of that one could get anything done at the bank without physical presence. And now, here was an institution offering to ease the work cut out for their clients. At first, the service was available to a few people before it got a national reach in the following year.

GLOBAL EVENTS ABOUT ONLINE BANKING

The banking industry changes ever so often, aided by varying factors. In the past few decades, we have witnessed the evolution of online software for media, games, banking and more. With the advance of technology everything became possible, you can find the casino game providers with the best online software at slotswebsites.org. This concept came to be in the 80s and seems to be taking off at an even faster rate. A large portion of the world’s population now relies on online banking for one withdrawal or the other. In the future, there is a likelihood that more banks may go online, increasing the number of users.

Economy Crises

But even with this growth in the banking sector, there is always a fear that things might not go as planned. Take an example of the 2007-08 crises, which saw many banks fall, unable to keep up with the economic changes. It all started with a slight recession at the beginning of the decade following a terrorist attack. People still feared that a recession was likely, and they operated with this in mind. The Federal Reserve worked to ease this tension by lowering the funds rate to 1.75% within a year. The result was added liquidity in the market, which you may refer to as cheap money. Borrowers were restless as they had no assets, jobs, and incomes, but this liquidity gave them new hope. People took out home loans, and the rate of home-buying increased. Items were now moving off the shelves, and the economy was behaving as it should have. Things were looking good.

Benefits

Why should you consider using online banking? Many people have made a move to online banking, favoring it over the traditional means of banking. For some, it is all about avoiding the queues. For others, the convenience makes it possible to transact a lot over a short period. Well, here are the most common benefits.

For one, you can pay your bills without leaving the house. All you need to do is to set up accounts for people to whom you make payments. Once this information is in the system, you can click on the payee for the day. That allows you to make timely payments without running the risk of a lost check. Some institutions will not allow you to pay your bills online. However, you can find that they allow for the same when you use their site. While a convenience fee may apply in some situations, it beats rushing to the bank for every transaction.

WHY ONLINE BANKING IS USEFUL

The face of online banking has changed a lot ever since this concept took over the banking industry. At present, a significant portion of bank account holders has used some form of online banking. Many institutions offer online banking as a fast way to pay bills, move money, and monitor accounts. All this is possible using a web browser, and you need not leave the house.

There is no denying that this ease of access has made financial management quite easy. You can deposit a check in some banks by merely taking a photo of the same and submitting it. You can be on safari and still make timely payments for your mortgage. All you need is a smartphone or computer with stable access to the internet. That is especially the case when dealing with an online-only bank.

The future

MODERN BANKS TODAY (REVOLUT)

Nowadays, people would rather avoid a trip to the bank, and they thus embrace online banking. As a result, banking institutions have changed the way they serve their customers. Take Revolut as an example. This thriving financial institution has incorporated both traditional and modern means of banking. It still opens its banking halls to the public, allowing people to enjoy traditional banking. For people who want to avoid queues, you can use the app. Not only does the app aid in sending and receiving money, but it also caters to other needs. Users can trade in crypto, generate reports on their spending and other such activities. Revolut is not alone in this incorporation, as many other institutions have followed suit. Thus, begs the question, how is traditional banking different from online banking?

Differences

Location

Traditionally, banks would have a physical address which clients would visit when they needed their services. It owed to the need for pen and paper for almost all transactions. With the increase in online banking popularity, this is no longer as necessary as it was. Some banks will offer both online and physical services. It is especially the case for banks that already existed before online banking came to be. Other banking institutions may not have a physical address. Their clients can access all their services online, and they thus do not need a physical presence.

Transaction Time

A downside to traditional banks is that most transactions take place by pen and paper. People have to stand in line to get to the tellers or even talk to the managers. Given that the processes are manual, they take a lot of time to complete. The result is that clients have to stand in line for long periods leading to hours. And that includes time taken for small transactions such as money transfers and checking balances. It can be an inconvenience in most cases.

DEFINITION OF ONLINE BANKING

Online banking has made financial transactions more convenient, and there is no denying that. If you want to send or receive money, all you need to do is access the internet using your phone or computer. The same goes for paying bills, reviewing account statements, making applications, and other such services. To businesses and individuals across the globe, online banking has been convenient.

The economy is not behind when it comes to positive effects resulting from online banking. You see, with this added convenience in making payments, people are now consuming more than they did in the past. People can shop for items, pay for vacations; make partial deposits, and other financial transactions. You no longer have to visit the bank to get money to pay for that dress you saw at the mall. Thanks to this ease of access, people end up consuming goods and services at a higher rate. The result is a decline in inventory. Businesses benefit from this increase in access to money. Clients can see items that they like and pay for them immediately using their cards or other online payments. They can thus stock more things which will also sell at a similar rate.

IS ONLINE BANKING GOOD FOR DIFFERENT INDUSTRIES SUCH AS GAMBLING?

Online banking has proven to be a useful tool for most, if not all, industries. For some people, it has proven to be the go-to when making transactions convenient for their customers. Why is this? Well, the following are some of the ways this form of banking has revolutionized business approaches:

Global Access

With online banking, customers can make payments at any time of the day from wherever they are. Transactions run on automation, and there is no need to interact with the teller to withdraw money. Take an example of a beauty shop selling makeup to its customers. It can have its doors closed yet still make sales from people making purchases from home. This ease of access has enabled some businesses to be wholly online without the need for physical addresses. Customers can make payments at any time of the day, and both the customer and client can have faith in the transaction.

Better Customer Service

Clients no longer have to walk into businesses with checks or cash in hand to finalize transactions. They can make payments from anywhere in the world, leaving the rest to the vendor. You can pay for a pair of shoes while in one country, and a vendor in another region will facilitate the delivery. Thanks to this, customers feel comfortable making as many purchases as they would like.

HOW MUCH MONEY IS THE GAMBLING INDUSTRY WORTH?

Gambling in overall has been on a steady increase, more so with the introduction of online gambling. People can now place wagers from any place in the world and at any time. Making deposits and cashing out has never been this easy. And with this added convenience comes growth in this thriving industry. The question is, how much is this industry worth at present?

You have probably wondered how much money bookmakers make and what they contribute to the economy. It could be that you saw some winnings and wondered how a bookie could afford that much. Well, if such questions have lingered in your mind, here is some information that could prove useful:

Gambling Population

Let us start with the number of people gambling in the world at present. You probably know a gambler given that 26% of the population has gambled at one point or the other. That points to more than 1.5 billion people placing wagers. Annually, at least 4.2 people participate in gambling, and you can see how high that number is. Online gambling has fast increased in popularity, and it accounts for a considerable percentage of this. Take the UK, for example, which is a region home to many punters. At least 17% of the people living in the country participate in online gambling. Annually, the country records revenue averaging £5.3 billion.

The US is not behind in this as it is also home to a large population of gamblers. Online gambling has been on the increase over the years. In the year 2018, the country recorded revenues of $306.5 billion resulting from online gambling. From these figures, you can see that this industry is on the rise, with billions of dollars in play.