Answered Essay: What are your thoughts about the trend to bank online? Do you think banking online is a sound banking pr

What are your thoughts about the trend to bank online? Do you think banking online is a sound banking practice for both banks and consumers? Will we one day become a cashless society in which all transactions are made by some kind of plastic card?

Expert Answer


Thoughts about trend online:

People can now able to complete their financial transactions by visiting secure websites that are maintained by virtual banks or brick and mortar, brokerage houses or credit unions.

Mobile capabilities and online banking are increasing important to their customers, authorities are stressing the fact that these online bank features are cost effective way of serving their customers. Customers are concerned with the financial institution may be accessed by the hackers via internet, so the banks should provide security to their customers.

Consumers/public is showing special interest in using mobile technology for banking purpose and they are ready to adapt to advancement in the technology.

Do you think banking online is a sound business practice for banks and consumers?

Online banking uses firewalls as well as encryption, a form of invisible coding to protect the consumer information from third parties. Typically personal identification number and a password are required to log into online banking account. Few banks offer additional protection such as logging off from the site automatically after a several minutes of inactivity. Data security is a serious concern for both consumers and banks. Banks are consistently implementing anti fraud measures to protect the financial information from a host of financial security breaches that ranges from use of unauthorized stolen debit/ credit cards to the theft of printed bank statements from mail boxes.

Few steps should be before deciding to bank online:

  • Verify whether the bank is offering the sound privacy policy which is designed specifically to protect data from unwanted solicitations.
  • Access your online banking accounts only through trusted computers using web browser that supports online banking encryption technology
  • Put a password which contains at least six characters that is mix of numbers and words.
  • Continuous monitoring of online banking account for any suspicious activity.

Will we one day became cash less society which all the transactions can be done by some kind of plastic card?

  • A cashless society is the one in which all the transactions are done by using some plastic or digital cards. Usage of physical currency will be minimal.
  • Tax avoidances will be reduced and also it will curb the generation of black money.
  • Most of the black money is invested in the real estate’s which will lead to increase in prices of the real estate markets.
  • Due to higher traceability of all transactions it will reduce money laundering and instances of tax avoidance.
  • Increase in usage of debit or credit cards will reduce instantly the amount of cash carried by the people physically which reduces all the risks that are associated with that.

Becoming a cashless society involves few challenges but if it is implemented, it will be huge gain for governments and the common public.

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