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.

Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.

× How can I help you?