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What are the advantages of online banking?

      

Explain the advantages of online banking.

  

Answers


Maurice
(a) Efficiency.
One can access and manage all of his/ her bank accounts or securities from one secure site.

(b) Effectiveness.
Many online banking sites now offer sophisticated tools including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectivley. Most of them are also compatible with money managing programs such as Quicken and Microsoft Money.

(c) Convenience.
Unlike physical banking, online banking sites never close, they are available 24 hours a day, seven days a week, and they are only a mouse click away.

(d) Ubiquity.
If you 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 business 24/ 7.

(e) Transaction speed.
Online bank sites generally execute and confirm transactions faster than over the counter teller transaction or ATM processing speeds.
maurice.mutuku answered the question on May 5, 2018 at 07:19


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