Internet Banking

Many commercial transactions that earlier necessitated a visit to the bank can now be completed at the click of a mouse. Internet Banking has thus simplified people's lives by bringing banking into their homes and offices. If automated teller machines (ATMs) brought banking to the neighbourhood, internet banking brought banking home!

However, internet banking is not an unmitigated solution to all banking problems, far from it. Some of its drawbacks are:

1. There are security issues when transacting over the internet. Anyone who gets hold of your password can perform all of the transactions that you can.
2. Not all transactions can be done over the internet - deposits and withdrawals of cash, for instance.
3. The range of services is necessarily limited because human intervention is missing; often, investment decisions are better taken in consultation with a a banker.
4. By taking over some of the activities that used to be done by humans, it deprives people of employment - a critical factor, as people in the West are realizing.
5. The 'human touch', which forms such an important element of our social lives, is completely lacking in in internet banking.

Due to these drawbacks, internet banking will never completely replace conventional banking. However, it is safe to conclude that internet banking is here to stay.