The Current Role of Internet Banking in Society

The Role of Internet Banking in Society In 2022

Current Role of Internet Banking in Society, The world is fluctuating at an overwhelming rate and technology is considered to be the significant driver of these deviations around us. A scrutiny of technology and its uses show that it has infused almost every facet of our life. Several activities are handled electronically owing to the acceptance of information technology at home as well as at the workplace. The Internet can be seen as an accurate global phenomenon that has made time and distance immaterial to many transactions. Indeed, the transformation from conventional banking to e-banking has been a ‘leap’ change.

The Current Role of Internet Banking in Society

The development of electronic banking began with the use of automatic teller machines (ATM) and has surpassed through telephone banking, direct bill payment, electronic fund transfer, and pioneering online banking.

The future of electronic banking as per some is the acceptance of WAP-enabled banking and interactive-TV banking. But it has been estimated that among all the categories, online banking is the future of electronic financial transactions.

The growth in e-commerce and the use of the internet in its facilitation along with the improved online security of transactions and sensitive information have been the fundamental reasons for the penetration of online banking in ordinary life. 

Current Role of Internet Banking in Society

As per the latest official figures from the Office of National Statistics, subscriptions to the internet have grown more than 50% from 15 million in 2000 to 35 million in 2005 in the UK. It has also been assessed that 60% of the population in the UK use the internet in their everyday lives.

The ultimate shift towards the involvement of the customer in the financial service providers with the help of technology particularly the internet has helped in decreasing costs of financial institutions as well as enabled clients to use the service at any time and from virtually anywhere with access to an internet connection.

Customer evaluation of electronic services is inclined by attributions of success and failure in interpersonal service situations.

The use of electronic banking has eradicated the banking personnel that eased the transactions and has positioned additional responsibilities on the customers to transact with the service. Though the use of E-banking is provided for the customers’ benefit, these changes necessitate bigger work or involvement on the part of customers.

These and other factors might be seen as lesser service offered in terms of customer service. But these assumptions would be incorrect if the customer knows the worth of using the electronic service.

Thus it can be concluded that a fit between tasks i.e. banking; technology i.e. the user interface and its reliability; and individuals i.e. the customers and their knowledge about using the service, is the key to successful E-banking services.