Future Trends in Online Banking

Six Tips for Safer Online Banking

Over the last few years there has been an increased interest in online banking. That interest is expected to continue to grow into the future as people become more mobile with the popularity of mobile computing devices like smart phones and tablets. Online banking is especially well suited for current owners and future owners of tablets. Payment of bills via online platform over the recent past has been on the increase accounting for the at least fifty percent of all payments of bills made in the United States for instance for the house holds that have internet access.

 

According to several consumer surveys done by different scholars and institutions dealing with the banking business, there is an upward trend by consumers in the usage of digital avenues to conduct their financial services. This trend has been constantly observed since the year 2002 to date. The scholars and researchers have observed that consumers are increasingly getting inclined towards the online and mobile avenues for daily financial solutions. This has been so especially with the owners of tablets and thus their demand is promising to increase in the near future.

The surveys have for the most part been conducted in USA on the online populations that are representatives of households. In order to understand the future trends in online banking better, it is good that a sample of the results be looked into. As per the findings of the survey some 19 percent of households with online usage have ownership of a tablet. On the same breath there is a 20 percent of the online population that anticipate owning a tablet. From the above survey it is clear that 39 percent of the online population will most likely be owners of a tablet in the near future. Even with the percentage population who own a tablet, they have expressed high level of willingness to own a second one in the future. The implication is, there most likely will be an upward trend in the usage of the gadgets in establishing and enhancing financial relationships among this group.

Generally the people who own a tablet right now and the ones who anticipate owning one in the near future have expressed a lot of interest in usage of their tablets for accessing financial services.

Banking District

Some forty five percent of the online population has expressed interest in using their tablet to do banking. The expansion of the kind of banking services the population would like to do with their tablets is : Viewing of monthly statements, making payments of bills, viewing their real time accounts’ information and money transfer services from one account to another at same financial institution. The consequence of increasing tablet ownership is that financial services for instance, banking based on tablets will grow tremendously.The importance of online platform for initiating and keeping financial and consumers’ relationship is on the rise. Classic examples of these include online opening of ordinary bank accounts, issues of opening credit accounts, making savings. Also, processes of securing loans and mortgages, especially for first timer consumers, on an online channel have been observed as another frontier. In a nutshell, future trends in online banking will be determined a great deal by mobile gadgets technology especially the much coveted tablets.

Enhanced by Zemanta

Is online banking safe and secure ?

Is online banking safe and secure?

Online banking can be defined as the facility of banking through the internet. However, most individuals are unsure of whether online banking is safe and secure. In this article we are going to look at how safe and secure online banking is.

Every online bank usually has got a small portion of their website dedicated to explaining about the security measures which people have to adhere to in order to conduct safe and secured transactions. Usually, most of the banking systems utilize the direct modem connection, which is a transaction that is not transmitted via the internet. However, if you are opting for online banking transactions, it is ideal that you ensure that the bank in question is using a high end encryption i.e. the process that helps to scramble the data in so that only the person intended for it will receive it. Let us now have a look at some of the safe online banking tips that banks usually encourage their consumers to adhere to.

Safe Online Banking Tips

The following are some of the safe online banking tips that banks usually encourage their customers to adhere to in order to increase the security in their accounts. They include;

Tip#1: Use of Virtual Keyboards

Banks usually offer the option of using virtual keyboard as a means to counteract key logging malware. It is ideal that consumers always use the virtual keyboard rather than the physical keyboard.

Tip#2: Use URL Stating with “https://”

The websites’ URL beginning with “https://” is considered safer than “http://”. This is because the former normally allows users to log in by creating a secured channel over an unsecured network.

Tip#3: Safe Access

It is ideal that people avoid accessing online bank accounts from the public computers. A home network is one place that will assure you of secured and safe online banking services.

Tip#4: Selecting a Strong Password

A strong password, which is at least eight digits long and that uses a combination of lower and upper case letters, symbols and numbers, is ideal for the purposes of safety.

Tip#5: Selecting Security Options

Most of the banks sites will allow you as a user choose some security questions and answers in addition to your username and password. Thus, any time a person is accessing your account from a different computer, he or she will be forced to first answer this questions. This thus is a sure way that will provide additional security to your online account.

Tip#6: Thwarting Phishing

It is ideal that you avoid logging into your own account through a link which has been received via an incoming email requesting a change of password and username. This may assist ward off phishing.

The above tips may assist you answer the question, “Is online banking safe and secure”. While indeed nothing is 100 percent safe, this tips will surely assist you reduce the possibility of being defrauded by hackers.

Six Tips for Safer Online Banking

Last but not the least; by following the above easy and simple precautionary tips, you can easily ward off the threat usually posed by the vicious crackers to the safety and security of your internet bank account. Thank you.

Enhanced by Zemanta

Square – Simple and Easy Credit Card Payment Processor

Nowadays, the technology evolves quite rapidly. One of them in an online payment processing system. Olden, business owners who have online shopping sites must have a merchant account. So, they can get payments from their buyer. But, this day it’s not necessary for them to have a merchant account to get payment by credit card. This service call as square. It’s an alternative of the traditional merchant account.

Pay with Square

Pay with Square (Photo credit: Jorge Quinteros)

 

It’s free of charge to join with square. To use this service needs card read call as square card reader. So, what is the square card reader ? It’s a tiny card reader, which have size like a postage stamp that can be connected to a smart phone, an iphone, an ipad or an android phones by headphones jack. Once, it’s connected, square card reader turns to a credit card reader. It can swap the buyer’s card via the reader. And square application will process customers’s payment. Square appications can be got for free on itunes or their website ( square website ). After square card reader is connected with applications have been installed on the smart phone, iphone, or ipad. Seller can receive payment through credit card in minutes. And, the money will entry to the bank in one day.

Square was established in 2009 by Jack Dorsey, co-founder of one of social networking sites, Twitter. And, it’s been used by many business owners. Square service can be usefull for freelancers to get payment by their customer who do the payment throug a credit card. At this moment, square is only available for US. But, They said will available for canada and international soon.

There are advantages and disadvantages using square services.
The advantages using square services
- There are no contracts needed to use square services.
- Since, it’s mobile. it’s very convinient for people who travel for business.
- No need to buy equipments and softwares. Beacuse, they give square card reader as well as it’s application for free
- greens the business because no papers needed to store or keeps track of customer transactions. square allows their user to access online all transactions such as; cash, credit card purchases, and credit card payments securely anywhere anytime.
- data transactions can be downloaded for free
- Customers will receive receipts their transactions on their smart phone, iphone, ipad, or android phone. They can browse the photos of items which they purchased. And, so are with descriptions. They can share them with their family or their friends.
- It’s very suitable for small business owners with low volume transactions because square give low per transction fees and so is the monthly fee. For swiped transactions, processing fees are only $2.75. And, for keyed in transactions. The processing fees are 3.5% + $0.15
- There are no hidden costs

The disadvantages using square services
- Square is not fit for large business owners Because, square card reader is so small and easy to vanish.
-Transactions volume of large businessess are so high. So, it’s too expensive if use square to process credit card payment. Because, discount rates from square is only $1.79.

Enhanced by Zemanta

Don’t Be Afraid to Bank Online

Many people are actually afraid to do their banking online.  As a result, banking requires more of their time, and can be an inconvenience to them.  We all know that brick and mortar banks have limited hours, so if you work a normal Monday to Friday, 9 to 5 job, it is almost impossible to make it to a bank during normal business hours.  And, if the bank is open on a Saturday, it is usually only until noon.

Don't be afraid to bank online

Many people have heard the horror stories of falling victim to a phishing attack or having their identity stolen so they avoid doing any secure banking online.  A person must realize that these cases are quite rare, and if you take the proper precautions, you stand very little chance of anything bad happening to you.  The convenience far outweighs the risk.

In today’s society, we often need instant access to our banking information, so it is essential that you do your banking online.  Here are some issues to keep in mind.

Security / Online Identity

The main thing you want to do is ensure that the computer you are using is secure, as well as the network you are using to connect to the internet.

 

Your Password

Your password is the most critical piece of information with regard to your online banking.  Never, ever, give the password to anyone over the phone or in an email.  A bank official will never ask for it, they will ask for other identifying information that only they would know, and never your password.

Your PIN

Your pin is also a very critical piece of information and should never be given out to anyone, or written down in your wallet and especially not on your card.  A bank official will usually never ask for the pin over the phone and never, ever in an email.  Keep it in a very secure spot.

So there you have it.  Online banking can be safe and secure and you should not be afraid to do banking online.

Online Banking Using a Smartphone

Since Mobile phones have have now developed into multipurpose gadgets from the early sole task of making telephone calls to the point where today people can use their so called ‘smart phones” to do almost everything: one can make phone calls, email, text surfing the internet, taking videos and pictures and playing games among many more. Nevertheless, what has attracted most people’s attention is the use of mobile phones in handling money matters.

One of the known applications in terms of money on a smart phone is the issue of making payments over the phone. This can be carried out the same way as making payments over a landline. Nevertheless, one should always be careful of the surrounding when making payments over mobile phone; one should not necessarily read out his or her bank details in public as someone may overhear him.

One can organize and administer his or her money using a smart phone. Most banks nowadays present internet banking to their clients. Thus, you can easily access your account via your phone in case your phone is internet enabled. This can be achieved by simply opening your bank’s webpage on your mobile phones browser. On the other hand, several banks nowadays offer more accessible versions of their websites with an aim of making the mobile internet banking easier for their clients. Thus, one can check their balance and make payments over the phone.

The number of Internet banking users is increasing day by day. You are suppose to ensure that you are safe whilst internet banking. Ensure that you are using a secure Wi-Fi connection and restrict yourself to using authorized banking applications or websites. Also, make sure that you log out once you are done, and change any default PINs or pass codes.

Already, there exists numerous ways that one can supervise his or her finances and make payments. Nevertheless, in the near future, the process will be made easier as many banks will make it possible for their customers to make payments to their fellows using their phone numbers. There will be a central database which will link account details with mobile phone numbers. The payments will be made via an application or internet browser and will be protected with a pass code. This system will be instant and ideal for making payment to people whose bank details are known.

In addition to having mobile versions of their websites, most banks also have their own “app” which can be downloaded to the smartphone that allows the user to perform virtually any function they desire: transfer funds, open accounts, check balances, etc.  The advantage of the app is all of your security credentials are stored and you don’t have to worry about re-entering them or if they are secure.  The app takes care of that.  Also, it is designed to be viewed on a mobile device so all of the screens are formatted so you can easily see what you need to see.  Check with your bank to see how to obtain their app for your phone.

Lastly, with an increase in contactless debit and credit cards, the technology is now applied to mobile phones. Though, for now there is just one phone model capable of using Near Field Communication technology, it is believed the number will soon rise. This implies that for diminutive payments, one will be in a position to substantially hold up his or her phone to a reader,then just make a payment without the need to enter his or her PIN or signing for it. These impending changes on how one can use his or her smart phone to make payments will ease the transfer of money. The verity that you will not have to know the bank account information of the person you are transferring money to could add height of safety to transactions.

Enhanced by Zemanta

The Advantage of Online Banking

Online banking provides a lot of benefits for users of both business and personal accounts. The capability to access information rapidly, download it into the accounting system and do business online with a just a few mouse clicks are the great advantages of this still developing system.

Benefits

The Advantage of Online Banking

Online banking allows businesses to avoid stresses of brick-and-mortar banking. Online banking systems allow user to transfer funds from one account to another easily and quickly rather than going through the stress of check writing. Online banking also provide the option of downloading critical information into an accounting software to lessen the time it takes for bookkeeping procedures. Furthermore, the information also include places where the funds was spent, making it easy to track the account history.

Significance

Bookkeeping was once a skill that typically requires the use of grid paper and several hours examining and validating the entries. A missed entry eats up significant time to find and could cause difficulties with merging the accounting books with the account balances. Online banking usually takes out as much of this conjecture as entries are processed online within few minutes of a transition. The listings consist of important information and running account balances to make confirmation of the account against personal information easier.

Misconceptions

Some people believe that online banking makes their personal information susceptible to others accessing their information. Although that probably always arises, banks typically use encrypted information and multifaceted security measures to lessen the likelihood that personal information will be compromised. However, online banking isn’t fully protected from possible fraudulent, and still requires cautiousness on spending. There are some tracking systems that are faster than others, and knowing how yours works can prevent refused charges as well as overdrafts.

The Facts

Online banking serves as an instrument to help with business and personal accounting. Every financial institution can enforce its own limitations, such as how often funds can be transferred or the account holders can only transfer a limited amount of funds. Many institutions nowadays have some additional features, such as free online bill payment, to attract potential customers.

Evolution

Online banking starts as home banking, a service that allowed users to use videotex, which is a tool that looks like a laptop but had some limited capabilities. Videotex didn’t gain acceptance, and banks searched for new methods to attract customers. Phone banking, where people could register their personal information over an automated system, became widespread in the 1990s before the extensive usage of the Internet made accessing information online a practical option.

Considerations

Some online banking systems come with a slight lag time. Try to check whether your bank has a real-time reporting before you depend on it for time-sensitive transaction and balance information. Because every bank has its customized system, it can be difficult to get used to every system and to avoid committing mistakes with transactions. It is very important familiarize the guidelines of each online banking system and don’t assume that any of them will provide services that same way as another.

Enhanced by Zemanta

Things to Consider When Choosing An Online Bank

There are many things you absolutely need to consider when you choosing an online bank.  While it is impossible for us to go over every possible thing you need to look at, we wanted to discuss some of the more popular features to check.  In the future we will add additional articles as well, for now this should give you a good start.

Remember also, that you have specific needs that you want your online bank to provide, so make sure you check those out as well.  Before beginning to do your online research, get out a pad of paper and on one side list all of the features and services an online back must offer for you to even consider it.  Make another column with features that would be nice to have, but not absolutely necessary.  Finally, make a third column with each of the more common features you use and the fee’s associated with each.  List the monthly fee, atm fee’s, etc.

The first thing you want to look at and consider as it is probably most important that you think about is the convenience. With a little research and legwork, you can get a good online bank. You are going to find an online bank account that meets your banking specifications if you take it serious and factor in all the requisite considerations. There are however some tips on how to choose an online bank account that are discussed in this article. They are supposed to guide when choosing an online bank.

Make sure that your online bank is insured. It is something that many people take for granted. They tend to think that the bank must be automatically insured. As result, many banks take a nosedive and disappear with their money. As such, they have nowhere they can complain. Ensuring the bank is insured gives you a chance of reclaiming your money in case the bank fails. Even if they have a logo that states that they are insured, you should go to the agency’s website and verify the insurance. Many were surprised in 2008 when the biggest names in banking were found to have a lot of insurance problems.

Before you put your money in any online account, it is crucial that you ascertain its stability. Even though the bank has an insurance cover, you sure do not want to put your money and a bank that is slowly failing. You should take time and analyze the asset base of your company and try to establish how long the financial institution has been in operation. If it is a bank that is publicly traded, you should take the advantage and study its stocks and regular financial reports. Though these are not foolproof ways of substantiating the banks financial stability, it is a way of ensuring that you do not take any blind risks.

You should also go for banks that give their customers ATM cards or those that reimburse any monies that are spent using other bank machines. You also should take time and see what other charges the bank levies on their customers for using things such as debit cards. Make sure that you understand the amount of money they charge people for maintaining the accounts. You should ensure that you have gone for banks that charge the lowest fees possible.

It is also crucial to study the bank’s security records. Since the bank is online and you are going to be doing most of your transactions online, it is crucial that you establish that the bank meets some standards of integrity. You should ensure that they are transparent with people’s details such passwords and other secret numbers and words.

You should check the kind of rates that they charge on deposits. You should ensure that you go for banks that charge the least amount of interest or rates on your deposits. You should also take time and think about the situation whereby you are going to be forced to use paperwork in your transactions. You should know that a time will come when you will not be able to undertake every little transaction online. As such, it is critical that you know the amount of fees they charge for online transactions. It is therefore advisable that you go for online banks that charge not only small online fees but also reasonable ones when transacting using

Things to Consider When Choosing An Online Bank

 

paperwork.

OK, that should be a good start.  Remember that we want to be your #1 Source for online banking information, so please stop back soon.

Enhanced by Zemanta