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ICT

Changing lifestyles

Online banking

All highstreet banks offer online banking and some banks are exclusively online with no highstreet branches.

Services

A customer with access to online banking can:

  • check their bank balance
  • view/print current and previous bank statements
  • pay bills online, ie setup direct debits and standing orders
  • setup new, separate accounts for specific purposes, eg savings
  • transfer money between their accounts and to other people's

Customer benefits

  • Convenience - banking when it suits them, 24 hours a day, 365 days a year from any computer with an Internet connection [Internet connection: a computer's or another internet-enabled device's connection to the Internet ].
  • Higher interest rates - savings banks make through reduced staffing, fewer premises and increased automation mean they can offer higher interest rates.
  • Increased market awareness - visit all the banks and find out what interest rates they offer online.

Customer concerns

  • The closure of small, local branches or reductions in opening hours.
  • The security of online banking, specifically hacking [hacking: to gain unauthorised access to a computer ] and credit card fraud.
  • Staffing reductions.

As banking becomes increasingly reliant on technology these concerns are set to increase.

Back to Risks and implications of ICT index

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