Why should one consider exploring online banking?

Expert Solution

Online banking allows the customers of the bank to access their accounts and conduct transactions over the internet.Online banking maybe of two sorts the online services offered by the traditional banks and the online-only banks.And in case of online-only banks the banks will be able to offer the customer services at a lower cost due to lower overhead costs when compared to a traditional bank another perk would be the higher interest rate also owing to the reduced overhead costs.One of the many reasons for an individual to consider online banking is the convenience associated with it.Online banking facility is available 24.*7(around the clock),which means all the customer needs is a working internet connection and a laptop ,tablet or smartphone to access the website.Online banking can be made use of by the customers to pay their bills in a hassle free way.Another perk of using online banking is money transfer.Through online banking the customer can transfer money to other accounts without having to visit the bank physically or issue a check.Another reason to consider online banking is the that it allows the customer to monitor their account balance and also review the transactions made during a particular time frame.

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