Internet banking has been used extensively used around the world particularly in the United States because of its expediency which increasingly developed today. Since almost everyone has the access to the internet, internet banking has been a great alternative to doing the traditional way of performing banking transactions which is personally going to the bank. Now, the traditional banks are being competitive in providing the most superb servces online, which is making the clients assured that their accounts are safe within the institution drobo shop. It has been said that Americans need their services fast and easy, that is why banks are coming up with more features on online banking to help their customers manage their finances more efficiently.
Many Americans are using online banking because of it being time efficient and less costly than going to the bank. It has been said by the FDIC or the Federal Deposit Insurance Commission that about 80% of Americans uses online banking and about half of them pay their bills online. It is a great insight that in the coming years, the rate of the American people using online banking will increase due to its fast development in convenience and technology. It was in 1980’s when the US internet banking started, but it was in the mid 1990’s when it became popular to people. Now, many people are fond of using internet banking while doing banking activities because of its 24/7 availability to the people. Mobile phones in the US play a big part of the online banking users because of the accessibility of internet anywhere and anytime. Even if only 20% of American people make use of their mobile phones for their banking transactions, it is certain that by year 2012, it will increase up to 50%.
Furthermore, because of the increase in volume of users in online banking, the security measures to contradict online banking fraud have been stabilized and have slowly decreased from the past years according to the US Federal Trade Commission. Now, the internet banking system has provided reports of the offenders through emails, through fraudulent online sites, and through phones.