Internet banking, also known as online banking, has changed the way banking business is conducted around the world. Banking transactions can be executed anytime from anywhere. One can check account balances, apply for time deposits, and avail other banking services while sitting at home or at workplace. Unlike before where people had to jostle for time to visit a bank, now they simply need a computer to carry out their regular banking transactions.
Online banking has also given an impetus to e-commerce. The banking industry in association with the government, have formulated a set of regulations and laws that curb online fraudulent practices. Moreover, utmost confidentiality is maintained in deciding and allocating pin codes and login ids of online banking and instruments like debit and credit cards. Banks have also made it mandatory for customers to take relevant security measures to protect their online bank accounts. For instance, it is compulsory for the customers to change their login details on fortnightly or monthly basis. All these initiatives together have instilled faith and confidence in people to transact via the Internet.
People are now increasingly carrying out online buying and selling transactions predominantly in the areas of services. For instance, online booking of movie tickets is a common feature. During special days like Valentine's Day and Diwali, greeting cards and bouquets' websites witness maximum visitors load wanting to send online greetings and register for bouquet delivery at a particular address in advance. All this has been possible due to secure and fast internet banking.
To make online banking safer, you can also take measures, like installing an anti-virus and a firewall, to secure your personal computer from hacking. This is because hackers generally find it easier to access a personal home computer rather than breaching a highly-secured banking computer.
Internet banking was introduced in the 1980s but it only gained momentum in the 1990s. The banking customers initially began using online services for simple transactions like checking account balances and electronic funds transfer. To encourage more participation, banks initially provided the services free of charge and also conducted training programs to guide people on how to use internet banking. In India, ICICI bank was the first institution to launch it under the name of 'Infinity.'
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