How the advent of Internet has transformed the banking experience

Traditionally, banking has always been a tedious activity. Especially in a country like India, where population is extremely high and ever increasing, banking experience has predominantly been quite difficult, consuming a lot of time and energy. More often than not, a visit to bank comprises of long queues, confusing forms, tight schedules and loads of patience. And it gets overtly frustrating when you have multiple transactions to be done at a time.

This is where the advent of Internet has tremendously transformed banking experience. With almost every activity related to banking a few clicks away, Internet has saved the user valuable time and enormous energy. It has pushed banking towards being more customer-friendly, highly organised and less time consuming. All of these have contributed towards decreasing congestion in branches, even though the number of transactions has increased stupendously.

Apart from ease in traditional banking activities, several different aspects of banking have been successfully introduced with help of Internet. It is because of Internet that banking has become a round-the-clock activity. Employed persons, who barely had time to visit their bank for transactions or any other activity, can now do it as per their convenience. Through bank websites, customers now have access to multiple services like bill payments, subscribing for insurance, applying for loans or even purchasing goods and services at a discounted price.

Another aspect which has emerged due the advent of Internet in the banking sector is e-commerce and e-trading. With banks enabling payments over the Internet, the customers are now empowered to buy goods and services through E-commerce and even carry out investment trading. Though the news of online banking frauds surfaces occasionally, Internet banking has progressed leaps and bounds in terms of security & privacy.

It is quite fascinating and unbelievable how Internet has transformed the general perception about banking completely. Within a few decades of introduction, the entire banking scenario has been redesigned by emergence of Internet, and has made banking a delightful experience for the customers.