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Banking made easier

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<>Most banks require their clients to apply for online banking services personally. When initially enrolling an account, a client is given a sealed envelope containing a temporary password.The client must login using the password before its expiry date. After a successful login, the client must immediately change his password to prevent others from gaining access to his account.


Many are now adopting online banking because of the convenience of having 24/7 access to their account and the time saved from not having to stand in long queues. Banks, for their part, want their clients to go online because it saves them time and money and allows them to serve clients beyond the banking hours.


Despite its obvious benefits, online banking has yet to enjoy a critical mass of adopters. Most of those embracing this banking technology are mid-level professionals in their 30s or early 40s who are techno savvy and are comfortable working online. Older people usually have traditional and complex banking needs and tend to shun online banking for fear of falling prey to fraud.



Yet, the older clients’ fears are not entirely unfounded as banking online requires that a client is familiar with current Internet technologies, such as browser controls and interfaces. Then there are those who take issue with virtual money, because they don’t trust the computer enough to handle financial transactions in their behalf. Globe Telecom’s G-Cash, and Smart Communications’ SmartMoney have staunchly been preaching to their subscribers about the rewards of banking online using their mobile phones.


As a way to allay their clients’ online security fears, banks have installed multiple layers of protection to ensure that the client’s every transaction is hacker-free. Clients may be prompted to answer several Personal Verification Questions aside from the usual username or password challenge. Usually, upon exiting the site, clients are given a summary of the transactions made during their last session. The time logs should match the time a client logged in to the system.



Banks also use the session timeout check after a period of inactivity. If you forget to log out and leave the computer for a long period, the system will automatically force your username to log out, preventing any unauthorized access to your account. Given all these benefits, it won’t hurt to give online banking a try. If you haven’t jumped onto the online bandwagon yet, now is your time to do so.


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