Although online banking was introduced to make things easier and more convenient there is still a lot of controversy whether it actually solves or creates problems. One of the main issues was people’s security, being online there could potentially be numerous scams out there trying to gain sensitive information and used against you.

With this being said you can easily avoid the scams and receive the full benefit from online banking as it can truly make your life much easier if done with caution. Ensure that you look out for anything suspicious such as emails containing a link stating that you need to log into your account, these can often have software that obtains your log in details and sends them to the creator.

With online banking you be able to manage everything in your account in the comfort of your own home. This automatically cuts out any phone calls or trips to the closest bank therefore saving you time.

Once you have signed up for online banking you will be able view your latest transactions and monthly statements to keep a record of your finances. Many people are even helping the environment and opting out to receive a paper statement each month which cuts down the waste of paper.

You can send or make payments to other people or any credit cards so not only will it save time, it will ensure that you don’t miss any credit card payments resulting in additional bank charges. This isn’t just limited to the UK either, you can send money overseas with the click of a button.

If you have forgotten your PIN number for your cash or credit card you can request it to be sent out to you immediately to the address on file, be sure to update your details if they change as you would hate for your personal details to be sent out to an old address.

Not only will it allow you to manage your future finances online but you can check your existing direct debits and standing orders so that you are aware of what you have connected to your account. You will be able to view how much the amount is for, the last date is was taken out and the next date the payment is due to come out. If you see anything out of the ordinary then you can amend or cancel any of your direct debits to avoid paying for anything you’re not wanting to. If you use cheques often then you can also monitor those online, you can view, amend of cancel pending cheques linked to your account.

As you can see online banking offers a huge list of benefits that will make your life easier, as well as being able to manage your bank account you can apply for further products such as mortgages, loans, insurance and many more. This will also be made easier as they already have your details and credit history on file so you can often get an instant quote.

While we all know that the internet has made a real impact upon our every day lives, who would have thought that the traditional business markets and practices of yesteryear would have been so affected.  This transformation is reflected in the rise and rise of Google, which seems to be going from strength to strength.

Originally listed on the US stock market in 2004 at $84 a share, yesterday saw the price of Google shares break the $700 barrier for the first time, with many analysts expecting further gains – even against a falling stock market.  While the majority of Google’s income comes from advertising, their main business is in the search engine sector (a sector which they have dominated for some time).  The company is now valued in excess of $200 billion, making it the 5th largest corporation in the US!

One of the markets which has been hit by the onset of the internet is the financial industry.  As much as some people may dislike the power which online access holds, it is very unlikely that you will be able to succeed in the financial industry without some form of online presence.  The growth in comparison websites has also been very marked, with many people now more keen to see if they can shave a few pounds off their mortgage, or agree better loan terms elsewhere.  When you also consider the change in laws regarding termination payments, the consumer really has more control than ever before.

While the industry has never been more transparent, you still need to read the fine print, making sure that you understand what is on offer, how much it will cost you, and if it is really for you.  It is not difficult to check, and access to additional data / terms and conditions has never been better – online and on the ball, you need to go into every transaction with your eyes open!

For the first time ever, the number of internet based banking customers now tops the number who use telephone banking.  It has been reported that there are 17 million live internet banking customers, against “only” 16 million who use telephone banking. 

It seems that the biggest change has come from the over 55s group, who have slowly but surely taken to internet banking, as the group also show the largest increase in internet literacy of late.  It seems that a mixture of robot like telephone banking systems, and easier and easier access to the internet have pushed many towards online banking.  What does this mean for the banking industry?

While it is good news for the financial industry from a costs point of view, with internet costs very much lower than those for the telephone system, it does open the industry up a little more to online fraud.  Over the next few years we should see a mixture of greater online security, and a number of advertisements detailing how to spot these cons and how to ensure your user details and savings are safe.  This in itself may be a major battle for the financial industry!

This move towards online banking just serves to show how advanced the UK market has become, and cemented our position as on of the most internet literate countries in the world - a position which seems sure to get stronger and stronger. 

Will mobile banking ever be as successful as internet banking? Time will tell, but there will need to be a massive increase in the quality of mobile internet connectivity, and quicker data transfer speeds - which both seem some way off at the moment.