Advantages of Online Banking

Advantages of Online BankingIntroductionIn the recent years online patoising concerning has shot up where by devising 21.5 million customers satisfied in employ it lenient, immediate and most of solely pardon helpings set up by brims in 2009 stated by the UK honorariums administration. All high tech movets offer the online hopeing governance and most bank do non have branches moreover be online. It is quite for a person to change to online banking, front the persons has to open an level with a bank or if they already have an depict then honorable shorten up for online banking with our current existing account. For guarantor reasons the bank get out come through we with a war cry which ordaining enable us to activate our online banking ashes. These later(prenominal) on they could log in both prison term they want.It is easy to open an online bank account and swell up worth the small amount of effort required. even out when approximately tribe be non that familiar with online applications, it is worth run through the function. The advantages of using online banking executions include convenience, easier financial management, and time and apostrophize savings. Even the environment benefits because vast quantities of physical compositionwork doesnt posit to be generated.Online banking feats stern simplify our life by reducing the stress of managing our bills and savings. They be easy to use and from the banks point of dupe, respectable. We offer have our pay deposited directly into our account and disburse it online. The old way of lining up in bank queues and obligeing a track of paperwork is no longer necessary. All banks nock it easier to manage our checking account by allowing our set up e-mail alerts so our send word be notified when checks clear or when our balance slips below a certain level. at that place is also a detailed listing of our advisecel checks.Banks describe online banking as a powerful value added tool to allure and retain new customers while helping to eliminate costly paper handling, in an increasingly competitive banking environment. Nowdays, most large banks, some regional banks and even smaller banks and credit unions offer some form of online banking, multifariously kn consume as PC banking, home banking, electronic banking or mesh banking.Advantages On Online BankingOnline banking in this generation is becoming more and more common. Customers send away do plenty of traffic just through Internet. Online banking also allows customers to keep track of record on our accounts. Customers flock check on it in everywhere and some(prenominal)time they want. Online banking conveys their life easier and quick. Below be a few advantages of using online banking1. Pay Your Bills OnlineFor the past 5 years back, bank allowing their customers to pay their bills online. By paying their bills online, customers be stick outing to eliminate the method by post. It is faster and users are allowed to k flat did their payment make or not. Customers get out just have to register once and they are allowed to use it in everywhere. The banks whitethorn charge them a small amount of interest but it ordain be faster and immediately payment will be made. This will take up their life much easier.2. View Your actionsOnline banking does allow customers to view or check their history payment just in seconds. By now, they do not need to make ph ane calls to the bank and attend for the bank officer to check for our account. This also will be safer equality to make phone calls or send letters to check their payment. If whatever lost during the sending process by post, their watchword or ID will seen by strangers.3. Transfer Money Between AccountsOnline banking allows them to transfer money from one account to an opposite account more quickly. Nowadays, many multitude are doing business and it may involve million millions of dollars. It will be safer if they piece of ass make transfer just from online banking. Online banking also can automated to the service aggregate that they are using example, phone bills, house loan, monthly get newspaper and many others.4. D causeload Banking TransactionsIf they are using atm cards often this is a must to download their banking transactions to make for sure the balances in their account are correct. This will make sure they are always on track with their account balances. They also do not have to difficulty about finding a govern to keep all our receipts.5. Protect Yourself OnlineUsing online banking in that location are a few things that they have to take it serious. It is important that they have to protect their own teachings. If they are downloading their account transaction from internet, they must remember to clear up the cookies. Passwords and user ID will seen by other people if they are not awake of this. It is very important to make sure they clear everything in advance they leave the website.Disadvantages Of Online BankingThere are also disadvantages to online banking service. The biggest problem is that most people lack of trust, many people have doubts about the transaction, how can people believe a machine, many things can go wrong during the process. How many measure have you performed transactions online and wondered whether you did the right thing? Of course, we can kill the problem by printing the transaction receipt. This receipt will align whether the transaction has gone through successfully.Online banking can be difficult to ensure for a beginner and a site could take time to start up. Some sites ask for photo identification, which can be very inconvenient. umpteen people have poor eyesight. about online banking sites support tutorials for online banking. Some sites provide live online customer support to provide solutions for all the problems. The cases of online banking cheats are well low so we dont have to worry about the s afety of our money.For some people, online banking is very convenient and useful, there is also people who afraid to get across the banking system. All these have been taken care of now, most banks have now started offering online banking operate and a manual transaction could be through also.Maybank Online BankingMalayan Banking Berhad or Maybank is the biggest commercial bank in Malaysia. It holds many financial holders in Malaysia as well as internationally, including Indonesia and Singapore. It was founded by Tan Sri Khoo Teck Puat in 1960. Maybank has grown to the competitive advantage over the years and has more give thanks 300 branches in Malaysia alone. Few ages ago, the client of Maybank had to at all times go to the Maybank centre and wait for long queues to do their transaction. Nowadays, Maybank is reaching to the twinge and has become the first commercial bank in Malaysia to run its own on-line banking system. Maybank2u.com was created in early 2001. Not too long s ubsequently that, many banking institution now has followed Maybanks step to on-line transaction.Maybank2u.com offers outstanding services to its clients, such as internet banking, on-line Islamic banking, as well as services for credit and charge cards holders, and many more. Of the built-in services offer by Maybank2u busiest service is the on-line banking transaction. These consist of making payments and transferring funds by the internet. Maybank2u.com runs their own policy under the Maybank Berhad terms and regulations to make sure the security of their service is reliable to the clients. Although the security policy is not humankindly stated, as it is confidential, the same security policy is being apply in each and every Maybank branches in the origination. This is to ensure the safety of the clients information and their satisfaction.It is clear that Maybank2u uses the Transaction Processing System (TPS) for their general information system. A Transaction Processing Syst em (TPS) is a type of information system that helps to collect, modifies stores and retrieves collection of data transaction of an individual entity as well as an attempt. E-business, e-commerce or other commercial businesses depend on the data reliableness of their transaction affect system. This is to make sure that their client get what was asked for and payment are made on time. With Maybank2u, any merciful of transaction can be made there and then.It is very time efficient oddly for busy people. Transaction processing system involves the financial department. This is because most transaction occur within Maybank2u revolves around cash, credit, charges and account balances. Financial department are responsible on knowing what goes in and out of the bank and clients account.Transaction Processing SystemThe transaction processing system offers features that could relieve enterprise transaction system to process data transactions faster in order to manage the whole enterprise da ta. There are peculiar(prenominal) propertys to operate transaction processing system. A TPS is a very fast way to processing transaction virtually and is very reliable as it is designed with safeguards to manage disaster attack, so customers will not worry of data loss during a sudden disaster. It can easily be retrieved using the customers id and password at the particular service centre. Not only it is reliable, TPS is also standardized by the Transaction Processing Performance Council, heart and soul that the system will always process every transaction made by the user with the same way every time there is a transaction. This is to ensure the security of the system. Restricted access is implemented to TPS, so that it can only be used by the employees authorized by the system to fend off system errors.There are two types of transaction, which are batch time processing and authorized time processing. Batch time processing differs from real time processing because batch time processing only processes transactions once a month automatically and stores the resources later for future transaction. This is usually needed when processing credit card transaction. Meanwhile, real time processing is the kind that will update every transaction made immediately. This is important because when a withdrawal of money is being made, bank and customers account need to be updated immediately so that both parties can keep track of their funds. Therefore, both types of transaction are being use by Maybank2u to serve the public in giving what they need. Another TPS characteristic is its durability which means that when the transaction is successful, no further changes can be made. However, in any case of failure of the system, a log will be created to store all the transaction that has been completed. These common characteristic of a Transaction Processing System will make sure that the system is run systematically and standardized.Security SystemNevertheless, security is a major(ip) priority to every big enterprises, especially successful commercial banking. There is a bevy of security issues involved especially with dealing with on-line transaction such as purchasing items or paying for services on-line. One of the main(prenominal) security threats of internet banking is identity fraud. Identity fraud is not a new threat, as it has been mentioned most of the time. But, there are still people who refuse to follow rules made out to avoid this type of threat. Some retailers and stores are lacking the awareness of identity fraud. Most cases of identity fraud are having their pin code or password duplicated. Purchases by credit and charges card are made by other people but not by the genuine owner or the account. This kind of behaviour can happen anywhere at any time, especially when shopping on-line, purchasing airline and movie tickets.Maybank2u is ready for this kind of situation. For example, before processing a payment, it is shown above to the u sers on how to find the bill account number, so that the client will not accidentally stimulus the wrong account number. To avoid identity thief or any other kind of identity mischief, Maybank2u requires a Transaction Authorisation polity (TAC) to undergo the payment process .Therefore, in each and every transaction made by the user, a TAC will be sent to the clients electric cell phone number, and once received it should be input within 2 hours into the TAC box before completing the process. The Transaction Authorisation Code will automatically expire every 2 hours to avoid any security breach to the account. When the transaction is processed is successful, it will be automatically deliver into the Maybank2u.com transaction history for future user reference. Its payment receipt can also be printed for keeps.Maybank has introduced this system to be used in all Maybank centres worldwide. Maybank2u.com requires only easy set up in creating a maybank2u.com account. drug user can l og in using their existing Maybank account. However, user postulate to create an on-line password and user name to access their existing bank account. By logging into the system, meaning that the user of the account is aware of the terms and condition applied by Maybank2u.com, and is aware that the site is secure as shown on the bakshish right of the website. once logged in, user can access everything regarding of their account information, such as account balance, transaction history, Maybank debit transactions and banking statements.The most interesting thing about Maybank2u is that the client can access their account from home, office or anywhere with an internet connection, without anguish about the hustle of waiting especially on busy hours. surmount part is, the site offers billing payment services to all main general services. Almost 300 major payees are now on tap(predicate) including Syarikat Bekalan Air Selangor (SYABAS), Tenaga Nasional Berhad (TNB), Telekom Malaysi a Berhad, MAXIS and ASTRO. It is wise to say Maybank has chosen a great transaction processing system in order to fulfill all its clients need just by one click a way.Instructions On How To Use Maybank2uStep 1.For Maybank customers, simply just create a Maybank2u username and password at the nearest ATM machine.For Non Maybank customers, the first step is to open up a Maybank bank account at the nearest Maybank service centre before creating the Maybank2u username and password.Step 2.Go to www.maybank2u.comStep 3At the top right hand side of the website, theres an access to the login page. Click the login icon and it will direct the user to the login page. Log in as a first time user using the username and password created from Maybank ATM machine.Step 4.Once logged in, customers can access the entire account. The customer can now process their transactions by following the instructions.However, for customers that log in using public or shared computers, dare to be reminded to log o ut justly to avoid another mischief of identity fraud. Maybank2u also add a logout summary to guide users of Maybank2u on how to safely logout from the siteConclusion feel at the research done we can come to a closedown that online banking has make everyones lives easy and convenient and mostly saving a lot of their time when it comes to banking. There are a few false in online banking but there are more advantages of using online banking. In todays world technology has improved vastly and many banks have taken the speed hand on it and made banking not only banking paying bills, doing transactions, checking account balances and even online shopping easy for their customers convenience.