👉What is internet? What are the benefits of Internet in banking sector?
The internet is a globally connected network system that uses TCP/IP to transmit data via various types of
media. It is worldwide connection of computers in network. It is also called as network of networks.
The terms internet and World Wide Web are often used interchangeably, but they are not exactly the same
thing; the internet refers to the global communication system, including hardware and infrastructure, while
the web is one of the services communicated over the internet.
Benefits of internet for banking:
⇛The people can access their personal business account information online.
⇒ By the internet banking the services offered by the different banks can be compared.
⇛ It allows online applying and buying the financial products.
⇛ The main advantage provided by the internet banking is that it is cost effective. By the use of internet banking, the
administraton work gets significantly reduced.
⇛ The internet banking makes the financial transactions faster, and provides flexibility in performing
financial transactions.
⇛The time require for processing the transactions of bank is reduced by the internet banking.
⇛ Accessing of any information regarding account and transactions can be done by the internet banking at any time of the day.
⇛No need to visit the bank for applying loan, it can be done online through the internet banking.
⇛The services provided by the internet banking have made banking much easier and faster for the customers as well as bankers.
⇛ The internet banking permits the clients to perform all the activities using a secured website that is managed by the banks.
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Computer