Online Commerce Banking - Efficiency In The Information Age

Online commerce banking has become more efficient in the information age. The use of the internet, automatic teller machines and having 24/7 access to banking information has created easy access to banking information. This access means that it is more convenient for you to handle your banking transactions at a place and time that is convenient to you.

The Old Days of Banking
In the old days of banking, your options for convenience were limited. The expression “banker’s hours” truly meant that you had to conduct your banking business between the house of 10 o’clock and 4 o’clock. Deposits made after that time would not appear instantly in your account and after hour and late night deposits were done via a night depository box. Additionally, there was no mechanism to track your transactions in real-time unless you called the bank or visited a teller who would manually pull up your information and write it on a slip of paper.

Automatic Teller Machines and the Internet
By the mid to late 1970s, the advent of the automatic teller machine allowed a look into the future of banking with the ability to conduct banking transactions after hours. This ability to engage in virtual banking grew more by the 1990s as the internet showed banks that it was possible to allow customers to go online and open accounts, transfer money and make applications for loans and other services. This allowed the bank to consolidate their businesses and focus on activities that increased the bank’s profitability. Technology has been a boon for banking customers and leads to increased satisfaction and efficiency.