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Internet Banking

It has been quite a while since the concept made its way into the public domain and chances are you yourself are using it to make your life easier. I know for a fact that I would be handicapped without it. And it is thanks to it that I am able to pay my bills on time! People I owe money to can no longer be pacified by a vague reply like ‘the check is in the mail.’ So in that sense, it is a bit more of a bane than a boon. But ask the majority of users and they will never deny that Internet banking has made their lives simpler.

When Internet banking made its appearance in the late nineties, most people were unaware of what it meant and how it would impact their lives. Although credit cards had been around for a long time, people were unaware of the ways in which they could be used online to result in Internet banking. In fact, if truth be told, most banks themselves (all over the world) had been grappling with ways in which to make Internet banking as secure as possible. And even as the first, broad strokes of Internet Banking began entering the public imagination, fraudsters began to capitalize on this technology given opportunity.

In fact, after all these years, Internet banking has definitely proven to be a boon for most of us. After all, with the conventional modes of banking, we could only conduct transactions during banking hours. But with Internet banking, the hours expanded to fit the hours of the day! While this made life a whole lot easier in terms of the convenience it offered, it also made business better because people could now buy and sell even beyond official office hours! Business boomed and the economy thrived.

But Internet banking also brought with it a host of developments in the domains of Internet based transactions and even conventional banking security as we know it. In order to make the technology robust enough to handle the expected or anticipated number of users, Internet banking warranted the creation of better bandwidth and better backend technologies. And in order to ensure that people made use of these technologies and began to shift some of their offline activities (if not all) to Internet Banking, security had to be enhanced. Better encryption was devised (128 bit) and offline credit cards too began to make use of additional security features.

It is no small thing to be able to influence the behavior of humanity as a whole, but if there is any one aspect of technology that has achieved some measure of success in doing so, it is undoubtedly Internet banking!

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