Advantage and diadvantage of Internet Banking Services and driving forces of its prosperity - Essay Example

ent of the internet banking, there have been major changes and improvements in the overall banking experience and now customers can complete all transactions from the comfort of their homes (Cronin, 1997). With the current times, where almost everyone is so busy, this service is like a boon. Internet banking has grown with times and in the current times; this is regarded to be safe, secure and very beneficial to all. This system has enabled people to save a lot of time and allows the overall banking experience to be improved to a great extent.

According to Comptroller’s Handbook (1999), “internet banking refers to systems that enable bank customers to access accounts and general information on bank products and services through personal computer”. Although the term is used on a daily basis, a number of people have not tried out the internet banking, for several reasons. There are a number of advantages and disadvantages of online banking and a number of factors that impact the overall growth of the concept (Shah & Clarke, 2009).

This paper aims at discussing the advantages and disadvantages of internet banking and also aims at discussing the various factors that impact the performance and prosperity of the internet baking. The next section will detail the major advantages and disadvantages of online banking. Having understood a brief about internet banking, it is essential to gain a brief overview of the advantages of Internet banking. Firstly, the most important advantage of online baking is the convenience. Online banking permits people to transact from any place in the world and permits people to make transactions at their own convenient time and from the comfort of their own home.

Hence the advent of internet banking has permitted users to handle their finances at anytime and from anywhere. Secondly, the internet banking is very time efficient and fast. Here the users can complete transactions at very high speeds and with almost no waiting (Cronin,