Online banking is a recent advancement, enabling us to have access to the bank anywhere, anytime. Now there is no need to run to the bank to pay urgent bills, as all this can be done by your computer or mobile, eliminating the time and money spent on commuting. This service is being provided by all banks to their clients through a secure website, which allows them to check the status of all their accounts, pay bills online and conducts money transfer between accounts as well as to any third party.

The biggest advantage of online banking is its ease and convenience, as mentioned earlier. One can carry out a transaction within minutes, without the hassles of filling checks and queuing up in banks. Apart from this, it saves a lot of paper, which is hugely beneficial for the environment. The paperwork is reduced at both ends, you and the bank. It also has inherent safety because you do not have to disclose your account details and debit card number to anyone; all the payments are made solely by you in confines of your home. However, there are still issues like identity theft and system failure which be a nuisance.