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Such is a proof of global banking setup that by the end of 2000 around $10.5 trillion worth of financial activities were recorded breaking all the previous records. The top ten leading banks holding most of that market share was 80%. Among ten top ranked banks of the year the seven of them were multi-national bank who are doing business all around the globe and among them were three American and four European banks.

Benefits of Online Banking

Electronic Banking has many benefits and we are going to discuss them in detail now. First of all you can transfer funds from one account to another. And this could be done either between different accounts of the same person or vice versa. You can pay bills online,apply for a loan or a new account etc.Other features include printing of bank statement, changing personal details, contacting bank administration. 

Now if we go further in detail, we are going to examine more benefits of online banking. , service, technology, change, knowledge about computer usage and internet are a main Thornton and White (2001) found that there are many electronic distribution channels available for banks in US and then they compared them all and concluded that customer orientation towards convenience source of usage of different channels. 

And online banking is playing an important role to minimize the queues in branches which in turn increases efficiency of bank employees because if they got fewer customers in bank they can give them enough time and could solve their problems in a better way rather than looking at the long queue and getting stressed and under pressure (Thornton and White, 2001). Howcroft et al., (2002) found that the most important factors which are helpful in an increased number of usage of electronic banking are less fees and the reducing paper work and removal of the factor of human error.(Kiang et al., 2000). One more important factor which was concluded by Byers and Lederer, (2001) was that due to a rapid change in technology during last one century consumer attitudes have changed as well and people like to go for the usage of latest technology rather than bank cost a structure that determines the changes in distribution channels.

Now users can do banking outside normal banking hours as well. Normally users can only do banking only between 9 a.m. to 5 p.m. And this amount of time is only 8 to 9 hours per day. Now they have got the facility of 24 hours a day and 7 days a week to do banking operations. And this is one of the most important reasons for the adoption of online banking. Banks provide customers convenient, inexpensive access to the bank 24 hours a day and seven days a week. Another point is also found in this scenario that ATM machines are contributing a lot as well in this new era of technology and these machines are performing the same kind of transactions as do a member of the staff at a bank will do. And the point to note in this sentence is that the ATM is performing these transactions at half the cost a human can do and with a four-to-one advantage in productivity. 

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