For the most part, the internet has had a positive influence in our lives.  It has revolutionized the medical world, it has opened up a whole new world of education, brought together long lost friends and allowed us to view the world without ever leaving home.  However, one of the biggest improvements has come in the way the internet has made several daily tasks a lot simpler.

One of those tasks is going to the bank.  It used to be that we had to go down to the bank, fill out a deposit slip and stand in line.  Today, you can take a picture of your check and have it instantly deposited.  Paychecks and Social Security checks are available the day before pay day and debits are withdrawn in a moment’s notice.  Internet banking has made many lives easier.  This is especially true for those who live in rural regions and where getting to the bank may have used a lot of time and gas.  However, the internet banking revolution has had other positive effects as well.

Thanks to internet banking there is more competition now.  As a result, there are now banks which are internet only and that has led to them eliminating traditional costs that have been passed along to the customer in the past.  In addition, these internet only banks have been able to pass along savings in the form of higher interest rates.  As a result, competition has been on the increase even among regular brick and mortar banks. 

There has also been an even reduction of costs even further thanks to internet banking.  As more and more transactions have been handled without paper, there has not been a need for as many employees.  Banks have also been able to save money on paper itself.  As more people choose to get their statements online, more are opting from getting the traditional end of month statement.  This has made it possible to save on paper, ink and postage. 

Internet banking has also opened the door for twenty-four hour availability into your account.  It is nice not to have to wait for traditional business hours in order to get work done.  We now have the ability to transfer funds, check balances and pay bills no matter the time of the day or night. 

Customer service has also gotten a boost thanks to internet banking.  There are now numerous ways to contact the bank if you are in need over an account.  In addition, there are also FAQ pages which allow many customers to solve their own issues. 

Finally, the internet has increased the need of training for all bank employees.  This is because many customers will come into a bank with questions regarding their online banking issues and all employees must know how to help in order to keep the customer happy.  Of course, there will also be some employees who receive even more training so they can provide support when the questions can’t be answered by anyone else.