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Online Banking Essay

873 words - 4 pages

The aim of this report is to assess and to compare the development of e-banking solutions by financial institution with a local approach. Online banking or Internet banking or E-banking allows customers of a financial institution to conduct financial transactions on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union or building society. In 2014, around 69 million American citizens bank online on a regular basis, and 81% of the ones who managed household finances have banked online at least once in the last couple of months, according to the Pew Research Center, and institution dependent on the Federal Reserve.

In the light of this data, ...view middle of the document...

Finally, it is remarkable the stress that Wells Fargo and PNC put in online brokerage, making customers able to obtain real time information about the stock market and monitor their portfolio no matter where they are. Especially remarkable is PNC’s Pinnacle Express, a tool that integrates personal finance and online investment in a single software solution.

Online banking can become useful for Businesses, and the institutions selected offer a wider range of tools to attract new business customers and to ease management’s day-to-day tasks. Bill payment and money transfer are their most popular improvements. An interesting feature that came to our attention when preparing this report is the possibility to crate user levels to the account, so managers can decide what information and what transactions will be available for each employee with access to the firm’s statement.

With reference to their payment scheme, the most widely spread formula consists on a standardized set of services, that are generally free for customer. However, all of them have a fee policy that charges customers for Money transfers or bill payment. With respect to businesses, costs tend to rise up a little bit as these solutions are expected to have a more intense and continuous use by managers than by individual customers. In this same area, is interesting how First Citizens Bank offers a Basic plan for businesses at no charge and an advance plan that includes extra features such as international wire transfer and the possibility to add multiple accounts; at a charge of $50.00 monthly.

Last but by no means least, this report also aimed to throw some light into the Online Banking solutions provider’s...

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