Online Banking

In this lesson, we will unpack the features and effects of online banking on businesses and consumers.

Knowledge Point

In today’s fast-paced technological world, we use our mobile devices, smartphones, and the Internet to complete tasks and operations that used to take hours, days, or even weeks! The same is true for the way we conduct our banking transactions. In the past, customers had to physically visit a bank to complete tasks like depositing money, making withdrawals, or securing a line of credit. Today, online banking allows customers almost every service that previously used to only be available by visiting a local bank branch including making deposits, transfers, and online bill payments.

Three Types of Banking | Activity

Explore the learning object below to learn about the three main types of banking.

Advantages and Disadvantages of Online Banking

Innovation and change bring about both positive and negative consequences. This pertains not only to banking but to any area of business and personal life. As technology continues to advance there will be new and different situations to consider. For now, here is what we know about the advantages and disadvantages of online banking. Click the "i" to find more information about the pros and cons of online banking.

Online Banking and its Impact on Business

Online banking has impacted not only individuals but also businesses and the way they conduct business. Review the infographic below to learn more about the various ways online banking has impacted business.

How online banking has impacted business.

Online Banking | Self-Assessment

Record your answers to the following questions on your notetaking guide. Then, check your work by comparing your answers to the possible answer choices provided.

Reflection

Think about your own experiences with banking. If you do not have any experience with banking, consider what you know about your parents’ experiences or the experiences of a trusted adult. How do these individuals handle their banking transactions or banking needs? Which method of banking would you choose to use when handling your own banking transactions?

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