In the year 2009, when no one is ready to buy movie tickets after standing in a long queue, when not many are interested for window shopping and when no one is ready to pay bills after a half day long wait, the solution comes is Internet or online transactions.
So, at the time when everyone wants to go online, except those who fear credit card transactions, the online banking can also be termed as the need of an hour, where the developments are taking place day by day.
Going through some banking developments in recent times, I have realized that the online banking system is not limited to one or two facilities now but is getting vast with time. No wonder, there are no long queues even for depositing cash in the banks.
Initially, the online banking system was limited to the balance checking and for making some changes in the accounts but now a person can transfer the funds, receive the funds, make payments, deposit fee and buy anything new if it is available on net.
The revolution of online banking can be analyzed with the growing number of banks which are ready to go online. Besides the well known banks like State Bank of India, ICICI Bank and Punjab National Bank, the other banks like Central Bank of India and Jammu & Kashmir Bank are also out with some attractive online banking developments.
Now, one can say that online banking is not determined to simple saving accounts but it gives its users, the access to share market and insurance industry also.
The leading lenders of the country like ICICI Bank and Punjab National Bank are offering the facilities like online trading where one can buy and sell shares IPOs, commodities and can do anything possible to earn and invest money in the share market.
With online banking revolution taking pace, the banks are ready to offer insurance on their websites also.
I think, with all leading and small banks trying to put all their facilities on Internet, there would be little scope for retail banking in future.
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