Online Web banking is a department of many financial services organizations and banks around the world. These financial institutions can have three business verticals which are Wealth and Institutional Management, The Retail Bank and The Business Bank.

Customer centric approach should be the motto and driving force of any online banking service. With these views in mind the online banking service provider is expected to suit the changing needs of the consumer. Today's consumer needs speed, efficiency, effectiveness, accuracy and value for all banking transactions. Time is important for the discerning customer of today.

Just as it is with all other sectors, IT and Internet has revolutionized the banking business beyond recognition. Online banking has made the banking experience simpler and cost effective. Internet offers a host of value added services available at the click of a mouse. A customer has the convenience of making transactions from home or workplace.

Online banking is the most effective way of managing bank accounts. One can easily perform the usual functions without having to spend time in queues or having to personally visit the bank at a designated hour. Online banking provides the customer with a safe, secure and fast banking experience.

There are large companies which offer online customers a lot of benefits. These basic benefits include checking balances and viewing statements, transfering money from one account to another, making payments, paying bills online and requesting for cheque books, demand drafts and statements online. Customers can also download account information, open a new savings account, open accounts for trading in the stock market and request for ATM cards and credit cards. You can also view credit card transaction details online, and set up standing instructions for future transactions to avoid delays and default. Lastly, customers can open a fixed deposit account and apply for other miscellaneous financial products. Those who are into forex trading can access the latest financial information such as the Forex rate and the deposit rate.

The transaction costs are bare minimum and the process is extremely user friendly and transparent. All these functions can be performed without any hassles, from the comforts of your home and at your own time and pace. There is no rush and you have all the time in the world to understand your requirement, analyze data and do whatever you need to do without any external interference.

The advantages of online banking far outweigh the disadvantages. There are very few disadvantages and they may not even qualify as disadvantages considering the immense benefits that one gets from online banking. The three most apparent disadvantages are as follows. Firstly, online banking is devoid of human intervention. If you prefer chatting up with your friendly teller while waiting for cash, you may prefer the traditional way of banking. Secondly, you need to keep your user I. D. And password safely. If this sensitive information gets into the hands of unscrupulous people, they can wreck havoc on your bank accounts. Lastly, online banking may take a while for the uninitiated to get a hang of it. However; with time and practice it will become easier.