The Internet has revolutionized
communications, to the extent that it is now our preferred medium of everyday
communication and even more. In almost everything we do, we use the Internet.
Ordering a pizza, buying a mobile or a book, sharing a thought or picture with friends.
The Internet itself has been evolving.
In its early days—it was a static network designed to shuttle a small freight
of bytes or a short message between two terminals; it was a repository of
information where content was published and maintained only by expert coders.
Today, however, immense quantities of information are uploaded and downloaded.
The
impact of internet over social media and many other applications is already
there on this blog, I would like to mention the reforms it has carried over the
banking services.
In
the pre-web era, banking services were tied down to a particular bank branch
which was for most of the people nearest branch to their home or workplace.
Before traveling, one had to see the bank schedules, manage time off their
schedules and withdraw and carry the money. For any longer duration one had to
get some travelers check, arrive at destination and deposit. All this procedure
is still very much applicable to the person who would not use ATM cards or
internet banking.
With
the internet banking, the delivery of banking services have transformed so much
that, sitting in USA, I am operating my bank accounts in India, paying my
utility bills, transferring money to anywhere in world. I need not worry about
bank schedules as I can withdraw money any time as long as I have money in my
account, or better still I can pay with my credit card.
On
last weekend I traveled to Montreal for two days, and believe me I driven
around there, had dinner, visited places,
paid parking charges, stayed in Hotel, got gas for vehicle, shopping and what
not, without even touching any Canadian currency.
The
ease and convenience the electronic payments and internet banking has provided
to the consumers is immense. Because of Internet the world of banking as become
almost seamless and omnipresent without any geographical boundaries and I find
it difficult to visualize my may dealing the banks in pre-web era.
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